HDFC Bank : signs MoU with ‘SASTRA’ to support start-ups

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• 'SASTRA' is an incubator at Rashtriya Raksha University in Gujarat

• The Bank will support Defence and Security start-ups with end-to-end banking solutions and mentorship

Ahmedabad, July 12, 2021: Taking forward the bank's engagements with start-ups, HDFC Bank has signed an MoU with 'SASTRA' (Security and Scientific Technical Research Association), an incubator at Rashtriya Raksha University.

Located in Gandhinagar, Gujarat, Rashtriya Raksha University is a national university focusing on internal security related areas.

Started in the year 2020, 'SASTRA' incubates, mentors, and supports defence and security-sector start-ups. At present, 20 start-ups are incubated at 'SASTRA.'

As part of the partnership, the bank will provide end-to-end banking solutions, mentorship to start-ups incubated at 'SASTRA.'

The MoU was signed by Ms Pearl Sabavala, Zonal Head - Gujarat, HDFC Bank and Mr Konark Rai, CEO, SASTRA on July 08, at HDFC Bank Corporate House in Navrangpura, Ahmedabad.

'SASTRA' is the third start-up incubator in the state of Gujarat to sign an MoU with HDFC Bank. Earlier this year, the incubator at GUSEC (Gujarat University Startup and Entrepreneurship Council) affiliated with the state-owned, Gujarat University, and other at the NDBI (National Design Business Incubator), which is attached to the National Institute of Design (NID), Ahmedabad, had signed an MoU with the bank.

'The partnership with Rashtriya Raksha University reaffirms HDFC Bank's commitment towards extending support to start-ups not just through its robust end-to-end banking solutions but also in the form of mentorship,' said Mr. Thomson Jose, Branch Banking Head - Gujarat, HDFC Bank. 'HDFC Bank takes immense pride in being at the forefront of supporting start-ups working on path breaking solutions in the entrepreneurial state of Gujarat.'

'Commenting on the collaboration with HDFC Bank, Mr. Konark Rai, MD, SASTRA, said, 'SASTRA's collaboration with the country's largest private sector bank will go a long way in enabling start-ups incubated at SASTRA through the bank's robust banking solutions. The MoU with HDFC Bank marks the beginning of a new chapter that will help strengthen research and breakthrough innovation in the defence and security sector undertaken by start-ups at SASTRA, with sound financial and mentorship support from the bank. SASTRA also lays strong emphasis on enhancing women entrepreneurship in the defence and security sector.'

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