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HDFC Bank Shares in Focus: Signed MoU With DPIIT For Supporting Startups

Updated on: Dec 18, 2024, 8:03 PM IST
The partnership between HDFC Bank and DPIIT to improve the startup ecosystem by offering knowledge-sharing, mentorship, and capacity-building programs.
HDFC Bank Shares in Focus: Signed MoU With DPIIT For Supporting Startups
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On December 17, 2024, HDFC Bank, India’s largest private sector bank by assets, entered into a partnership with the Department for Promotion of Industry and Internal Trade (DPIIT) through a Memorandum of Understanding (MoU) to provide startups with world-class banking and financial services.

Partnership to Improve Startup Ecosystem

The partnership has been established with an objective to improve the startup ecosystem by offering knowledge-sharing, mentorship, and capacity-building programs to promote innovation and growth.

The press release further stated that the startups will benefit from tailored banking and financial products that address their unique needs, including working capital, credit access, and cash flow management. Additionally, startups will gain access to HDFC Bank’s extensive network and resources, enabling them to scale their operations, attract investments, and establish a stronger market presence.

Outlining the transformative potential of India’s startup ecosystem, Shri Sanjiv Singh, Joint Secretary, Startup India, mentioned that India’s startup ecosystem is the bedrock of the nation’s innovation-driven economy, and to empower it further will always remain on the top of DPIIT’s agenda. He emphasized the need to take far more initiatives such as forging strategic alliances with key partners like HDFC Bank, to ensure a robust ecosystem that fosters entrepreneurship, does away with bottlenecks in the way of overall economic growth and development, and puts forth meaningful solutions across the spectrum of all sectors, which is the need of the hour.

Dr Sumeet Kumar Jarangal, Director of Startup India, said that this collaborative alliance with HDFC Bank will surely prove to be a path-breaking step in bolstering the support system for startups in India. He said that by leveraging the bank’s expertise and resources, DIIPT aims to provide startups with seamless access to financial services and innovative solutions. This collaboration will not only effectively combat critical challenges like funding and financial management but also create a conducive environment for startups to innovate and flourish in a result-oriented manner.

Meanwhile, Ms. Sunali Rohra, Head – Government & Institutional Business, Start-ups & Gig Banking, at HDFC Bank, said, “We are pleased to collaborate with DPIIT to further boost the landscape of start-ups in India. Through this partnership, DPIIT-supported start-ups will seamlessly gain access to the Bank’s customised suite of products aimed to help accelerate their growth.”

On December 18, 2024, HDFC Bank shares opened at ₹1,832.50 and touched the day high of ₹1,835.65 at 09:50 AM.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

Published on: Dec 18, 2024, 9:54 AM IST

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