Indian Bank has signed a MOU with Society for Innovation and Development (SID), an initiative of Indian Institute of Science. This initiative has been taken to extend the exclusive credit facility to Start-ups and MSMEs.

In a release the bank said, this initiative is a part of the Banks scheme Ind Spring Board that is introduced for financing Start-ups and to empower Start-ups and MSMEs to realise their research efforts powered by financial support from the Bank and backed by incubation facilities offered by SID.

The Bank would also be extending loans of up to Rs.50 crore to these start-ups for their working capital requirements or for purchase of machinery, equipment etc, it added.

Stating that SID is the forerunner in setting up joint R&D with industries and supporting start-up incubation, the bank said, it provides support to the MSME sector by providing joint research and development arrangements and technical and financial support for incubation and acceleration of high-end technology products under its department named TIME2.(Technology Innovation for Midsized Enterprises).

Through this MOU, SID will identify the start-ups and MSMEs based on their credentials and past experience and will refer the list of such members who require financial assistance to the Bank, it added.