JK Bank, SMVDU-TBIC sign MoU to fund start-ups

SRINAGAR: To provide early stage funding to potential start ups under the “J&K Bank Finance Scheme for Start Ups”, J&K Bank and Shri Mata Vaishno Devi University Technology Business Incubation Centre (SMVDU-TBIC) signed a Memorandum of Understanding (MoU) on Tuesday. This would also create one stop platform to access various schemes available with J&K Bank to promote entrepreneurship in the state of Jammu and Kashmir, an official press note read.
The MoU was signed at the SMVDU in presence of the Vice Chancellor Sanjeev Jain by J&K Bank Vice President Rakesh Gandotra and Interim CEO, SMVDU TBIC Dr. Swarkar Sharma. The MoU is expected to support the startup community and potential entrepreneurs in the state to capitalise on the enormous capabilities especially in sectors of Engineering (Electronics, Robotics, E-commerce, GSM/GPRS based Technology, Alternative Energy Management, Biosensors), Information Technology, Architecture, Biotechnology, Health Care, Agriculture, Horticulture, Handicrafts Hospitality & Tourism etc. The focus of the MoU is on fostering entrepreneurial environment in the state, the press note added.
Interacting on the occasion, Rakesh Gandotra delineated the vision of Chairman and CEO J&K Bank Parvez Ahmed for cross functional exchange of ideas between the academia, industry and society to resolve the problem of ‘gainful employment’ especially in sub-urban and rural areas.
He said, “Through this MoU the bank has reaffirmed its commitment for strengthening ‘Innovation and Entrepreneurial Ecosystem’ in the state as per the vision of the chairman.” This move, he added, is “aimed to leverage stimulation of independent thinking and innovative ideas” by talented youth from SMVDU committed to creating employment and strong business opportunities through path breaking ideas.
Earlier this year, with the same focus on future generation in state of J&K, the bank launched “J&K Bank Finance Scheme for Start Ups” to harness the entrepreneurial drive of talented youth. Early finance to start-ups will play a significant move in retaining the best ideas and protecting the flight of capital away from the state, the press note further read.
Later, the J&K Bank team visited the SMVDU-TBIC office and met the SMVDU-TBIC staff. Nikita Jain, Manager SMVDU-TBIC appraised the team about various achievements of SMVDU-TBIC and introduced them to various SMVDU-TBIC incubated start-ups. The team was informed that for the facilitation of all, SMVDU-TBIC has kept its online application portal open 24×7 at www.smvdutbic.org as it received preliminary applications throughout the year, the press note added.