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Indian Bank launches IND SpringBoard to finance start-ups

This is in collaboration with the IIT, Madras Incubation Cell (IITMIC) K Ananth Krishnan, EVP & CTO, Tata Consultancy Services launched the product in the presence of Debasish Panda, Secretary, Financial Services Department of the Ministry of Finance.

Indian Bank stepped in to bridge this gap in funding for start-ups through this collaboration with IITMIC. Under the MOU, IITMIC will refer start-ups with proven technology and established cash flows to the bank and also extend advisory to bank on the business model.

“As the name goes, this initiative, we believe will be the spring board for start-ups to realise their ambitions. We see this collaboration as a perfect fit both for the Bank and IITMIC,” she said.

Debasish Panda (IAS), Secretary, Financial Services, MOF complimented MD & CEO and Indian Bank Team for effecting the seamless amalgamation of Allahabad Bank into Indian Bank.

He said that lot of initiatives have been taken by Indian Bank premerger and also post merger. He congratulated Indian Bank for launching IND Spring the new model for financing start-ups, which will be a game changer in Banking Industry.

While launching IND Spring Board, Shri K Ananth Krishnan, EVP and CTO, TCS lauded the initiative of Indian Bank and said that Start ups have the advantage of credit facility like Ind Spring Board now. At present, we are in 4th Industrial Revolution with various technologies emerging. Some of the most valued companies in the world are from the start up category. TCS also works through Co-Innovation (COIN) with start-ups across the globe.

The e- launch was attended by Board of Directors of Indian Bank, customers of the Bank and representatives from print & electronic media.

Executive Directors of the Bank M K Bhattacharya, V V Shenoy and K Ramachandran also participated along with FGMs, GMs and other Executives of the Bank. FGM Chennai, K Chandra Reddy distributed sanction tickets to two entrepreneurs on this occasion.

Padmaja Chunduru, MD & CEO, Indian Bank along with Executive Directors M K Bhattacharya, V. V. Shenoy and K Ramachandran at the launch of “Ind Spring Board”.