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Indian Bank today signed a Memorandum of Understanding (MoU) with the Society for Innovation and Entrepreneurship (SINE), IIT Bombay – an initiative of the Indian Institute of Technology, Bombay – to provide exclusive credit facilities to startups and MSMEs.
SINE, IIT Bombay is leading the way in setting up joint R&D with industry and supporting start-up incubations. SINE, IIT Bombay supports the MSME sector through joint research and development agreements, as well as technical and financial support for the incubation and acceleration of high-end technology products.
Startups need funding to expand and grow. One of the most common problems they face is maintaining positive cash flow. As part of the MOU, SINE, IIT Bombay will identify the start-ups and MSMEs based on their references and previous experience and forward the list of these members who need financial support to the bank.
This initiative is part of the bank’s “Ind Spring Board for Start-up Funding” program and will enable start-ups and MSMEs to pursue their research efforts with financial support from the bank and supported by a SINE incubation facility, IIT Bombay. to realize. The bank will provide loans of up to Rs. 50 crores to these startups for their working capital needs or the purchase of machines, equipment etc. As the name suggests, this initiative, both for the bank and for IIT Bombay, will be mutually beneficial Benefit is to be the springboard for startups realizing their ambitions.
On this occasion Padmaja Chunduru, MD & CEO spoke of Indian bank, stressed the need for adequate advice to startups on the importance of equity and debt financing.
Indian bank has also recently launched the “MSME Prerana” program to strengthen MSME entrepreneurs through workshops on skills development and capacity building in the respective national languages.
The letter of intent was signed today by Shri Sudhakar Rao (GM, MSME, Indian Bank) and Prof. Santosh J Gharpure, professor in charge of SINE, in the presence of MD & CEO Padmaja Chunduru today at IIT Bombay. Shri. Rohit Rishi (FGM, Mumbai, Indian Bank), Poyni Bhatt, CEO, SINE, IIT Bombay) and other senior officials from Indian bank and SINE, IIT Bombay were also present on the occasion.
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