SBI and India’s premier educational institution sign MoU for fintech collaboration

State Bank of India (SBI) has announced that it has signed a Memorandum of Understanding (MoU) with India’s prominent educational institute Indian Institute of Technology (IIT) Kharagpur at Mumbai in order to define a broader roadmap of detailed fintech cooperation.

According to the official release, the action plan of the partnership will include collaborative research, Centre of Excellence (CoE) and running proof of concepts in various areas. The collaboration between the financial institution and the educational institution brings the benefits of synergy as well as completing both the institution’s capabilities to take innovation and fintech for the benefit of Indians.

SBI has been working in multiple modes to promote innovation and collaboration with fintech companies. Its wider programmes include ideation, incubation, experimentation and commercialization of new technology-driven products and services for the banking sector.

IIT Kharagpur is one of the most renowned technology educational institutes in the country and has a number of initiatives for spotting, incubating, setting and channelizing new technology ideas and startups.