Indian lender launches specialised startup cells

Indian Bank, a prominent public sector financial institution, has announced the establishment of ten startup cells strategically located in various cities across the nation to cater to the distinctive banking needs of startups. These startup cells have been strategically positioned in Ahmedabad, Bengaluru, Coimbatore, Chennai, New Delhi, Gurgaon, Guwahati, Hyderabad, Kanpur, and Mumbai. This initiative by the Chennai-based public sector bank involves crafting a range of customised banking products and services exclusively designed to meet the specialised requirements of startups.

Among the offerings are specialised services like payment gateways, corporate credit cards, and credit facilities in addition to the bank’s existing product lineup, as stated in a press release. The inauguration of these startup cells marks a significant milestone in Indian Bank’s commitment to fostering the growth of India’s startup ecosystem, as emphasised by Indian Bank’s Managing Director and CEO, S L Jain, during the inauguration of the centre in Chennai. Commemorating the bank’s 117th Foundation Day, Jain virtually inaugurated the startup cells in the various cities.

The dedicated startup cell branches will be staffed with relationship managers who will collaborate closely with startups, fostering ongoing engagement throughout their lifecycle. In line with this initiative, Indian Bank has introduced ‘IND SPRINGBOARD,’ a tailor-made loan product that addresses the distinct financial challenges faced by startups. This innovative approach reflects Indian Bank’s dedication to supporting the entrepreneurial spirit and growth of startups in the country.