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Indian Bank Signed MoU with SINE, IIT Bombay for Financing Start-ups 

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Indian Bank signs MoU with IIT Bombay for startup financingThe Indian Bank signed a Memorandum of Understanding (MoU) with the Society for Innovation and Entrepreneurship (SINE), IIT (Indian Institute of Technology) Bombay to provide a credit facility to the startups and small businesses through its loan product ‘IND Spring Board’.

  • Background: In October 2020, the Indian Bank launched the ‘IND SpringBoard’ in collaboration with IIT Madras Incubation Cell (IITMIC) to provide a credit facility of Rs 50 crore to start-ups for their working capital requirements.

Key Points:

i.Under the MoU, SINE, IIT Bombay will support the bank by referring the start-ups and the Ministry of Micro, Small and Medium Enterprises (MSMEs) that are in need of financial assistance (based on their credentials and past experience).

ii.The MoU was signed by Sudhakar Rao, General Manager, MSME, Indian Bank and Santosh J Gharpure, professor-in-charge, SINE, in the presence of Padmaja Chunduru, the MD and CEO of Indian Bank.

iii.Recent Initiative: In October 2020, Indian Bank launched the ‘MSME Prerana’ programme to empower MSME entrepreneurs through skill development and capacity building workshops in local languages.

  • At first, the MSME Prerana was implemented in the language Tamil.

Recent Related News:

In July 2021, the Indian Bank signed a Memorandum of Understanding (MoU) with IIT Guwahati Technology Incubation Centre (TIC) for financing Start-ups under the bank’s loan product ‘IND Spring Board’.

About the Society for Innovation and Entrepreneurship (SINE), IIT Bombay:

It is an umbrella organisation at IIT Bombay for promoting entrepreneurship and tech start-ups.

Establishment – 2004
Headquarters –  IIT Bombay, Mumbai, Maharashtra
Chairman – Prof. Subhasis Chaudhuri

About Indian Bank:

Establishment – 1907
Headquarters– Chennai, Tamil Nadu
MD & CEO – Padmaja Chunduru
Tagline – Your Own Bank