Indian Bank, IIT-Madras in pact for start-up funding

Indian Bank has launched an initiative for funding start-ups, ‘IND Spring Board’, in collaboration with the IIT-Madras Incubation Cell (IITMIC). The Chennai-headquartered financial institution seeks to bridge the hole in funding for start-ups by way of this collaboration with IITMIC.

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Under the deal, IITMIC will refer start-ups with confirmed know-how and established money flows to the financial institution and likewise prolong advisory to the financial institution on the enterprise mannequin. The financial institution will prolong loans of as much as 50 crores to those start-ups for his or her working capital necessities or buy of equipment, gear.

Important takeaways for all aggressive exams:

  • Indian Bank Headquarters: Chennai, Tamil Nadu.
  • Indian Bank CEO: Padmaja Chunduru.
  • Indian Bank Tagline: Your Own Bank, Banking That’s Twice As Good.

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