Indian Overseas Bank sets up dedicated branch to serve startups; to open five more

Indian Overseas Bank (IOB)

Public sector Indian Overseas Bank has set up an exclusive branch to serve startups and budding entrepreneurs in Chennai.

The branch inaugurated by top officials on Thursday would offer a suite of financial products and services. Indian Overseas Bank has planned to open five more startup branches nationwide.

Marking the inaugural of the Startup Exclusive Branch, the city-headquartered bank launched 'IOB Startup Current Account' and credit scheme 'IOB Pragati' for financing startups.

"Start-ups are the cornerstone of innovation and job creation in our economy. By establishing this dedicated branch, IOB aims to remove financial obstacles and empower entrepreneurs to bring their visions to fruition," the bank's Managing Director and CEO Ajay Kumar Srivastava said.

"The launch of this startup branch is a significant milestone in our journey to support the growth of the startup ecosystem," he said.

The startup exclusive branch has entered into a memorandum of understanding with several premier institutes in Chennai to reach out to recognised startups and assist them with financial aspects of their ventures.