New Delhi: The Department for Promotion of Industry and Internal Trade (DPIIT) signed a Memorandum of Understanding (MoU) with HDFC Bank to provide startups with comprehensive banking and financial services. The collaboration aims to bolster the Indian startup ecosystem by offering knowledge-sharing, mentorship, and capacity-building programs that promote innovation and growth.
Under this partnership, startups will gain access to customized banking and financial solutions tailored to their unique needs, including working capital, credit access, and cash flow management. Additionally, HDFC Bank’s extensive network and resources will be made available to startups, enabling them to scale operations, attract investments, and strengthen their market presence.
Highlighting the significance of the initiative, Sanjiv Singh, Joint Secretary of Startup India, stated that India’s startup ecosystem is a cornerstone of the country’s innovation-driven economy. He emphasized that empowering startups remains a top priority for DPIIT. He pointed out the importance of taking initiatives such as strategic alliances with partners like HDFC Bank to create a robust entrepreneurial ecosystem. These efforts, he said, will eliminate bottlenecks in economic growth and development and facilitate meaningful solutions across diverse sectors.
Dr. Sumeet Kumar Jarangal, Director of Startup India, remarked that this partnership with HDFC Bank is a crucial step toward strengthening the support system for startups in India. He noted that by leveraging the bank’s expertise and resources, DPIIT aims to provide startups with easy access to financial services and innovative solutions. He added that the collaboration would address critical challenges such as funding and financial management while fostering an environment conducive to innovation and success.
Sunali Rohra, Head of Government & Institutional Business, Start-ups & Gig Banking at HDFC Bank, expressed the bank’s commitment to enhancing the startup landscape in India. She stated that DPIIT-supported startups will benefit from the bank’s customized suite of products designed to accelerate their growth and development.
This alliance represents a significant step forward in strengthening India’s position as a global hub for startups.
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