New Delhi [India], October 23 (ANI): The Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce and Industry, has signed a Memorandum of Understanding (MoU) with Kotak Mahindra Bank Ltd. to enhance financial and non-financial support for startups across India.

According to an official release, this strategic collaboration aims to create a comprehensive framework enabling startups to access customised banking solutions, credit and funding opportunities, digital and payment infrastructure, and capacity-building programs.

The partnership reinforces DPIIT's commitment to nurturing an innovation-led economy and accelerating India's journey toward becoming a global startup hub, the release added.

Under the MoU, Kotak Mahindra Bank will extend a range of dedicated offerings for DPIIT-recognised startups, including zero-balance current accounts, working capital and term loans, API-based banking platforms, digital payment solutions, and specialised startup cards. The Bank will also facilitate access to mentorship, investment advisory, incubation support, and networking platforms, helping startups progress from ideation to scale.

Speaking on the occasion, Sanjiv, Joint Secretary, DPIIT, said this partnership reflects DPIIT's ongoing efforts to build a vibrant and inclusive innovation ecosystem that empowers startups at every stage of their journey.

'By integrating policy, industry, and finance, we aim to strengthen the bridge between entrepreneurial ambition and sustainable impact, ensuring that India's innovators have the right tools to grow globally.'

Raghavendra Singh, President, Kotak Mahindra Bank Ltd., stated that the collaboration would facilitate greater engagement with the startup community through customised financial solutions, mentorship programmes, and access to networks that can help founders scale their enterprises effectively.

The initiative will offer a dynamic support system encompassing banking services, advisory, technology enablement, funding access, and market linkages. It is designed to empower startups at every stage of their journey--from early ideation to market expansion.

By combining Kotak's financial expertise and DPIIT's policy leadership, this partnership will accelerate India's transition toward a self-reliant, innovation-driven economy, the release added.(ANI)