Indian Bank entered into an MoU with NSRCEL, the incubation arm of the Indian Institute of Management, Bangalore (IIMB) for extending exclusive credit to startups.
Under the MOU, NSRCEL would identify startups and MSMEs based on their credentials and past experience and recommend such them for financial assistance from the bank.
The initiative was part of the bank’s ‘Ind Spring Board’ scheme tailored to finance startups. The bank would extend loans of up to ₹50 crore to these startups for their working capital requirements or purchase of machinery and required equipment, said Padmaja Chunduru, MD and CEO of Indian Bank.
To supplement this objective, Indian Bank also has a business-mentoring programme, MSME Prerana, to empower entrepreneurs through skill development and capacity building workshops in local languages.
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