HDFC Bank Partners with Startup India for Parivartan SmartUp Grants: The flagship programme of the Indian government’s “Startup India” initiative, in cooperation with HDFC Bank, has announced the beginning of its sixth annual grants programme for social startups. Known as Parivartan SmartUp Grants, the program aims to identify startups working in the social impact space and support them through monetary grants to their incubators.
December 2022 Current Affairs Quiz
HDFC’s Social Initiatives:
The grants have been offered under the aegis of Parivartan, the umbrella name for the bank’s social initiatives. So far, the bank has disbursed over INR 30 crore to more than 45 incubators which supported over 165 startups working in areas like environment, agri-business, ed-tech, waste management, healthcare, and skill development sectors.
This Year’s Focus:
This year, the bank will also put a special emphasis on enhancing the capabilities of entrepreneurs and incubators operating in tier-II and tier-III cities. Through selected incubator partners, the bank will fund social impact startups developing solutions in environmental conservation, affordable healthcare, sustainable rural economy, technologies for better governance, economic growth of SMEs, gender diversity and inclusion space.
Its Startup Fund:
The bank has been enabling startups through its state-of-the-art SmartUp program, which provides specialised banking and value-added services to entrepreneurs. Through the bank’s well-known and highly sophisticated smart financial tools, consulting services, and technology, it seeks to help startups achieve their goals.
Extent Of These Initiatives:
Through various CSR initiatives, It has impacted the lives of over 9.6 crore people across the country. It aimed to achieve positive change in people’s lives through direct and indirect interventions through Parivartan, empowering them to become self-sufficient and integrated into society. By announcing partnership with Startup India for the 6th Parivartan SmartUp Grants which would help socially conscious businesses to achieve their vision and mission.
