New Delhi, May 19 (KNN) The Indian Institutes of Technology (IIT) Alumni Council has invited startups from the fintech and banking sector to participate in creating a robust banking platform for micro, small and medium enterprises (MSMEs).

Under Reserve Bank of India (RBI) regulation the platform will pilot new paradigms in MSME funding.

The partial funding and support will be come from the MegaFund consortium.

Speaking on the initiative, Ravi Sharma, President and Chief Volunteer of the IIT Alumni Council said, “Digital and Neo banks have disrupted conventional banking. Old paradigms of a physical bank branch and hundred page loan agreements will soon cease to be relevant.”

Highlighting the struggles of MSME sector with regards to funding, Sharma said we are working to create an enabling ecosystem and next generation banking platform initiative to solve the challenges faced by MSMEs.

Startups incorporated as a company and registered with Startup India, having raised at least Rs 1 crore from shareholders (which should include at least one IIT alumnus or alumni managed entity) and have draft or audited accounts for the financial year 2021-22 are eligible to participate. 

Applications meeting these five eligibility conditions may be sent to bank.startups@iitalumnicouncil.org.  (KNN Bureau)