
Indian Overseas Bank proudly announced the inauguration of its new, exclusive branch in Chennai today, dedicated entirely to supporting start-ups. The bank’s initiative aims to provide tailored financial services and robust support to budding entrepreneurs and emerging enterprises. By addressing the unique needs of start-ups, the dedicated branch offers a comprehensive suite of financial products and services, making it a one-stop solution for new ventures.
The grand opening of the start-up branch, located at Anna Salai, Mount Road, Chennai, was attended by key stakeholders from the start-up community. The MD & CEO of Indian Overseas Bank, Shri Ajay Kumar Srivastava, inaugurated the branch and launched two special schemes: the “IOB Start-up current account” and the “IOB Pragati” credit scheme, aimed at financing start-ups. As a testament to IOB’s commitment to nurturing innovation and driving economic growth, 35 start-ups were onboarded on the inaugural day.


In his address, Shri Ajay Kumar Srivastava highlighted the crucial role of start-ups in fostering innovation and job creation in the economy. The establishment of this dedicated branch reflects IOB’s determination to remove financial obstacles and empower entrepreneurs to turn their visions into reality. The launch of the start-up branch marks a significant milestone in IOB’s journey to support the growth of the start-up ecosystem, aligning with the government’s promotion of entrepreneurship and start-up culture. Furthermore, this branch will strengthen IOB’s MSME portfolio, which is a vital focus area for the bank and the country.


Taking advantage of its strategic location, the start-up branch has entered into partnerships with premier institutes in Chennai. These collaborations will enable the branch to engage with recognized start-ups, providing them with the necessary financial assistance. This marks the launch of IOB’s first exclusive start-up branch, and the bank has plans to open five more branches in different locations nationwide. As the start-up ecosystem continues to evolve, IOB is poised to play a transformative role in shaping the future of India’s economy by embracing the ethos of entrepreneurship and innovation.