Indian Overseas Bank Launches Exclusive Branch for Startups in Chennai

Chennai, Jun 7 (KNN) Indian Overseas Bank (IOB) has opened its first ever dedicated start-up branch in Chennai, aimed at catering to the unique financial needs of budding entrepreneurs and emerging enterprises.

The new branch on Anna Salai was inaugurated by IOB's Managing Director and CEO Ajay Kumar Srivastava.

To mark the launch, the public sector bank unveiled specialised offerings for start-ups including the 'IOB Start-up Current Account' and the 'IOB Pragati' credit scheme to finance new businesses.

On the opening day, the branch onboarded 35 start-ups as customers.

"This exclusive start-up branch will enhance our MSME portfolio, which is a vital focus area for the bank and the country," stated Srivastava.

He highlighted IOB's commitment to providing tailor-made banking services and robust support to nurture entrepreneurship and innovation.

IOB plans to rapidly expand this dedicated start-up banking model by opening five more similar branches across major cities in India.

The move aims to strengthen engagement with the thriving start-up ecosystem and position IOB as a preferred banking partner for emerging enterprises.

The launch marks a strategic initiative by the 85-year-old bank to tap into the lucrative start-up segment and drive sustainable business growth.

(KNN Bureau)