New Delhi, Dec 7 (PTI) IDFC First Bank and NASSCOM Centre of Excellence (COE) have partnered to grow the innovation ecosystem and guide startups through a range of banking solutions.

A Memorandum of Understanding (MoU) was signed between IDFC First Bank and NASSCOM COE, appointing the bank as a preferred banking partner for startups in Bengaluru.

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IDFC First Bank will offer its solutions for startups, including zero balance startup current account, working capital solutions for pre-profit startups, and business credit cards, among others, said a release.

While NASSCOM CoE will bring in technology and domain expertise to the partnership, IDFC First Bank will offer tailored financial products to support innovation and entrepreneurship.

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"As a bank, we are committed to creating a strong ecosystem that enables grassroot level startups to prepare for the road ahead and help startups achieve critical milestones," said Bhavesh K Jatania, Head, Startup Banking at IDFC First Bank.

Sanjeev Malhotra, CEO of NASSCOM Center of Excellence, said this the partnership will guide startups on technology as well as the financial side.

The National Association of Software and Services Companies (NASSCOM) is the premier trade body and chamber of commerce of the tech industry in India and comprises over 3,000 member companies.

IDFC First Bank was formed by the merger of erstwhile IDFC Bank and Capital First.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)