HDFC Bank partners with Andhra Pradesh Electronics and Information Technology Agency (APEITA) to promote start-ups

Bangalore, October 23, 2018: HDFC Bank today announced a partnership with Andhra Pradesh Electronics IT Agency to promote and nurture start-ups as part of the state government’s Fintech Valley initiative.

An MoU was signed between Mr. Nara Lokesh, Minister of Information Technology, Panchayati Raj, and Rural Development, Government of Andhra Pradesh and Ms. Smita Bhagat, Group Head, eCommerce, Retail Branch Banking, Government, and Institutional Business, HDFC Bank at the Vizag Fintech Festival jointly organized by APEITA and Fintech Valley Vizag in the presence of Mr. Chandrababu Naidu, Honourable Chief Minister, Government of Andhra Pradesh.

The Bank will partner with the State Government to provide end-to-end solutions like current accounts, credit, and other solutions to start-ups under the SmartUp programme of HDFC Bank. The terms of the understanding will cover the following:

· Providing end-to-end banking solutions to start-ups and Start-up ecosystem like investors, incubators and accelerators

· Connecting APEITA with start-ups to promote the Fintech Valley in Visakhapatnam

· Connecting the Bank’s High Net-worth Individual customers with APEITA nominated Fintech Valley Startups to explore investment and mentorship opportunities

· Evaluating collaboration opportunities with APEITA for the Fintech Valley Accelerator programme

“We are pleased to sign this MoU with HDFC Bank, and are enthused by the bank’s SmartUp program as it supports entrepreneurship and in turn growth. We hope this relationship will provide the FinTechs in Vizag with the resources and networks required to become unicorns in the future,” said Mr. Nara Lokesh, Minister of Information Technology, Panchayati Raj, and Rural Development, Government of Andhra Pradesh.

“We are delighted to partner with the Andhra Pradesh Electronics and IT Agency in their endeavour to establish Vizag as a FinTech Valley to promote tart-ups. This endeavour resonates with our philosophy of building a thriving digital ecosystem for start-ups in India. Starts-up and Fintechs, we believe will play a critical role in generating employment and driving economic growth.

“The Bank seeks to be an equal partner in nurturing the spirit of entrepreneurship and innovation in the Start Up and Fintech ecosystem in the country” said Ms. Smita Bhagat, Group Head, Retail Branch Banking, Government and Institutional Business, and E-Commerce, HDFC Bank.

The partnership with the state government is also part of a larger effort by HDFC Bank to create an ecosystem to nurture the spirit of innovation and enterprise in the start-up space across the country through its Smart Up initiative. The Bank has dedicated SmartUp zones at branches across India including Visakhapatnam. A SmartUp zone is located inside a few branches in the city.