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.
- 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