IndusInd Bank Partners with DPIIT to Support Startups and Boost Innovation in India

In a major step to support India’s startup ecosystem, IndusInd Bank has signed a Memorandum of Understanding (MoU) with the Department for Promotion of Industry and Internal Trade (DPIIT). The partnership aims to promote innovation and entrepreneurial growth by combining government policy support with the bank’s financial services.

This collaboration aligns with DPIIT’s Startup India initiative and is designed to provide customized banking solutions for startups, innovators, and entrepreneurs across the country. These services include cash management, working capital loans, and credit facilities tailored to meet the unique needs of emerging businesses.

Key Highlights of the Partnership:

• Collateral-Free Loans: Startups recognized by DPIIT will get enhanced support under the Credit Guarantee Scheme for Startups (CGSS), allowing access to loans without collateral, with an increased guarantee cover of up to ₹20 crore.
• Lower Guarantee Fees: For startups operating in 27 Champion Sectors, the guarantee fees for debt funding have been reduced, making it easier to access credit and invest in growth.
• Startup-Focused Financial Tools: The bank will offer a range of products designed specifically for startup needs, helping them manage operations and scale effectively.

Vision for the Future

The MoU is seen as a strategic milestone in building a robust financial and policy ecosystem for startups. It aims to fast-track the journey of startups toward self-sustainability, innovation, and global competitiveness.

By working together, IndusInd Bank and DPIIT hope to support the rise of India’s next generation of unicorns and help position the country as a global leader in entrepreneurship and innovation.