IndusInd Bank signs pact to support early-stage startups

New Delhi: IndusInd Bank on Monday said it has signed a pact with AIC STPINEXT to provide early-stage startups and MSMEs essential financial solutions and structural support.

AIC STPINEXT is a special purpose vehicle of Software Technology Parks of India (STPI) under the Ministry of Electronics and Information Technology (MeitY).

"Under this collaboration, IndusInd Bank will deliver a range of tailored banking solutions to support early-stage startups associated with STPI/STPINEXT.

"The Bank will offer a specialized Current Account product with no quarterly average balance requirement, making it easier for startups to manage their finances," IndusInd Bank said in a regulatory filing.

Additionally, the Bank will offer support such as expert guidance, and conduct workshops around financial management including banking basics, equity infusion, Employee Stock Ownership Plan (ESOPs), segment-based funding etc.

To further support operational efficiency, the bank will offer payroll and attendance management services to early-stage startups at no cost.

Shares of IndusInd Bank were trading at Rs 782.70, up 0.05 per cent over previous close on BSE.