Indian Bank inaugurates 10 Start-up Cells on the occasion of 117th foundation day

The Public Sector Bank, Indian Bank has set up 10 innovative Start-up Cells across different locations/ Centres on the eve of 77th Independence Day and 117th foundation day.

The MD & CEO of the bank, S L Jain inaugurated the Start-Up cell at Chennai Centre and rest of the start-up cells across major start up hubs of the country viz. Ahmedabad, Bengaluru, Coimbatore, Delhi, Gurgaon, Guwahati, Hyderabad, Kanpur and Mumbai were inaugurated virtually.

An array of tailor-made banking products and services are designed for Start-ups under the initiative, keeping in mind their unique and specialized banking requirements. It includes offering payment gateways, corporate credit cards and credit facilities apart from other existing products of the bank.

With the focus to strengthen the start-up ecosystem and address the unique financial challenges faced by these dynamic enterprises, Indian Bank has formulated customised loan product 'IND SPRING BOARD' for meeting credit requirement (OPEX/CAPEX) of Start-ups. The bank has also collaborated with institutions like IITs / IIMs and Incubation Cells, fostering an environment of growth and innovation.

'The launch of the startup cells is a major milestone in Indian Bank's journey to support the growth of the startup ecosystem in India,' said S L Jain, MD & CEO Managing Director and CEO of Indian Bank.

The Indian Bank Start-up Branches will have dedicated Relationship Managers, who would partner with start-ups and build lifecycle engagement with them. This will also enable us to contribute to the GOI/ State Govt efforts to promote Start-ups.

The event was attended by Imran Amin Siddiqi (IAS), Executive Director, Vikas Kumar, Chief General Manager (Retail Assets & MSME), Narendra Sharma, General Manager (MSME) and Field Functionaries across the country. Good number of Start-Ups also attended the Inaugural event and sanction tickets were issued to various Start-ups.