State Bank of India has joined hands with Society for Innovation and Entrepreneurship (SINE) hosted by IIT Bombay to promote innovation by startups in the financial sector. The bank has commenced a strategic initiative to promote innovation by engaging with startups in fintech area, through funding, procurement and co-innovation under a special window. SINE is the technology business incubator hosted by IIT Bombay. The bank and IIT-Bombay entered into an MoU. Prof Devang Khakhar, director, IIT Bombay, and Mrutyunjay Mahapatra, DMD and CIO of the bank, signed the documents. The MoU, a first of its kind in India, will help evaluation of startups operating out of and promoted by SINE for engagement with SBI for commercial exploitation of new age digital concepts, products and services.
