Private sector HDFC Bank has signed a memorandum of understanding with StartupTN to promote innovation and entrepreneurship in Tamil Nadu, the bank said on Thursday. 

Through the partnership, the bank aims to contribute significantly towards the growth and success of start-ups present in the state. 

StartupTN, is backed by the Tamil Nadu government and aims to nurture a vibrant start-up ecosystem in Tamil Nadu resulting in innovation and entrepreneurship-driven employment and economic growth. 

The agreement was signed between HDFC Bank Senior Vice-President and Circle Head, Coimbatore, Ilamurugu Karunakaran, and StartupTN mission director and CEO Shivarajah Ramanathan during the Tamil Nadu Start-up Thiruvizha 2023 held in Coimbatore recently. 

"In Tamil Nadu alone we have more than 6,000 Department for Promotion of Industry and Internal Trade recognised startups. StartupTN has done transformational work to support start-ups across stages in the state and we hope to leverage their network and expertise to offer HDFC Bank's curated products," Karunakaran said. 

The collaboration between HDFC Bank and StartupTN is a testament to the Bank's commitment to support innovation and entrepreneurship in Tamil Nadu, a bank statement said. 

The memorandum of understanding aims to provide support for the start-ups in Tamil Nadu to avail HDFC Bank's startup product offerings to enable their growth.