The Department for Promotion of Industry and Internal Trade (DPIIT) has signed a Memorandum of Understanding (MoU) with HDFC Bank, India’s largest private sector bank by assets, to empower startups with world-class banking and financial services. The partnership aims to uplift the startup ecosystem by offering knowledge sharing, mentorship, and capacity-building programs to foster innovation and growth. Startups will benefit from customized banking and financial products designed to cater to their specific requirements, such as working capital, credit access, and cash flow management.
They will also have access to HDFC Bank’s vast network and resources, enabling them to scale up operations, attract investments, and establish a stronger market presence. Shri Sanjiv Singh, Joint Secretary of Startup India, highlighted the transformative potential of India’s startup ecosystem. He stated, “India’s startup ecosystem is the bedrock of the nation’s innovation-driven economy.
Empowering it further remains at the top of DPIIT’s agenda.”
He emphasized the need for more initiatives like strategic alliances with key partners such as HDFC Bank to ensure a robust ecosystem that fosters entrepreneurship, eliminates bottlenecks, and drives economic growth and development.
Startup support through DPIIT-HDFC collaboration
Dr.
Sumeet Kumar Jarangal, Director of Startup India, expressed optimism about the alliance, calling it a path-breaking step in bolstering the support system for startups in India. “By leveraging the bank’s expertise and resources, DPIIT aims to provide startups with seamless access to financial services and innovative solutions,” he said. “This collaboration will effectively address critical challenges such as funding and financial management, creating a conducive environment for startups to innovate and flourish.”
Ms.
Sunali Rohra, Head of Government & Institutional Business, Start-ups & Gig Banking at HDFC Bank, also expressed enthusiasm for the partnership. She said, “We are pleased to collaborate with DPIIT to further boost the landscape of start-ups in India. Through this partnership, DPIIT-supported startups will have seamless access to the bank’s customized suite of products aimed at accelerating their growth.”
By strengthening the startup ecosystem and fostering innovation through this MoU, both DPIIT and HDFC Bank aim to create a supportive environment where startups can thrive, driving economic growth and development in India.
