SBI Sign MoU with IIT Bombay to Promote Financial Startups [ Current Affairs ]


The State Bank of India (SBI) has signed a memorandum of understanding (MoU) with Society for Innovation and Entrepreneurship (SINE) at Indian Institute of Technology, Bombay (IIT-B) to promote innovation by start-ups in the financial sector.

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  • The SINE is IIT Bombay’s technology business.
  • One of the areas for startups and entrepreneurs is funding.
  • IIT-B and SBI will be addressing the problem through this MoU.
  • SBI has a large network across the country.
  • SBI will help the startups, especially ones with social relevance, to reach out to the larger community.

Under this agreement:

  • MoU signed by IIT-B’s Society of Innovation and Entrepreneurship (SINE) and SBI.
  • SBI will provide a platform for testing and piloting financial products and applications of financial technology (Fintech) startups that will be identified by both parties.
  • SBI and institutes to explore opportunities to improve the synergy for their banking services.
  • The bank will provide a platform for testing or piloting such products and applications and also check for any specific business associations.
  • The bank will also interact with the entrepreneurial and research community at IIT Bombay including e-cell, startups of SINE to understand latest innovations and research and conduct knowledge sessions for mutual benefit to arrive.

- Published on: July 13, 2016