Indian Bank has signed an MoU with Society for Innovation and Entrepreneurship (SINE), IIT Bombay, for extending exclusive credit facility to startups and Micro, Small, and Medium Enterprises (MSMEs).
The initiative was part of the bank’s ‘Ind Spring Board for financing Start-ups’ scheme to empower the MSMEs and startups to realise their efforts, powered by financial support from the bank and backed by incubation facilities offered by SINE, IIT Bombay.
As per the MoU, SINE would identify MSMEs and startups based on their credentials and past experience and will refer the list of such members who require financial assistance to the bank.
The initiative is a part of Indian Bank’s scheme for MSMEs and startups to realise their research efforts on the back of financial support and backed by incubation facility from SINE. The bank said it will offer loans up to Rs 50 crore for working capital requirements of businesses or purchase of machinery, equipment, etc.
The Memorandum of Understanding was signed by Indian Bank General Manager (MSME), Sudhakar Rao and SINE professor in charge, Santosh J Gharpure, in the presence of the bank’s MD Padmaja Chunduru.
Poyni Bhatt, CEO, SINE, IIT Bombay, and Rohit Rishi, FGM, Indian Bank, Mumbai, and senior officials of the bank and IIT Bombay were present on the occasion.
“SINE, IIT Bombay, is the forerunner in setting up joint R&D with industries and supporting startup incubation. SINE, IIT Bombay, provides support to the MSME sector by providing joint research and development arrangements and technical and financial support for incubation and acceleration of high-end technology products,” the bank said in a statement.
Earlier in February 2021, state-owned Indian Bank said it has entered into an MOU with Society for Innovation and Development (SID), an initiative of the Indian Institute of Science (IISc), for extending exclusive credit facility to startups and MSMEs.
This initiative is a part of Indian Bank’s scheme Ind Spring Board for financing Startups and will empower Startups and MSMEs to realise their research efforts powered by financial support from the Bank and backed by incubation facilities offered by SID, it said in a release.
(Disclaimer: Additional background information has been added to this PTI copy for context)
