IIT Bombay Partnered with Canara Bank for Aiding Start-Ups with Financial Assistance

New Delhi: IIT Bombay’s Society for Innovation & Entrepreneurship (SINE) has joined hands with Canara Bank to provide financial aid to start-ups. The partnership was signed on April 3, 2024, at the SINE office on the IIT Bombay campus. Sri Ashok Chandra, Executive Director of Canara Bank was also present at the ceremony.

On this occasion, Shaji Verghese delivered an in-depth presentation of initiatives and activities of the Society for Innovation & Entrepreneurship. After the signing ceremony, officials from Canara Bank conducted a tour of the facilities at the SINE building at IIT Bombay.

Canara Bank and SINE (Society for Innovation & Entrepreneurship), IIT Bombay have joined hands to empower Start-ups nationwide! Under the Canara Start-Up Scheme, financial assistance at attractive ROI will be provided for establishment, promotion, and modernization. SINE, a tech… pic.twitter.com/5pvB8M5fhc

— Canara Bank (@canarabank) April 5, 2024

The Memorandum of Understanding (MoU) was formally signed by Sri Ranjeet Kumar Jha, DGM representing Canara Bank, and Sri Shaji Verghese, CEO representing SINE.

Key Highlights of IIT Bombay and SINE Collaboration

IIT Bombay and Canara Bank took this initiative for the following objectives: 

• To introduce the Canara start-up scheme
• To provide financial assistance at an attractive ROI 
• To aim at establishment, promotion, and modernization
• Boost new start-ups having sustainable/viable business models

The MoU signing event was graced by Sri Purshottam Chand from the CGM Canara Bank Mumbai Circle office, Dr V K Rao, Deputy Director Finance at IIT Bombay, Sri Santhosh Gharpure, Professor Incharge at IIT Bombay, and other executives from Canara Bank and SINE. 

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