Indian Bank entered into a MoU with Society for Innovation and Entrepreneurship (SINE) – an initiative of Indian Institute of Technology, Bombay – for extending exclusive credit facility to Start-ups and MSMEs.
- The Bank will extend loans of up to 50 crore rupees to these start-ups for their working capital requirements or purchase of machinery and equipment.
- As the name goes, this initiative, which is mutually beneficial for both Bank and IIT, Bombay, will be the springboard for start-ups to realise their ambitions.
About the SINE:
- 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 and financial support for incubation and acceleration of high-end technology products.