IndusInd Bank has signed a memorandum of understanding (MoU) with AIC STPINEXT to provide early-stage start-ups and MSMEs with essential financial solutions, mentorship, and structural support, leveraging the combined strengths of both organisations to nurture innovation and sustainable growth, the lender said on May 19.
The bank will give banking solutions to support early-stage start-ups associated with STPI/STPINEXT. It will offer a specialised current account product with no quarterly average balance requirement, making it easier for startups to manage their finances, the release said.
The bank will also offer expert guidance, and conduct workshops around financial management including banking basics, equity infusion, ESOPs, segment-based funding, the release added.
IndusInd Bank will also offer payroll and attendance management services to early-stage startups at no cost.
AIC STPINEXT is a special purpose vehicle of Software Technology Parks of India (STPI) under the Ministry of Electronics and Information Technology (MeitY).
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
