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Kanpur, May 23, 2023: The Startup Incubation and Innovation Centre (SIIC) of the Indian Institute of Technology Kanpur (IITK) and the State Bank of India signed a Memorandum of Understanding (MoU). The primary objective of this Memorandum of Understanding (MoU) is to establish a strong alliance between SIIC and SBI, leveraging their respective technology and domain expertise for mutual benefit, progress, and value enhancement. The collaboration aims to foster innovation in areas such as Financial Technologies, Cyber Security, Blockchain, AI/ML, Financial Inclusion, and other banking-related technology fields. Both parties will develop a strategic plan to capitalize on their strengths.
The collaboration encompasses various initiatives, such as embracing synergies with start-ups incubated in SIIC, IIT Kanpur, organizing hackathons, ideathons, and grand idea challenges within start-up ecosystems, as well as collaborating with start-ups and fintech companies for solution co-development. It also covers areas such as information security services, IT infrastructure, network management, project management consultancy, ethical hacking, language technologies (NLP, machine translation), and IoT applications for risk and insurance, wearables, agriculture, and real-time asset tracking. Consulting services in blockchain, AI/ML implementation, agriculture technology, 5G technologies, co-development, co-creation, and training initiatives in mutually agreed areas are also part of the collaboration.
Says Prof Abhay Karandikar, Director IIT Kanpur, "This collaboration holds the key to a transformative social impact, blending the brilliance of IIT Kanpur with SBI's vast banking influence. It nurtures the seeds of entrepreneurship and innovation, sowing the seeds of economic growth, employment, and technological breakthroughs. Together, they tackle societal challenges like financial inclusion and sustainable development, empowering startups to create meaningful solutions."
The MoU was officially signed by Professor Ankush Sharma, Professor-in-Charge, SIIC, IIT Kanpur, and Mr. Amit Kumar, Deputy General Manager (Software Factory Dept), State Bank of India. The signing ceremony comprised eminent guests from the SIIC, IIT Kanpur, and the State Bank of India such as Dr. Nikhil Agrawal, CEO, SIIC & AIIDE-CoE, Mr. Piyush Mishra, COO & CFO, SIIC, IIT Kanpur, Mrs. Aparna Kumar, Chief Information Officer, State Bank of India ,and Mr. Murli Nambiar, Chief Information Security Officer, State Bank of India.
SIIC extends its support to the SBI with a curated list of startups from their onboarded/incubated/graduated portfolio. Moreover, SIIC actively aids SBI through assessment support, collaboration facilitation, and provision of vital IT services. This reciprocal partnership enables SBI to empower startups with access to mentors, experts, investors, and industry associations. It also opens doors for startups to address challenges, engage in pilot projects, and exchange valuable data, fostering their growth and development.
Additionally, SBI supports SIIC in joint programs, testing, and implementing cutting-edge solutions. The collaboration involves identifying strategic work areas, appointing coordinators, and ensuring seamless communication and approvals. This association emphasizes signing formal agreements that outline project details, financial implications, intellectual property rights, and terms and conditions. Furthermore, as part of this collaboration, SBI provides a valuable opportunity for selected startups within the State Bank group to test and deploy innovative solutions through a dedicated Sandbox or technology platform. Moreover, SBI plays a crucial role in assessing and identifying startups to be part of the cohort, ensuring the selection of promising ventures with significant potential.
Prof. Ankush Sharma, Professor in charge, SIIC, IIT Kanpur said, "This MoU marks a monumental milestone in our journey towards revolutionizing Financial Technologies, Cyber Security, Blockchain, and AI/ML. The alliance between SIIC, IIT Kanpur and SBI holds immense potency, poised to unleash a transformative wave of innovation. Together, we will propel industries to new horizons, redefining the landscape of technology and banking. This exceptional partnership is a testament to our commitment to shaping a brighter future, driving unparalleled progress, and leaving an indelible mark on society for generations to come."
Mrs. Aparna Kumar, Chief Information Officer, State Bank of India, said, "This collaborative endeavor is dedicated to empowering and guiding emerging startups, cultivating an environment that fosters innovation and entrepreneurship. Mrs. Kumar firmly holds the belief that this strategic alliance will play a pivotal role in shaping the future of India, propelling advancements and prosperity to unprecedented levels.
Dr. Nikhil Agrawal, CEO, SIIC & AIIDE-CoE, IIT Kanpur said "This collaboration demonstrates our commitment to leverage cutting-edge technologies and promote entrepreneurship. Together, we will explore new frontiers and create transformative solutions that have a lasting impact in the financial and technology sectors."
This MoU establishes a powerful collaboration between SIIC, IIT Kanpur and SBI, enabling innovation, growth, and progress across sectors while leveraging their collective strengths and expertise.
State Bank of India (SBI), a Fortune 500 company, is an Indian Multinational, Public Sector Banking and Financial services statutory body. The rich heritage and legacy of over 200 years accredit SBI as the most trusted bank by Indians through generations. SBI, the largest Indian Bank with the largest market share, serves over 45 crore customers through its vast network of over 22,000 branches, 62617 ATMs/ADWMs, and 71,968 BC outlets, with an undeterred focus on innovation, and customer centricity, which stems from the core values of the Bank - Service, Transparency, Ethics, Politeness, and Sustainability.
The Bank has successfully diversified businesses through its various subsidiaries i.e., SBI General Insurance, SBI Life Insurance, SBI Mutual Fund, SBI Card, etc. It has spread its presence globally and operates across time zones through its Offices in 31 foreign countries.
Growing with the times, SBI continues to redefine Banking in India, as it aims to offer responsible and sustainable banking solutions.
About SIIC, IIT Kanpur
Startup Incubation and Innovation Centre (SIIC), IIT Kanpur, is one of the oldest incubators in the country. It was established in 2000 when the entrepreneurial ecosystem was still at a nascent stage in India. The multifaceted and vibrant incubation ecosystem at IIT Kanpur, nurtured for over two decades, prospers to fill the gaps on the road to converting an idea into a successful and meaningful business model. The domain expertise combined with the infrastructural prowess of the academic institute has collectively demonstrated a knack for tremendous social impact and technological advancement over the years.
About IIT Kanpur:
Indian Institute of Technology (IIT) Kanpur was established on 2nd November 1959 by an Act of Parliament. The institute has a sprawling campus spread over 1055 acres with a large pool of academic and research resources spanning across 19 departments, 22 centres, and 3 Interdisciplinary programs in engineering, science, design, humanities, and management disciplines with 540 full-time faculty members and approximately 9000 students. In addition to formal undergraduate and postgraduate courses, the institute has been active in research and development in areas of value to both industry and government.
For more information, visit www.iitk.ac.in.