The State Bank of India has pledged a grant of Rs 22.5 crore to establish a Banking Data and Analytics Hub at the Indian Institute of Technology, Bombay (IIT-B). The focus of the hub will be to address the unique challenges faced by the Indian banking and financial services sector. The collaboration aims to leverage SBI’s extensive experience in banking and IIT Bombay’s research expertise. Announced on the occasion of 68th Bank Day, the hub includes a 10,000 sq. ft. lab space and will fund research and skill development in data analytics and AI (artificial intelligence).
Dinesh Khara, Chairman, SBI said, “The tie-up shall help enhance SBI’s AI capabilities and will lead to the generation and dissemination of new ideas through industry-academia collaboration and training of the bank’s staff. The partnership shall benefit the entire BFSI sector and help in the adoption of emerging technologies like ChatGPT.”
Nitin Chugh, Deputy Managing Director and Head of Digital Banking and Transformation said, “The collaboration will help the Bank’s data analytics and AI practise become part of the mainstream, day-to-day operations of the Bank. He reiterated that the collaboration would help in taking the bank’s analytics practice to the next level.”