For tech edge, SBI gives Rs 22 crore for banking data and analytics hub at IIT-Bombay
Summary
The countrys largest lender State Bank of India (SBI) on July 3 gave a grant of Rs 22.5 crore for a banking data and analytics hub at the Indian Institute of Technology, Bombay (IIT-B).The grant has been given through the banks Corporate Social Responsibility arm SBI Foundation to mark the 68th Bank Day, the lenders foundation day, on July 1.The hub would look to address the unique challenges faced by the Indian banking and financial services sector, SBI said in a press release.The tie-up shall help enhance SBIs AI capabilities and will lead to the generation and dissemination of new ideas through industry-academia collaboration and training of the Banks staff," said bank chairman Dinesh Khara said.The partnership would benefit the entire banking financial service and insurance sector and help in the adoption of emerging technologies like ChatGPT, he said.The collaboration aimed to leverage SBIs extensive experience in banking and IIT-Bombays research expertise, the release said.Professor Shri Ravi Gudi, the dean of Alumni and Corporate Relations at IIT-B, said the hub would undertake cutting-edge research focussed on emerging problems in the banking sector and work towards developing elegant solutions.The hub shall engage in competency building and outreach activities to enhance the talent pool of professionals specialisng in banking analytics.The grant emphasizes the importance of data analytics and artificial intelligence in banking. "It comes close on the heels of the banks announcement, during an Analyst Meet held on May 18, 2023, that it had garnered business worth one lakh crore rupees through its analytics function in the financial year 2023 alone," the release added.