Indian Bank on July 27, entered into an MOU with Society for Innovation and Entrepreneurship (SINE), IIT Bombay an initiative of Indian Institute of Technology, 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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