Public sector Indian Overseas Bank (IOB) has inaugurated its first dedicated start-ups branch in Chennai. The newly opened branch offers a comprehensive suite of financial products and services tailored specifically for start-ups. This initiative is part of the bank’s broader strategy to foster a supportive environment for emerging businesses.In his address, IOB Managing Director and CEO Ajay Kumar Srivastava highlighted the significance of this new branch. “This initiative represents a crucial step towards cultivating a vibrant start-up ecosystem in India. Additionally, this branch will enhance our MSME portfolio, which is a vital focus area for the bank and the country,” he said.
The state-owned bank also announced plans to open five more start-up branches in different parts of the country, reinforcing its commitment to support the growth of the start-up sector. This move aligns with the bank’s strategic objectives to bolster the MSME segment and contribute to the overall economic development of the nation.
