Indian Bank opens specialised startup cells in 10 cities

Public sector Indian Bank on Wednesday said it has set up 10 startup cells across different centres in the country to serve its specialised banking requirements.

Accordingly, the startup cells have been set up in Ahmedabad, Bengaluru, Coimbatore, Chennai, New Delhi, Gurgaon, Guwahati, Hyderabad, Kanpur, and Mumbai.

Under the initiative, the Chennai-based public sector bank said a bouquet of tailor-made banking products and services were designed for the startups keeping in mind their unique and specialised banking requirements.

It includes offering payment gateways, corporate credit cards, and credit facilities apart from the existing products of the bank, a press release said.

"The launch of the startup cells is a major milestone in Indian Bank's journey to support the growth of the startup ecosystem in India," Indian Bank MD and CEO S L Jain said after the inauguration of the centre in Chennai.

After the opening, Jain also virtually inaugurated nine startup cells in different cities commemorating the bank's 117th Foundation Day. The startup cell branches would have dedicated relationship managers who would partner with them and build lifecycle engagement with the startups.

Indian Bank said it has launched 'IND SPRINGBOARD', a customised loan product for startups to address their unique financial challenges.