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Indian Bank partnered with IITMIC to Launch Credit Facility for Startups “IND Spring Board”

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Indian bank partners IIT-Madras launches an exclusive credit facility for startups”IND spring board”On October 20, 2020, Indian Bank in collaboration with IIT (Indian Institute of Technology) Madras Incubation Cell (IITMIC) has launched an exclusive credit facility of up to Rs 50 crore for start-ups namely “IND Spring Board”.

  • This new model for financing start-ups was e-launched by K Ananth Krishnan, Executive Vice President (EVP) & Chief Technology Officer (CTO), Tata Consultancy Services (TCS) in the presence of Debasish Panda, Secretary, Financial Services, Ministry of Finance.
  • The e- launch was also attended by the Board of Directors (BoDs) of Indian Bank, customers of the Bank and representatives from print & electronic media.
  • Recently, Indian Bank also launched “MSME Prerana” programme to empower MSME (Micro, Small & Medium Enterprise) entrepreneurs through skill development and capacity building workshops in local languages. Click Here to Read

About IND Spring Board:

Under the project IITMIC will refer start-ups with adequate technology and cash flows to the bank and also extend advisory to the bank on the business model. The bank will then extend loans up to Rs 50 crore to these start-ups to meet their working capital requirement or purchase of machinery, etc.

Recent Related News:

  • On 3rd September 2020, the Reserve Bank of India (RBI) approved the appointment of Murali Ramakrishnan as the New Managing Director(MD) and Chief Executive Officer (CEO) of the South Indian Bank, Kerala for a period of 3 years with effect from 1st October 2020. He succeeds V. G. Mathew.
  • On September 24, 2020 Reserve Bank of India (RBI) released “’Technology Vision for Cyber Security’ for Urban Co-operative Banks (UCBs) – 2020-2023”. It aims to enhance cyber security in the Urban Co-operative banking sector against the growing Information Technology (IT) and cyber threat environment.

About Indian Bank:
On April1, 2020, Allahabad Bank amalgamated with Indian Bank.
Managing Director (MD) and Chief Executive Officer (CEO)– Padmaja Chunduru
Headquarter– Chennai, Tamil Nadu
Tagline– Your Own Bank

About IIT Madras-Incubation Cell:
Chief Executive Officer (CEO)– Dr Tamaswati Ghosh
Chairman– Dr. Ashok Jhunjhunwala and Dr Bhaskar Ramamurthi
Headquarter– Chennai, Tamil Nadu