To nurture ideas & innovations, IIT(BHU) signed MoU with HDFC Bank
To nurture ideas & innovations, IIT(BHU) signed MoU with HDFC Bank
Varanasi. A Memorandum of Understanding was signed between Indian Institute of Technology (Banaras Hindu University) and the HDFC Bank Ltd. on Friday. The IIT (BHU) director Prof. Pramod Kumar Jain and Manish Tondon, Circle Head, Varanasi, HDFC Bank Ltd signed the MoU.
Under this MoU, the HDFC Bank contribute an amount of Rs. 50 lakh for the duration from January 1 December 31 to IIT(BHU). The institute will utilize the fund for the funding, mentoring and incubating the Start-Ups under I-DAPT-HUB Foundation.
Prof. Jain said that I-DAPT-HUB Foundation is a Section 8 company under National Mission Program of Department of Science and Technology (DST). The object of this company is to incubate and nurture the translation of idea and innovations emerging from the scientific, technological and knowledge capital to generate commercial and social impact and to contribute to the economic development and social well-being of the region and country by building the necessary infrastructure for creation and translation of technology to market readiness, by supporting adoption of it by existing ventures and creation of start-ups ventures, and by creating networks between academia, industry and financial institutions and other such assistance as required.
He informed that HDFC Bank Ltd. through its Corporate Social Responsibility is engaged in supporting Start-Up Incubator funding programmes and accordingly this MoU will help in advancing the objective of the I-DAPT-HUB Foundation.
He further informed that I-DAPT-HUB Foundation shall utilize the grant amount towards its administrative, skill development and training programme expenses and allocated/disbursed to the Start-ups. The pool of Start-ups will consist of Start-ups selected by HDFC Bank or from I-DAPT-HUB Foundation incubated start-ups.
Prof. Rajiv Prakash, Dean, Research and Development, Prof. Rajnesh Tyagi, Dean, Faculty Affairs and HDFC Bank officials were present on the occasion.
