Indian Bank has signed a memorandum of understanding (MoU) with Society for Innovation and Entrepreneurship (SINE), IIT Bombay for extending exclusive credit facility to start-ups and Micro, Small and Medium Enterprises. The bank would extend loans of upto Rs 50 crore to the start-ups for purchase of machinery, equipment or to meet working capital requirements.
The initiative was part of the bank's 'Ind Spring Board for financing Start-ups' scheme to empower the MSMEs and start-ups to realise their efforts, powered by financial support from the bank and backed by incubation facilities offered by SINE, IIT Bombay.
Indian Bank was established as a part of the Swadeshi movement. The Bank provides a wide spectrum of banking products and services.