Chennai-headquartered Indian Bank has signed a Memorandum of Understanding (MoU) with the Society for Innovation and Entrepreneurship (SINE), an initiative of Indian Institute of Technology Bombay. The MoU envisages extending loans of up to Rs 500 million to micro, small and medium enterprises (MSMEs) and start-ups to enable them to meet their working capital needs and purchase machinery, equipment and other fixed assets. Under the above agreement, SINE will identify and recommend to Indian Bank deserving MSMEs and start-ups for funding, based on their credentials and track record.
