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Indian Bank signs MoU with SINE, IIT-Bombay, to fund MSMEs, start-ups

Public sector Indian Bank on Tuesdaysigned an MoU with Society for Innovation and Entrepreneurship (SINE), IIT Bombay for extending exclusive credit facility to start-ups and MSMEs

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Public sector Indian Bank on Tuesday

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.

The initiative was part of the bank's 'Ind Spring Board for financing Start-ups' scheme to empower 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.

The bank would extend loans of upto Rs 50 crore to the start-ups forpurchase of machinery, equipment or to meet working capital requirements, a bank release said.

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.