Indian Bank partners IIT-Madras to launch ‘IND Spring Board’ for funding startups

State-owned Indian Bank has collaborated with IIT-Madras Incubation Cell (IITMIC) to launch an initiative called ‘IND Spring Board’, for funding start-ups.
Under the initiative, IITMIC will refer start-ups with proven technology and established cash flows to the Indian bank. It would also extend advisory to the bank on the business model.
Indian Bank will extend loans of up to Rs 50 crore to these start-ups for their working capital requirements or purchase of machinery and equipment, among others.