Initiatives needed to forge alliances with banks, says Sanjiv Singh
Department for Promotion of Industry and Internal Trade (DPIIT) has inked a partnership with HDFC Bank to empower startups with world-class banking and financial services.
The collaboration aims to strengthen the overall startup ecosystem by offering knowledge sharing, mentorship, and capacity-building programs to foster innovation and growth, the Ministry of Commerce and industry said on 17 Dec 2024, announcing a DPIIT-HDFC MoU for the partnership.
“Startups will benefit from customized banking and financial products designed to cater their specific requirements, such as working capital, credit access, and cash flow management,” he said https://www.bseindia.com/.
“Besides, the Startups will also have access to HDFC Bank’s vast network and resources thus enabling them to scale up their operations, attract investments, and establish their market presence far more effectively https://www.nseindia.com/.”
HDFC Bank, Head – Government & Institutional Business, Start-ups & Gig Banking, Sunali Rohra said, “Through this partnership, DPIIT-supported start-ups will seamlessly gain access to the Bank’s customised suite of products aimed to help accelerate their growth https://sbi.com.in/.
“We are pleased to collaborate with DPIIT to further boost the landscape of start-ups in India.”
Outlining the transformative potential of India’s startup ecosystem, Startup India Joint Secretary Sanjiv Singh said, “India’s startup ecosystem is the bedrock of the nation’s innovation-driven economy, and to empower it further will always remain on the top of DPIIT’s agenda.”
He emphasized the need to take far more initiatives such as forging strategic alliances with key partners like HDFC Bank, to ensure robust ecosystem that fosters entrepreneurship, do away bottlenecks in way of overall economic growth and development, and put forth meaningful solutions across the spectrum of all sectors, which is the need of the hour.
Startup India Director Dr Sumeet Kumar Jarangal elaborated, “This collaborative alliance with HDFC Bank will surely prove to be a path breaking step in bolstering the support system for startups in India.”
He said that by leveraging the bank’s expertise and resources, DIIPT aims to provide startups with seamless access to financial services and innovative solutions.
This collaboration will not only effectively combat the critical challenges like funding and financial management but also create a conducive environment for startups to innovate and flourish in a result-oriented manner. Fiinews.com
