SBI, IIT Bombay sign MoU to aid financial start-ups

The Dollar Business Bureau

State Bank of India (SBI) has partnered with Society for Innovation and Entrepreneurship (SINE) to promote innovation by start-ups in the financial sector. SINE is the technology business incubator hosted by Indian Institute of Technology (IIT) Bombay.

A memorandum of understanding (MoU) was signed at SBI’s Global IT Centre by IIT Bombay Director Professor Devang Khakhar and SBI Deputy Managing Director and Chief Information Officer Mrutyunjay Mahapatra in Mumbai on Tuesday.

According to the bank, this MoU is a first of its kind in India which will help in the evaluation of start-ups operating out of and promoted by SINE for engagement with SBI in the commercial exploitation of new age digital concepts, products and services.

The country’s largest bank has commenced a strategic initiative to promote innovation by engaging with start-ups in the area of financial technology, through funding, procurement and co-innovation under a special window, the SBI said in a statement.

Established in 2004, SINE is a non-profit arrangement with IIT Bombay board members, faculty and industry experts. It extends the role of IIT Bombay by facilitating conversion of research and development into entrepreneurial ventures. The society has an infrastructure spread over 10,000 sq ft, and can incubate 15-17 companies at a time. It is supported by several government departments such as Department of Science and Technology, Department of Information Technology and the Technology Development Board.