Indian Bank has signed an MOU with Society for Innovation and Entrepreneurship (SINE), IIT Bombay for extending exclusive credit facility to start-ups and MSMEs.
SINE, IIT Bombay is the forerunner in setting up joint R&D with industries and supporting start-up incubation. SINE, IIT Bombay provides support to the MSME sector by providing joint research and development arrangements and technical & financial support for incubation and acceleration of high-end technology products.
Start-ups require funding to expand and grow. One of the most common problems they face is maintaining a positive cash flow.
Under the MOU, SINE, IIT Bombay will identify the start-ups and MSMEs based on their credentials and past experience and will refer the list of such members who require financial assistance to the bank.
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