IndusInd Bank signs MoU with Department for Promotion of Industry and Internal Trade
IndusInd Bank today announced that it has signed a Memorandum of Understanding (MoU) with the Department for Promotion of Industry and Internal Trade (DPIIT) to nurture innovation and entrepreneurial growth in India. This strategic partnership brings together the strengths of DPIIT's Startup India initiative and IndusInd Bank's financial expertise to create opportunities for startups, innovators, and entrepreneurs nationwide.
The collaboration offers start-ups, innovators and entrepreneur tailored banking solutions, including cash management, working capital, and credit facilities. A key feature is enhanced support under the Credit Guarantee Scheme for Startups (CGSS), allowing collateral-free loans with a raised guarantee cover of up to ₹20 crore for DPIIT-recognised start-ups. Additionally, the guarantee fees for debt funding in 27 Champion Sectors has been reduced to further ease access to credit. These measures help start-ups mobilise capital and invest in advanced technologies and manufacturing.
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