Startups to get PSB support

Public sector banks (PSBs) will soon launch financial schemes targeted at start-up founders and gig workers while finalizing new credit appraisal mechanisms to build credit-resilient banking.

- Subhash Narayan

The aim is to empower startup founders and gig workers with products that are tailor-made to support their entrepreneurial spirit which often fails to get encouragement through funding.

According to two people aware of the development, the department of financial services in the finance ministry has asked banks to devise a strategy to support and empower emerging segments such as start-ups and gig workers as part of the EASE 8.0 or Enhanced Access and Service Excellence reforms agenda.