IIT Bombay To Promote Innovation In FinTech Start-ups; SBI Grants Rs. 22.5 Crores

The Indian Institute of Technology, Bombay (IIT-B) in a collaboration with the State Bank of India (SBI) Foundation has raised Rs 22.5 crores in grant to establish a banking data and analytics hub at the Institute in Mumbai's Powai.

The hub will address the challenges faced by the Indian banking and financial services sector.

Society for Innovation and Entrepreneurship (SINE) at IIT Bombay through this initiative will promote innovation by start-ups in the financial sector.

As per the IIT-B, this is the first such MoU signed by a public sector bank with a premier educational institute like IIT Bombay.

As per the MoU, the idea is to identify FinTech start-ups that have products/ applications to cater to the financial sector and can help SBI to explore opportunities to enhance the synergy for their banking services. SBI will provide a platform for testing / piloting such products/ applications and maybe also check for any specific business linkages.

As per the varsity's website, "Both SINE and SBI will try to understand the key pain areas faced by the entrepreneurial community and help seek solutions."

SBI will interact with the entrepreneurial and research community at IIT Bombay including e-cell, Desai Centre, start-ups of SINE to understand latest research, innovations and conduct knowledge sessions for mutual benefit to arrive at technological solutions.