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.

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New Delhi, 18^th May 2020: While commenting on the “Aatma Nirbhar Bharat” package announced by the Hon’ble Finance Minister through a series of announcements, Mr Rajan Wadhera, President, SIAM welcomed the focus towards MSMEs ; NBFCs and the Agri-sector. The Agri sector package may benefit the Auto sector indirectly in the medium term but the Indian Automotive industry needed an immediate stimulus to boost demand, which has not happened, as per Mr Wadhera.

Indian Automotive Industry supports employment of more than 3.7 crore people and contributes to 15% of GST amounting to Rs 1,50,000 crore every year.  The Sector was already facing an unprecedented challenge with 18% degrowth last year.   As per an assessment made by SIAM on the impact of COVID-19 on demand for vehicles in the current financial year, the Indian Automobile sector could have a de-growth in the range of (-22)% to (-35)% in various industry segments, for the year FY21, if the overall Indian GDP growth is at 0-1% for FY 21.

Mr Wadhera said that it is against this background that the Industry was keenly looking forward to some direct fiscal measures which could have boosted demand for the Auto sector and stop job losses.

He mentioned that SIAM has had several engagements with Government of India at various levels, where specific suggestions were made for demand stimulus including reduction in base GST rates from 28% to 18% for a limited period and an incentive based vehicle scrappage policy, which would have made it a less painful revival and kickstarted the industry.

There is also an urgent need to support the dealers in terms of improving their liquidity and including them under MSME Act by changing its definition.The Industry would continue to engage with the Government and seek direct interventions for revival, concluded Mr Wadhera.

About SIAM

The Society of Indian Automobile Manufacturers (SIAM) is a not for profit apex national body representing all major vehicle and vehicular engine manufacturers in India. SIAM works towards supporting the sustainable development of the Indian Automobile Industry with the vision that India emerges as the destination of choice in the world for design and manufacture of automobiles. It also works towards facilitating the enhancement of the competitiveness of the Indian Automobile Industry, reducing the cost of vehicles, increasing productivity and achieving global standards of quality.

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