DPIIT signs MoU with HDFC Bank to Empower Startups

The Department for Promotion of Industry and Internal Trade (DPIIT) has signed a Memorandum of Understanding with HDFC Bank, India's largest private sector bank to empower startups with world-class banking and financial services.

DPIIT signs MoU with HDFC Bank to Empower Startups

DPIIT - HDFC Bank sign Agreement to Strengthen Startup Ecosystem

The Department for Promotion of Industry and Internal Trade (DPIIT) and HDFC Bank, India's largest private sector bank, has signed an agreement to strengthen the startup ecosystem with world-class banking and financial services.

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The partnership between DPIIT and HDFC Bank will enable startups to benefit from customised banking and financial products designed to meet their specific needs, such as working capital, credit access, and cash flow management.

Read Also: HDFC to merge with HDFC Bank 

Startups will also have access to HDFC Bank's vast network and resources thus enabling them to scale up their operations, attract investments, and establish their market presence far more effectively.

Aims

The DPIIT and HDFC Bank collaboration aims to strengthen the overall startup ecosystem by offering knowledge sharing, mentorship, and capacity-building programs to foster innovation and growth.

The DIIPT aims to provide startups with seamless access to financial services and innovative solutions. This collaboration will not only effectively combat the critical challenges like funding and financial management but also create a conducive environment for startups to innovate and flourish in a result-oriented manner.

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.

Static Current Affairs related to HDFC Bank for upcoming exams

• Formation: August 1994
• Headquarters: Mumbai, Maharashtra
• Number of Branches: 8,851
• Number of ATMs: 20,938
• Chairman: Atanu Chakraborty
• Chief Executive Officer (CEO): Sashidhar Jagdishan