Indian Overseas Bank (IOB) has inaugurated a new, exclusive branch on Anna Salai (Mount Road) in Chennai, dedicated entirely to support start-ups. This initiative aims to provide robust financial services and comprehensive support to budding entrepreneurs and emerging enterprises.
Inaugurated by MD and CEO of the bank, Ajay Kumar Srivastava on Thursday, IOB‘s dedicated start-up branch offers a wide range of financial products and services tailored specifically for new ventures and start-ups. This makes it a one-stop solution for entrepreneurial needs, according to a statement.
Empowering budding entrepreneurs
“By establishing this dedicated branch, IOB aims to eliminate financial obstacles and empower entrepreneurs to bring their visions to fruition. This initiative represents a crucial step towards cultivating a vibrant start-up ecosystem in India. The launch of this start-up branch aligns with the government’s promotion of entrepreneurship and start-up culture. Additionally, this branch will enhance our MSME portfolio, which is a vital focus area for both the bank and the country,” said Srivastava.
During the inauguration, the bank introduced the “IOB start-up current account” and the “IOB Pragati” credit scheme to finance start-ups. Additionally, 35 start-ups were onboarded during the event.
The start-up branch has also entered into agreements with several premier institutes in Chennai. These partnerships aim to help the branch reach recognised start-ups and assist them with the financial aspects of their ventures.
Going forward, the bank plans to open five more start-up branches in various locations nationwide.