SBI inks pact with IIT-Kharagpur for fintech innovation

November 4, 2016


State Bank of India (SBI) – the country’s largest lender which has been on the forefront of technological innovation among state-run banks – has decided to collaborate with the prestigious Indian Institute of Technology, Kharagpur, for promoting innovation and collaboration with fin-tech companies.

The wider programme includes ideation, incubation, experimentation and commercialization of new technology driven products and services for the banking sector. IIT Kharagpur, one of the premier technology institutes of the country and having a number of initiatives for spotting, incubating, setting and channelizing new technology ideas and start-ups, has been taking collaborative steps with industries to further the national cause of “Make in India” and “Start-up India”.

These institutions of national importance have come together to bring the benefits of synergy and complement each others’ capabilities for innovation and fin-tech for the benefit of every Indian citizen. For this purpose, an MOU was signed between the State Bank of India and IIT Kharagpur at Mumbai, delineating a broader road-map of detailed cooperation, SBI said in a statement. “The action plan includes collaborative research, Centre of Excellence (CoE) and running proof of concepts in various areas,” it added.

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