KSUM ties up with HDFC Bank

Reported by: |Updated: October 29, 2019

Kerala Startup Mission (KSUM), the central agency of the government of Kerala for entrepreneurship development and incubation activities in the state, has entered into an MoU with HDFC Bank to facilitate an array of banking services to startups in the state through its smart solution SmartUp, which is intended to assist in achieving startup goals with smart financial tools, advisory services and technology. HDFC Bank has developed a specialized end-to-end banking solution for startups, which includes corporate salary accounts, forex advisory services, payment and collections solutions and point of sale terminals (POS) at preferred rates and nodal accounts for marketplaces among others. The MoU, which has a timeframe of one year, provides for KSUM to refer various startups to HDFC Bank to avail, inter-alia, financial and other facilities and HDFC Bank shall provide the necessary facilitation to the startups.