Money & Banking

HDFC Bank aims to deepen relationship with start-up ecosystem in rural areas

Anil Urs Bengaluru | Updated on February 26, 2020

HDFC Bank has disbursed around ₹14 crore to more than 60 start-ups under its Parivartan programme in the last three years.

“By the end of this financial year, we will disburse additional funds under ‘Smart-Up Grants’ worth ₹5 crore to start-ups,” Smita Bhagat, country head, government and institutional business, e-commerce, start-ups, HDFC Bank, told Business Line.

“The funds allocated or disbursed may be small, but the bank’s endeavour is to deepen the relationship with the start-up ecosystem in small towns and rural areas. Also, these grants are a small token of our appreciation and encouragement to start-ups in the social sector to pursue ideas that benefits the society,” she added.

The bank has also begun to partner with State governments. “So far, we have partnered with six governments to offer solutions in tackling climate change, waste management, skills training and enhancing livelihood,” said Bhagat.

“Recently, the bank partnered with the Odisha government to provide banking solutions to start-ups recognised by Start-up Odisha, along with an opportunity to pitch their solutions to requisite stakeholders, and will work towards providing them an opportunity to showcase their solutions as well,” she said.

The bank also plans to tap 9,000 start-ups in the country to offer the Smart-Up programme. “Since we are already engaging with the start-up community, we are now exploring the possibility of providing additional CSR solutions, in addition to financial tools, advisory services and technology,” she explained.

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Published on February 25, 2020
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