Categories: Agreements

Indian Bank signs MoU with IIT Bombay for startup financing

Indian Bank has entered into a Memorandum of Understanding with the Society for Innovation and Entrepreneurship (SINE) – an initiative of the Indian Institute of Technology, Bombay – for extending exclusive credit facilities to startups and MSMEs. 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 springboard for start-ups to realise their ambitions.

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About the SINE:

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.

Important takeaways for all competitive exams:

Indian Bank Headquarters: Chennai;
Indian Bank CEO: Padmaja Chunduru;
Indian Bank: 1907.

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Sumit Arora

As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.