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DPIIT signs MoU with HDFC Bank to strengthen startup ecosystem

By TIOL News Service

NEW DELHI, DEC 18, 2024: DEPARTMENT for Promotion of Industry and Internal Trade (DPIIT) has inked a partnership with HDFC Bank, India's largest private sector bank by assets, by signing an MoU 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.

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. 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.

Outlining the transformative potential of India's startup ecosystem, Shri Sanjiv Singh, Joint Secretary, Startup India, mentioned that 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.   

Dr Sumeet Kumar Jarangal, Director Startup India, said that 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.

Meanwhile, 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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