HDFC Bank has partnered with the Government of Rajasthan to promote and nurture the startup ecosystem in the state. As a part of its partnership obligations, HDFC will work with the state government to provide start ups with facilities like current accounts, credit cards and other solutions they may require. This is an initiative under HDFC’s SmartUp programme.

In the presence of Satyen Modi, Zonal Head of HDFC Bank, the principal secretary – IT and Communication, Government of Rajasthan, Akhil Arora and the Head of Branch Banking, Business and E-commerce at HDFC, Smita Bhagat, signed the Memorandum of Understanding (MoU). HDFC Bank additionally plans to assist the startups in showcasing their offering to the general public by displaying them on the bank’s various platforms.

“We are happy to partner with the Government of Rajasthan in their endeavour to encourage start-ups in the state. We 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. We are confident that the customised solutions we can offer under SmartUp programme to start-ups will help nurture innovation in the state. The MoU is the first step towards a larger goal to encourage entrepreneurship and job creation in the state of Rajasthan,” said Smita Bhagat, when speaking about the partnership.

Furthermore the bank aims to strengthen its presence in the country’s start-up ecosystem and is reportedly currently working with over 150 start-ups. In lieu of this, HDFC launched the concept of SmartUp zones at its branches, an initiative under its SmartUp programme. These zones will be located in a specific area surrounding the bank’s branches and will be focused on all activities pertaining to start-ups. The bank plans to launch these SmartUp Zones at 65 of its branches in over 30 cities, which will also include tier 2 and tier 3 cities. HDFC also launched a fund for start-ups, with an initial investment to the tune of $ 25-30 million, in November 2017

(Picture Courtesy: thedigitalstreet.in)