Indian Bank on Monday entered into a Memorandum of Understanding with Society for Innovation and Entrepreneurship (SINE) – an initiative of Indian Institute of Technology, Bombay – for extending exclusive credit facility to Start-ups and MSMEs.
SINE, IIT, Bombay is the forerunner in setting up joint R&D with industries and supporting start-up 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 will extend loans of up to 50 crore rupees to these start-ups for their working capital requirements or purchase of machinery and equipment. As the name goes, this initiative, which is mutually beneficial for both Bank and IIT, Bombay, will be the spring board for start-ups to realise their ambitions.
Speaking on the occasion, Managing Director and Chief Executive Officer of Indian Bank Padmaja Chunduru highlighted the start-ups’ need to be suitably counselled about the significance of equity and debt funding.