On July 22, 2021, the Indian Bank signed a Memorandum of Understanding (MoU) with IIT (Indian Institute of Technology) Guwahati Technology Incubation Centre (TIC) for financing Start-ups under the bank’s loan product ‘IND Spring Board’.
- The MoU is one of its kind and a step towards the Indian bank’s commitment towards the economic upliftment of the entrepreneurs in Assam and North East India.
Background:
i.In October 2020, the Indian Bank in collaboration with IIT Madras Incubation Cell (IITMIC) has launched ‘IND Spring Board’, a credit facility of up to Rs 50 crore for start-ups.
ii.Under the project, IITMIC will refer start-ups with adequate technology and bank will then extend loans up to Rs 50 crore to those start-ups to meet their working capital requirement, and also fund based Term Loan requirements.
Recent Related News:
Union Minister of MSME (Ministry of Micro, Small and Medium Enterprises) and Road, Transport and Highways, Nitin Gadkari launched Indian Bank’s first of its kind flagship Business Mentoring Program named ‘MSME Prerana’ in Maharashtra.
About Indian Bank:
It is India’s 7th largest Public Sector Bank.
Establishment – 1907
MD & CEO – Padmaja Chunduru
Headquarters– Chennai, Tamil Nadu
Tagline – Your Own Bank
About IIT (Indian Institute of Technology) Guwahati:
Establishment – 1994
Headquarters – Guwahati, Assam
Chairman – Rajiv I. Modi
