SBI inks MoU with IIT Bombay to promote startups in financial sector

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

The SINE is IIT Bombay’s technology business incubator to promote innovation by startups in the financial sector.

Under this agreement SBI andboth the institutes will identify fintech (financial technology) start-ups that have products or applications to cater to the financial sector.

These products or applications will identified by SBI and institutes to explore opportunities to enhance the synergy for their banking services SBI will provide a platform for testing or piloting such products and applications and maybe also check for any specific business linkages.

SBI will also interact with the entrepreneurial and research community of SINE to understand latest innovations and conduct knowledge sessions for mutual benefit to arrive.

Current Affairs 12th July, 2016
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