SmallIndustries Development Bank of India, or SIDBI, signed a memorandumof understanding with LifeInsurance Corp. of India to boost efforts to fund startups in thecountry, The Hindu Business Line reportedApril 7.

LIC will contribute up to 10% of the India Aspiration Fund,which will be managed by SIDBI. The fund was established with a capital of 20billion rupees.

SIDBI also formed a venture capital investment committee,which has already cleared proposals to provide about 14 billion rupees offinancing to 38 venture funds, said Kshatrapati Shivaji, chairman and managingdirector of SIDBI.

As of April 7, US$1was equivalent to 66.66 Indian rupees.