Money & Banking

HDFC Bank, ICCI join hands to support SMEs, start-ups

Prashasti Awasthi Mumbai | Updated on November 26, 2020

ICCI will evaluate and recommend potential start-ups /SMEs /MSMEs for investments

ICCI (Inventivepreneur Chamber of Commerce and Industries), in its endeavour to support SMEs (small and medium enterprises) and start-ups, has signed an MoU with HDFC Bank.

According to the official release, through this association, ICCI will engage, enroll, and support various start-ups /SMEs /MSMEs to facilitate inter-alia financial and other facilities to/from HDFC Bank.

HDFC Bank may offer bank accounts to start-ups that are supportedand recommended by ICCI.

In the joint statement, the organisations mentioned that ICCI will evaluate and recommend potential start-ups /SMEs /MSMEs for investments. ICCI will further support businesses to pitch their solutions to requisite stakeholders, and will work towards providing them an opportunity to showcase their solutions.

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HDFC Bank stated that it will offer key business support functions such as shared workspaces, digital marketing, web services, patent filing, content writing, tax, and legal advisory to ICCI-recommended businesses.

ICCI will review and examine the overall profile of the businesses such as their background, potential worthiness, and investment worthiness. It will also sensitise the investor network to listed SME-start-ups and curate start-ups.

Networking activities

To make this a success, ICCI and HDFC Bank will jointly conduct various networking activities, awareness camps, interactive sessions and business events. ICCI will enroll and engage HDFC Bank-listed businesses under exclusive flagship programs such as Investor Pitch Day, Livewithmalhotra, #CrossBorder, International Business Exchange Programs, and Inventivepreneur TV Show, the release noted.

Commenting on the collaboration, Dr Ritika Yadav, President, ICCI, said in a statement: “With the vision of accelerating entrepreneurship and supporting Indian businesses, we have joined hands with HDFC Bank. This association will enrich the ecosystem of Government Relations, International Presence, Global Business Relations, and Investor Support for Indian MSMEs. We will aim to bring government agencies, overseas ventures, and Indian businesses under one umbrella to enhance the economic & social development of the nation”

Shailesh Neon, Senior Vice-President of HDFC, said in the official release: “As India’s leading private sector bank, it’s our responsibility to support government’s nation-building exercise. We are excited to partner with Inventivepreneur Chamber of Commerce and Industries in their endeavor to encourage startups and entrepreneurship.”

Published on November 26, 2020

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