New Delhi: Bank of Baroda has signed a Memorandum of Understanding (MoU) with Innovations for Defence Excellence (iDEX) to strengthen financial support for startups and entrepreneurs working in India’s defence and aerospace sectors.
The MoU was signed on October 22, 2026, under the theme “Partnership in Defence Startup and Entrepreneur Ecosystem”. The collaboration aims to enhance access to financial assistance for emerging businesses and innovators contributing to India’s defence ecosystem.
The initiative is expected to encourage entrepreneurship, support product development and strengthen the country’s efforts towards achieving self-reliance in the defence sector.
Bank of Baroda and iDEX Sign MoU
The MoU was signed by Mr Ashwini Kumar, General Manager – MSME Banking, Bank of Baroda, and Mr Vivek Kumar Sharma (IOFS), Deputy Director General (DDG), iDEX, and Chief Operating Officer.
The signing ceremony was attended by representatives from both organisations.
Bank of Baroda was represented by:
- Brig Lalit Joshi, Defence Banking Advisor.
- Mr Praveen K Singh, Deputy General Manager – Defence Banking.
Representing Innovations for Defence Excellence (iDEX) were:
- Mr Shekhar Kaushik, Chief Financial Officer.
- Ms Sanjana Sangwan.
- Mr Animesh Singhal.
MoU to Support Defence and Aerospace Startups
The partnership focuses on strengthening financial assistance for startups and entrepreneurs developing innovative solutions for India’s defence and aerospace sectors.
Through this collaboration, Bank of Baroda aims to extend financial support to emerging businesses for product development and other requirements associated with their entrepreneurial initiatives.
The initiative will help address the financial needs of startups working on defence-related innovations and encourage greater participation in India’s defence and aerospace ecosystem.
Bank of Baroda Reaffirms Commitment to Defence Self-Reliance
Speaking on the occasion, Mr Ashwini Kumar appreciated the significant role and efforts of iDEX in strengthening India’s defence startup ecosystem.He reaffirmed Bank of Baroda’s commitment to supporting the country’s mission of self-reliance in the defence sector by providing financial assistance to startups and entrepreneurs for product development.
The collaboration is expected to strengthen the financial support system for emerging defence innovators and encourage entrepreneurship in India’s defence and aerospace sectors.
About Bank of Baroda
Bank of Baroda is a major public sector bank in India, offering a wide range of banking and financial services to retail, corporate and institutional customers. Its services include deposits, loans, digital banking, wealth management and investment-related solutions. The Bank continues to focus on technology adoption and customer-centric services to improve accessibility and strengthen its financial offerings.
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