State Bank of India, the largest public sector bank in India and a Fortune 500 Company, has joined hands with Society for Innovation and Entrepreneurship (SINE) at IIT Bombay to promote innovation by start-ups in the financial sector. This is the first such MoU signed bya public sector bank with a premier educational institute like IIT Bombay.
SINE is a technology business incubator of IIT Bombay. It was set up as a non-profit entity in 2004 with functional autonomy under its own Governing Board, with Board members from IIT Bombay faculty and industry experts. The basis for incubation for start-up is the potential to create economic growth, strategic value and social value.
As per the MoU, both the parties will identify FinTech start-ups that have products/ applications to cater to the financial sector and can help SBI to explore opportunities to enahnce the synergy for their banking services. SBI will provide a platform for testing / piloting such products/ applications and maybe also check for any specific business linkages.
SBI has a large network across the country. This will definitely help the start-ups, especially ones with social relevance, to reach out to the larger community. Also, SBI can help in soft landing of start-ups abroad.
Both SINE and SBI will try to understand the key pain areas faced by the entrepreneurial community and help seek solutions. SBI will interact with the entrepreneurial and research community at IIT Bombay including e-cell, Desai Centre, start-ups of SINE to understand latest research, innovations and conduct knowledge sessions for mutual benefit to arrive at technological solutions. SINE will extend complete assistance and coordinate with stakeholders at IIT Bombay.
This MoU will help evaluate start-ups operating out of and promoted by SINE for early stage funding within the bank’s norms. If SBI decides to infuse fund in the start-ups, SINE may help for initial screening like technical competency, product roadmap, innovation subject, impact of innovation etc. If SBI decides to infuse funds in any of the start-ups at SINE, the funding model will be considered on case to case and merit basis.
(Sitting L-R) Dr. S. Upendra Rao - GM (IT-SAP), Prof. Milind Atrey – In-charge (SINE), Sh. Mrutyunjay Mahapatra – DMD & CIO, Prof. Devang Khakhar – Director, IIT Bombay, Sh. D.A. Tambe – CGM (IT-Marketing & Collaboration) and Sh. Sonny George – CGM (IT-Infra)
Standing (L-R) – Sh. Yogesh Joshi, Sh. Ashish Ojha, Sh. Makarand B Kedare – DGM (Innovations & Quick Wins), Sh. Sandeep Talla, Sh. Ganesh Hegde – GM (eChannels), Sh. Amitabh Srivastava, Ms. Sampada Gavankar, Ms. Poyni Bhatt – COO (SINE), Dr. Pradeep Pillai, SINE and Sh. Kunjal Prasad - GM (IT - Operations)