The Department for Promotion of Industry and Internal Trade (DPIIT) has signed a Memorandum of Understanding (MoU) with HDFC Bank, India’s largest private sector bank by assets, to bolster the country’s startup ecosystem. This collaboration aims to empower startups with cutting-edge banking solutions, financial services, and capacity-building initiatives.
The partnership is designed to address key challenges faced by startups, offering tailored financial products, including working capital, credit access, and cash flow management solutions. Additionally, startups will gain access to HDFC Bank‘s extensive network and resources, helping them scale operations, attract investments, and establish a robust market presence.
Highlighting the initiative’s importance, Shri Sanjiv Singh, Joint Secretary, Startup India, said, “India’s startup ecosystem is the bedrock of the nation’s innovation-driven economy. Partnerships like these are crucial for fostering entrepreneurship and driving economic growth by addressing challenges across sectors.”
Echoing these sentiments, Sunali Rohra, Head – Government & Institutional Business, Start-ups & Gig Banking, at HDFC Bank, said, “We are pleased to collaborate with DPIIT to further boost the landscape of start-ups in India. 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.”
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This initiative marks a significant step towards fostering innovation, addressing bottlenecks, and creating a conducive environment for startups to flourish, further cementing India’s position as a global startup hub.
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