Indian Bank, a public sector financial institution, announced the establishment of ten startup cells across various locations in India to cater to the specialized banking needs of startups. These dedicated startup cells are now operational in cities including Ahmedabad, Bengaluru, Coimbatore, Chennai, New Delhi, Gurgaon, Guwahati, Hyderabad, Kanpur, and Mumbai. As part of this initiative, the bank, headquartered in Chennai, has introduced a range of tailor-made banking solutions and services designed specifically for startups, taking into consideration their distinct and specific financial requirements.
These offerings encompass a variety of services such as payment gateways, corporate credit cards, and credit facilities, in addition to the bank’s existing product lineup, according to a press release. S L Jain, the Managing Director and CEO of Indian Bank, expressed that the launch of these startup cells marks a significant milestone in the bank’s endeavor to foster the growth of India’s startup ecosystem. The inauguration of the Chennai center was followed by the virtual inauguration of the remaining nine startup cells across different cities, coinciding with the bank’s 117th Foundation Day.
Each of these startup cell branches will be staffed with dedicated relationship managers whose role is to collaborate with startups and establish enduring engagement throughout their lifecycle. To cater to the unique financial challenges faced by startups, Indian Bank has introduced ‘IND SPRINGBOARD,’ a customized loan product aimed at providing effective financial solutions.