Indian Overseas Bank Launches a Start-up Centric Branch in Chennai The bank launched the "IOB Start-up Current Account" and the "IOB Pragati" credit program for financing startups.
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The public sector lender Indian Overseas Bank has set up an exclusive branch to serve startups and budding entrepreneurs in Chennai, aimed at providing bespoke financial services and robust support to budding entrepreneurs and emerging enterprises.
Ajay Kumar Srivastava, MD and CEO of Indian Overseas Bank, inaugurated the branch on Anna Salai.
Srivastava said, "Start-ups are the cornerstone of innovation and job creation in our economy. By establishing this dedicated branch, IOB aims to remove financial obstacles and empower entrepreneurs to bring their visions to fruition."
"The launch of this start-up branch is a significant milestone in our journey to support the growth of the start-up ecosystem, aligning with the government's promotion of entrepreneurship and start-up culture. Additionally, this branch will enhance our MSME portfolio, which is a vital focus area for the bank and the country," he added.
The bank on Thursday launched the "IOB Start-up Current Account" and the "IOB Pragati" credit program, which would finance and onboard 35 start-ups.
It plans to open five more branches in different locations across the country.
By addressing the unique needs of start-ups, IOB's dedicated startup branch claims to offer a comprehensive suite of financial products and services, making it a one-stop solution for new ventures and startups.
