Indian Bank has gone into a Memorandum of Understanding with the Society for Innovation and (SINE) a drive of the Indian Institute of Technology, Bombay for stretching out restrictive credit offices to new businesses and MSMEs.
The Bank will stretch out advances of up to 50 crore rupees to these new companies for their functioning capital necessities or acquisition of apparatus and gear.
As the name goes, this drive, which is commonly advantageous for both Bank and IIT, Bombay, will be the springboard for new businesses to understand their desires.
SINE, IIT, Bombay is the precursor in setting up joint R&D with businesses and supporting beginning up hatching.
SINE, IIT, Bombay offers help to the MSME area by giving joint innovative work plans and specialized and monetary help for brooding and speed increase of top of the line innovation items.