Indian Economy News

DPIIT signs MoU with Kotak Mahindra Bank to enhance financial and non-financial support for startups across India

The Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce and Industry, has signed a Memorandum of Understanding (MoU) with Kotak Mahindra Bank Ltd. to enhance financial and non-financial support for startups across India. The collaboration aims to create an integrated framework for startups to access tailored banking solutions, credit, funding opportunities, digital infrastructure, and capacity-building initiatives. Through this partnership, DPIIT seeks to strengthen India’s innovation-led economy and accelerate its growth as a global startup hub.
Under the MoU, Kotak Mahindra Bank will offer a suite of benefits for DPIIT-recognised startups, including zero-balance current accounts, working capital and term loans, digital payment solutions, API-based banking, and specialised startup cards. The Bank will also provide mentorship, investment advisory, and incubation support to help startups move from ideation to scaling. Joint Secretary, DPIIT, Mr. Sanjiv, said the partnership reflects ongoing efforts to foster a vibrant innovation ecosystem. At the same time, President, Kotak Mahindra Bank Ltd., Mr. Raghavendra Singh, emphasised its role in empowering entrepreneurs through finance, mentorship, and networks. Together, DPIIT’s policy leadership and Kotak’s financial expertise aim to bolster India’s transition to a self-reliant, innovation-driven economy.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.