Explanation:

A Memorandum of Understanding was signed between Indian Bank and IIT Bombay for extending credit facilities to Start-ups and MSMEs. The initiative is implemented by IIT Bombay. The initiative is named as Society for Innovation and Entrepreneurship (SINE). Under this initiative, Indian Bank will extend loans of up to 50 crore rupees to these start-ups. Loans will be provided for the purchase of machinery and equipment and other working capital requirements.
Indian Bank is an Indian nationalised financial services and banking company. It was established in 1907. Its headquarter is in Chennai. It is under the ownership of the Ministry of Finance of the Government of India.
IIT(Indian Institute of Technology) Bombay was founded in 1958. In 1961, Parliament declared all the IITs as an institute of national importance. IIT Bombay is a public technical and research university located in Powai in Maharashtra.