New Delhi: The Department for Promotion of Industry and Internal Trade (DPIIT) has signed a Memorandum of Understanding (MoU) with HDFC Bank, India’s largest private sector bank by assets, to empower startups with world-class banking and financial services.
This collaboration aims to bolster the startup ecosystem by providing comprehensive support through knowledge sharing, mentorship, and capacity-building programs. The partnership will focus on offering customized banking and financial products tailored to the unique needs of startups, including access to working capital, credit facilities, and efficient cash flow management solutions.
Through this initiative, startups will gain access to HDFC Bank’s vast network and resources, enabling them to scale operations, attract investments, and establish a strong market presence.
Sanjiv Singh, Joint Secretary of Startup India, emphasized the transformative potential of India’s startup ecosystem, stating, “India’s startup ecosystem is the cornerstone of our innovation-driven economy. Empowering startups remains at the top of DPIIT’s agenda, and strategic partnerships with key stakeholders like HDFC Bank are essential to fostering entrepreneurship, eliminating bottlenecks to economic growth, and delivering meaningful solutions across all sectors.”
Dr. Sumeet Kumar Jarangal, Director of Startup India, highlighted that this collaborative effort with HDFC Bank will pave the way for a robust support system for startups. He noted that leveraging the bank’s expertise and resources will provide startups with seamless access to innovative financial services, effectively addressing critical challenges such as funding and financial management. This partnership will create a conducive environment for startups to thrive and innovate.
Sunali Rohra, Head – Government & Institutional Business, Start-ups & Gig Banking at HDFC Bank, expressed enthusiasm about the collaboration, stating, “We are delighted to join forces with DPIIT to further enhance the startup ecosystem in India. This partnership will offer DPIIT-supported startups a tailored suite of products designed to accelerate their growth and success.”
