Indian Bank Signs MoU With SINE, IIT-Bombay, To Fund MSMEs, Start-ups
- ByStartupStory | August 4, 2021
Public sector Indian Bank has signed an MoU with Society for Innovation and Entrepreneurship (SINE), IIT Bombay for extending exclusive credit facility to start-ups and Micro, Small and Medium Enterprises (MSME). The initiative was part of the bank’s ‘Ind SpringBoard for financing Start-ups’ scheme to strengthen the MSMEs and start-ups to realise their efforts, powered by financial support from the bank and backed by incubation facilities offered by SINE, IIT Bombay. A bank release stated that the bank would extend loans of upto Rs 50 crore to the start-ups for purchase of machinery, equipment or to meet working capital requirements.
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. IIT Bombay, SINE CEO, Poyni Bhatt, Indian Bank, Mumbai, FGM, Rohit Rishi and senior officials of the bank and IIT Bombay were present on the occasion.
Follow Startup Story
Related Posts
