Indian Overseas Bank opens exclusive branch for Start-ups in Chennai

The event underscored IOB’s commitment to nurturing innovation and driving economic growth in the country.

Indian Overseas Bank opens exclusive branch for Start-ups in Chennai

New Delhi: Indian Overseas Bank inaugurated a new, exclusive branch dedicated entirely to start-ups in Chennai today. This initiative is aimed at providing bespoke financial services and robust support to budding entrepreneurs and emerging enterprises. By addressing the unique needs of start-ups, IOB ‘s dedicated Start-up branch offers a comprehensive suite of financial products and services, making it a one-stop solution for new ventures and Start Ups.

MD & CEO of Indian Overseas Bank, Shri Ajay Kumar Srivastava inaugurated the Start-up exclusive branch at Anna Salai, Mount Road, Chennai. The grand opening was attended by key stakeholders from the Start-up community. On the inaugural day special current scheme for start-up namely” IOB Start-up current account “and credit scheme “IOB Pragati” for financing start-ups were launched and 35 Start-ups were onboarded.

The event underscored IOB’s commitment to nurturing innovation and driving economic growth in the country. In his address, the MD &CEO of IOB, Shri Ajay Kumar Srivastava remarked, "Start-ups are the cornerstone of innovation and job creation in our economy. By establishing this dedicated branch, IOB aims to remove 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.

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The launch of this start-up branch is a significant milestone in our journey to support the growth of the start-up ecosystem, aligning 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 the bank and the country."

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Leveraging its location advantage start-up branch has entered into MoU with many premier institutes in Chennai. These partnerships will enable the branch to reach out to recognized start-ups, assisting them with the financial aspects of their ventures. This marks the launch of IOB’s first exclusive start-up Branch. Going forward the bank intends to open five more start-up branches in different location nationwide. As the start-up ecosystem continues to evolve, IOB is poised to play a transformative role in shaping the future of India's economy by embracing the ethos of entrepreneurship and innovation.

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