State Bank of India (SBI) in the second week of July 2016 signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology Society for Innovation and Entrepreneurship (SINE).
The MoU was signed to promote innovation by start-ups in the financial sector.
The deal also aims to help evaluate start-ups operating out of SINE or those being promoted by SINE for early stage funding within the bank’s norms.
SINE is IIT Bombay’s technology business incubator.
Key highlights of the MoU
• Both the parties will identify FinTech start-ups that have products or applications to cater to the financial sector and can help SBI explore opportunities to enhance the synergy for their banking services.
• SBI will provide a platform for testing/piloting such products/applications.
• SBI will also check for any specific business linkages.
• SBI will interact with the entrepreneurial and research community at IIT Bombay, including e- cell, Desai Centre, startups of SINE. The interaction will be done to get a better idea of the latest research being done, innovations and also conduct knowledge sessions for mutual benefit.
• If SBI decides to infuse funds in the startups, SINE may help the bank do initial screening for technical competency, 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.
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Who: SBI and IIT Bombay
What: Signed MoU
When: Second week of July 2016