IndusInd Bank Partners With DPIIT To Boost Startup Growth

IndusInd Bank signed a memorandum of understanding with the Department for Promotion of Industry and Internal Trade (DPIIT) on Tuesday to support startups across the country. The partnership offers banking solutions such as cash management, working capital, and credit facilities tailored for startups.

Under the collaboration, startups recognised by DPIIT can access collateral-free loans with an increased guarantee cover of up to ₹200 million through the credit guarantee scheme. The agreement also lowers guarantee fees for debt funding in 27 champion sectors, making credit more accessible.

IndusInd Bank has been in the news since March after its internal audit revealed discrepancies in its derivative portfolio, resulting in an impact of ₹19.8 billion on the bank’s net worth.