Indian Bank sign MoU with IIT Bombay to finance start-ups and MSMEs

The new initiative is part of Indian Bank’s “Ind Spring Board for financing startups” that helps in empowering start-ups by providing them with financial support.

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Indian Bank on Monday signed a Memorandum of Understanding (MoU) with the Society for Innovation and Entrepreneurship (SINE), IIT Bombay to provide exclusive credit facilities to start-ups and MSMEs.

SINE, IIT is an initiative by IIT Bombay which aims at providing financial and technical assistance to start-ups and MSMEs. 

Indian Bank said that one of the major issues faced by start-ups is the maintenance of positive cash flow. The MoU is a part of the Indian Bank’s “Ind SpringBoard for financing startups” that helps in empowering start-ups by providing them with financial support, Live Mint reported.

SINE, IIT Bombay will identify start-ups and MSMEs who are eligible for the financial support, based on their credentials and past experience. 

The bank will provide loans up to Rs. 50 crore to the startups for initial investments like working capital requirements, purchase of machinery, equipment, etc. 

According to Live Mint, The MoU was signed by Sudhakar Rao (general manager, MSME, Indian Bank) and Santosh J Gharpure, professor-in-charge, SINE in the presence of Chunduru on Monday at IIT Bombay.

In July, Indian Bank unveiled the “MSME Prerana” scheme, a mentoring program that aims to empower MSMEs through skill development workshops in local languages. The scheme was inaugurated in Telangana by IT Minister K.T.Rama Rao. 

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