On the occasion of India’s 77th Independence Day and the 117th foundation day, Indian Bank, a prominent Public Sector Bank, has unveiled 10 dedicated startup cells across various locations. S.L. Jain, the MD and CEO of Indian Bank, inaugurated the startup cell in Chennai physically and virtually inaugurated cells in significant startup hubs such as Ahmedabad, Bangalore, Coimbatore, Delhi, Gurgaon, Guwahati, Hyderabad, Kanpur, and Mumbai.
These startup cells are part of a proactive initiative aimed at catering to the unique financial needs of startups. Indian Bank has curated a range of specialized banking products and services for startups, including payment gateways, corporate credit cards, and credit facilities, in addition to their existing product lineup. To address the distinct financial challenges that startups face and bolster the startup ecosystem, Indian Bank has introduced a bespoke loan product called ‘IND SPRING BOARD’, designed to cover both operational and capital expenses. The bank has also established collaborations with prestigious institutions like IITs/IIMs and Incubation Cells to foster an environment of innovation and growth.
S.L. Jain, the Managing Director and CEO of Indian Bank, highlighted the significance of these startup cells as a significant stride in supporting India’s startup ecosystem. The bank’s startup branches will feature dedicated Relationship Managers who will engage with startups throughout their lifecycle, aiding the efforts of both the Indian and State governments in promoting startups.
The inauguration event witnessed the presence of Imran Amin Siddiqi (IAS), Executive Director, Vikas Kumar, Chief General Manager (Retail Assets & MSME), Narendra Sharma, General Manager (MSME), and Field Functionaries from across the country. Several startups also participated, receiving sanction tickets during the event.
Indian Bank, a premier Public Sector Bank established in 1907, enjoys a widespread presence across India. With the government of India owning an 88.06 percent shareholding, the bank gained further strength through the amalgamation of Allahabad Bank, a legacy bank with 155 years of history, in 2019. The combined entity, operational since April 1, 2020, has consistently set high standards in offering efficient banking services to diverse client segments and excelling in customer service.
Among its array of initiatives, Indian Bank introduced the noteworthy MSME Prerana, an all-encompassing Online Business Mentoring PAN India Programme for MSME entrepreneurs. Reinforcing this initiative, the bank launched ‘Ind Spring Board’, a financing solution for startups, and established a strategic MOU with IIT Madras. Over time, Indian Bank has continuously redefined excellence in banking services, positioning itself as a leader in delivering exceptional customer experiences.
