On February 19, 2021 Indian Bank signed Memorandum of Understanding(MoU) with Society for Innovation and Development (SID), an initiative of Indian Institute of Science(IISc), Bengaluru to provide exclusive credit facility to start-ups and Micro, Small and Medium Enterprises(MSMEs). This initiative is a part of the Bank’s scheme ‘Ind Spring Board for financing Start-ups’
Objective– To empower start-ups & MSMEs to realise their research efforts by providing them financial support from the Bank and offer incubation facilities offered by SID.
Sudhakar Rao (GM, MSME, Indian Bank) and Prof B Gurumoorthy, Chief Executive, SID signed the MoU.
Provisions of MoU:
i.SID will identify the start-ups and MSME on the basis of credentials and past experience. After which they will refer to the list of such members who require financial assistance to the Bank.
ii.The bank will provide loans up to Rs. 50 crores to these start-ups to cater their working capital requirements or to purchase of machinery, equipment etc
How does SID support MSMEs?
It provides the joint Research and Development(R&D) arrangements with industries and also technical & financial support to incubate and accelerate high end technology products under its department named ‘TIME2’(Technology Innovation for Midsized Enterprises).
Recent Related News:
On October 6, 2020, Union Minister of Finance & Corporate Affairs, Nirmala Sitharaman, launched “MSME Prerana” an online business mentoring programme for Micro, Small & Medium Enterprises (MSMEs) by Indian Bank in collaboration with Poornatha & Co, at the bank’s headquarters in Chennai, Tamil Nadu.
About Society for Innovation and Development (SID):
Chief Executive– Prof B Gurumoorthy
Headquarters– Bengaluru, Karnataka
About Indian Bank:
On April 1, 2020, Allahabad Bank amalgamated with Indian Bank.
MD & CEO– Padmaja Chunduru
Tagline– Your Own Bank
Headquarters– Chennai, TamilNadu