State Bank of India has entered into a MoU with IIT Kharagpur to foster innovation in the financial technology space. The program includes ideation, incubation, experimentation and commercialization of new technology driven products and services for the banking sector. The bank said in a statement that the two institutions have come together to promote innovation and fintech. They will undertake collaborative research, set up a Centre of Excellence (CoE) and run proof of concepts in various areas, the bank added. IIT Kharagpur is one of the premier technology institutes of the country and has a number of initiatives for spotting, incubating, setting and channeling new technology ideas.
