HDFC Bank signs MoU with AIC STPINEXT Initiatives; to support startups

HDFC Bank announced it has signed an MoU signed with AIC STPINEXT Initiatives, a special purpose vehicle of Software Technology Parks of India (STPI), an organisation under the Ministry of Electronics and Information Technology (MeitY).

The objective of MoU is to provide gamut of banking needs to startups and other value-added services under SMARTUP program.

Akhilesh Roy, Branch Banking Head- North 3 & National Head for Sales Excellence and Transformation, HDFC Bank, said, "India has emerged as third largest eco systems for startups globally. In 2021 alone, 42 startups have emerged as Unicorns with a total valuation of $82.1 Million. STPI is one of the prominent institutes supporting the startups and the Bank is extremely committed to the growth of startups and work closely with startup ecosystem players."

Arvind Kumar, Director General, STPI shared “STPI continuously is looking to strengthen the technology start-up ecosystem and signing of MOU with HDFC Bank today is a step forward. Today, India is a hot bed for innovation, and tech startups are in the centre stage to leapfrog this technology revolution. Technology will continue to play a dominant role in coming decade and government through its various initiatives working towards making India the largest startup ecosystem of the world. He called this momentous occasion “historic” which will help to further strengthen the partnership with not only STPI but with 20 COEs under STPINEXT Initiatives.