February 19, 2021
SID will identify the start-ups and MSMEs and will refer them to the bank
Indian Bank has entered into an MoU with Society for Innovation and Development (SID), an initiative of Indian Institute of Science, Bengaluru, for extending exclusive credit facility to start-ups and MSMEs.
SID is the forerunner in setting up joint R&D with industries and supporting start-up incubation and it provides support to the MSME sector by providing joint research and development arrangements, technical and financial support for incubation, acceleration of high-end technology products under its department named “TIME2.” (Technology Innovation for Midsized Enterprises).
Under the MoU, SID will identify the start-ups and MSMEs based on their credentials and past experience and will refer to the list of such members who require financial assistance to the Bank.