IND Spring Board—By Indian Bank and IIT Madras Incubation Cell

Published on October 23, 2020
Current Context: Indian Bank partnered with IIT Madras Incubation Cell (IITMIC) to launch ‘IND SpringBoard’, which is the credit facility to fund startups.
IND Spring Board—By Indian Bank and IIT Madras Incubation Cell
  • ‘IND SpringBoard’ will offer an exclusive credit facility of up to Rs 50 crore for startups in order to fulfil their capital requirements and purchase of machinery and equipment.
  • Under this ‘IND SpringBoard’, IITMIC will refer startups with adequate technology cash flows to the bank. They will also extend advisory to the bank on the business model.
  • The bank will then offer loan up to Rs 50 crore to such startups.
  • Static Part: 
    • HQ of Indian Bank: Chennai, Tamil Nadu
    • Tagline of Indian Bank: Your Own Bank
    • MD and CEO of Indian Bank: Padmaja Chunduru
    • Allahabad Bank is merged with Indian Bank
    • CEO of IITMIC: Dr Tamaswati Ghosh

Questions: 

Q.1 Which bank partnered with IIT Madras Incubation Cell (IITMIC) to launch ‘IND SpringBoard’, which is the credit facility to fund startups?
a. Indian Bank
b. IndusInd Bank
c. ICICI Bank
d. IDFC First Bank

Q.2 How much maximum amount of loan is offered in ‘IND SpringBoard’ initiative of Indian Bank and IIT Madras Incubation Cell to the startups?
a. Rs 30 crore
b. Rs 40 crore
c. Rs 20 crore
d. Rs 50 crore

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