Chennai, Aug 16 (KNN) Indian Bank, a Public Sector lender on Tuesday inaugurated 10 startup cells across different locations on the eve of 77th Independence Day and 117th foundation day.

S L Jain, MD and CEO, Indian Bank inaugurated the startup cell at Chennai Centre.

He virtually inaugurated startup cell across major startup hubs of the country viz. Ahmedabad, Bengaluru, Coimbatore, Delhi, Gurgaon, Guwahati, Hyderabad, Kanpur and Mumbai.

Under the initiative, a bouquet of tailor-made banking products and services are designed for startups 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 aim to bolster 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 Startups. 

Indian Bank has also entered into strategic collaborations with renowned institutions viz 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, Managing Director and CEO, Indian Bank.

The Indian Bank startup 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 Government of India and State govt efforts to promote startups.

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 Startups.  (KNN Bureau)