NEW DELHI, Oct 23 : The Department for Promotion of Industry and Internal Trade (DPIIT) today signed a Memorandum of Understanding (MoU) with Kotak Mahindra Bank to enhance financial and non-financial support for startups across India, an official statement said.
Under the MoU, Kotak Mahindra Bank will extend a range of dedicated offerings for DPIIT-recognized startups. It includes zero-balance current accounts, working capital and term loans, API-based banking platforms, digital payment solutions, and specialized startup cards.
“This partnership reflects DPIIT’s ongoing efforts to build a vibrant and inclusive innovation ecosystem that empowers startups at every stage of their journey. By integrating policy, industry, and finance, we aim to strengthen the bridge between entrepreneurial ambition and sustainable impact, ensuring that India’s innovators have the right tools to grow globally,” said Sanjiv, Joint Secretary of DPIIT.
This collaboration aims to create a comprehensive framework enabling startups to access customized banking solutions, credit and funding opportunities, digital and payment infrastructure and capacity-building programs.
Raghavendra Singh, President, Kotak Mahindra Bank Ltd., said, “The collaboration would facilitate greater engagement with the startup community through customised financial solutions, mentorship programmes, and access to networks that can help founders scale their enterprises effectively.”
The initiative will offer a dynamic support system encompassing banking services, advisory, technology enablement, funding access and market linkages.
It is designed to empower startups at every stage of their journey-from early ideation to market expansion.
(UNI)
The post DPIIT signs MoU with Kotak Mahindra Bank to foster financial and non-financial support for startups appeared first on Daily Excelsior.