Indian Bank signs MOU with Society for Innovation and Entrepreneurship, an initiative of IIT Bombay, for funding Start-ups and MSMEs
Mumbai, August 2, 2021: Indian Bank, today, entered into an MOU with Society for Innovation and Entrepreneurship (SINE), IIT Bombay – an initiative of Indian Institute of Technology, Bombay – for extending exclusive credit facility to Start-ups and MSMEs.
SINE, IIT Bombay is the forerunner in setting up joint R&D with industries and supporting start-up incubation. SINE, IIT Bombay provides support to the MSME sector by providing joint research and development arrangements and technical and financial support for incubation and acceleration of high-end technology products.
Start-ups require funding to expand and grow. One of the most common problems they face is maintaining a positive cash flow. Under the MOU, SINE, IIT Bombay will identify the start-ups and MSMEs based on their credentials and past experience and will refer the list of such members who require financial assistance to the Bank.
This initiative is a part of the Bank’s scheme “Ind SpringBoard for financing Startups” and will empower Startups and MSMEs to realize their research efforts powered by financial support from the Bank and backed by an incubation facility offered by SINE, IIT Bombay. The Bank will extend loans of up to Rs. 50 crores to these start-ups for their working capital requirements or purchase of machinery, equipment, etc. As the name goes, this initiative, which is mutually beneficial for both Bank and IIT Bombay, will be the springboard for start-ups to realize their ambitions.
Speaking on the occasion, Ms. Padmaja Chunduru, MD & CEO of Indian Bank, highlighted the start-ups’ need to be suitably counseled about the significance of equity and debt funding.
Indian Bank has also recently launched the “MSME Prerana” program to empower MSME entrepreneurs through skill development and capacity-building workshops in local languages.
MOU was signed by Shri Sudhakar Rao (GM, MSME, Indian Bank) and Prof Santosh J Gharpure, Professor-in-Charge, SINE in the august presence of MD & CEO, Ms. Padmaja Chunduru today at IIT Bombay. Shri. Rohit Rishi (FGM, Mumbai, Indian Bank), Ms. Poyni Bhatt, CEO, SINE, IIT Bombay) and other senior officials of Indian Bank and SINE, IIT Bombay were also present on this occasion.
About Indian Bank
About Indian Bank, Indian Bank is the seventh-largest public sector bank in India. Established in 1907 and headquartered in Chennai, the bank serves over 10 crore customers with 41,557 employees. With effect from 1st April 2020, Allahabad Bank got merged into Indian Bank. Indian Bank has a pan India network with 20596 touch points including 6004 Brick & Mortar branches, 5428 ATMs/BNAs, 9161 Business Correspondents, and 3 overseas branches.