New Delhi, December 4, 2019: HDFC Bank Ltd today signed a Memorandum-of-Understanding (MoU) to promote and nurture startups in partnership with the Ministry of Electronics and Information Technology (MeitY) Startup Hub (MSH).
Through the MoU, startups enrolled with MeitY will have access to a holistic suite of services including banking accounts designed especially for Startups, advisory and mentorship programmes, as well as access to incubators to accelerate growth.
The Ministry of Electronics and Information Technology (MeitY), an executive agency of the Union Government, is responsible for IT policy, strategy and development of electronics industry.
At an event organised in New Delhi, the MoU was signed between Mr. Deepak Agarwal, CEO, Meity Startup Hub and Ms. Smita Bhagat, Country Head – Government and Institutional Business, E-Commerce and Startup, HDFC Bank, in the presence of senior Bank and MeitY officials.
HDFC Bank has setup a smart solution called the SmartUp Program to assist startups realise their goals with financial tools, advisory services and technology. The Bank has developed a specialized end-to-end banking solution which includes corporate salary accounts (with no requirement of minimum number of employees per startup), forex advisory services, payment and collections solutions & POS terminals at preferred rates and nodal accounts for market places among others. HDFC Bank also helps startups get listed in the BSE platform through an agreement with the exchange.
Here are the key highlights of the MoU:
• Opening of Bank Accounts of Startups
• Partnership with the HDFC Bank Startup Fund and HDFC Bank partnered/Supported/Promoted Startup Funds
• Partnership with HDFC Bank Partnered/Supported/Promoted Incubators/Accelerators
• HDFC Bank shall provide necessary facilitation to MSH for integrating its platform with the HDFC Bank Smartup platform for Startups
• HDFC Bank will help MSH in evaluation and selection of the Startups focusing on Fintech. The pitch session to be conducted at a MSH supported incubation center.
• HDFC Bank shall empower Startups and fuel cultural transformation via workshops/programs focused on innovation, business management, entrepreneurship, negotiations, leadership skills and performance management. The objective will be to help them rapidly advance in doing business. HDFC Bank shall facilitate the Startups to work with global mentors and engage with top global Startups of their industry.
• HDFC Bank shall facilitate in conducting/assisting in regular seminars/talks focusing on fintech, payments and latest tools and technologies. This may be done by help with hands on workshops, problem statements for hackathons and facilitate the hackathons. HDFC Bank will conduct 1 workshop/knowledge sharing session per quarter.
“We are excited to partner with the MeitY Startup Hub (MSH) in their endeavour to encourage Startups. This is a project that is after our heart as we have a similar philosophy to that of the programme. For instance, we firmly believe that for Startups to thrive, an ecosystem needs to be created where relevant stakeholders come together to be with them right from the start of their entrepreneurial journey and create solutions that evolve as the company grows. MSH too is driven by this belief. The MoU is a step towards a larger goal to encourage entrepreneurship and job creation” said Ms. Smita Bhagat, Country Head – Government and Institutional Business, E-Commerce and Startup, HDFC Bank.