Indian Bank is looking forward to extend financial support to startups in Telangana and is likely to team up with T-Hub, according to its Managing Director and Chief Executive Officer, Padmaja Chunduru.
She was speaking at the formal lunch of ‘Prerana’, the flagship business mentoring programme of Indian Bank to create awareness among micro, small and medium enterprises, in Telangana on Tuesday.
“We have already started startup-financing in various States and are planning to enter into an understanding with T-Hub to do the same in Telangana,” the Indian Bank Chief said.
On the Prerana initiative, she said there were many ‘hindrances’ faced by MSMEs in the form of lack of awareness about various schemes of the government/banks, language barriers and lack of market knowledge and updates. The on-line program is intended to bridge this gulf, she said.
Referring to Telangana’s potential in MSMEs, Chunduru said there was huge scope for growth in areas like Pochampalli, Siricilla where there are hubs of weavers and other artisans.
After formally launching the scheme, KT Rama Rao, Minister for IT & Municipal Administration, Government of Telangana said the Telangana State Finance Corporation was ready to collaborate with Indian Bank to evolve some innovative mechanism to help small businessmen in the areas of providing collateral.
He also requested Indian Bank to increase lending to priority sectors especially to weaker sections and MSMEs apart from farmers.
The Minister had also requested Chunduru to join the board of We-Hub which has been set up by the State government to empower women.
Imran Amin Siddiqui, Executive Director at Indian Bank said despite contributing 30 per cent to the Gross Domestic Product (GDP) they were unable to derive many benefits of schemes due to lack of awareness and Prerana initiative will address the issue.
The Prerana initiative was first launched by the bank in October last year and has already been launched by the bank in Tamilnadu, Maharashtra, among other States. Going forward, Indian Bank plans to expand the program.