27.1 C
Saturday, September 23, 2023

SBI partners with IIT-B to strengthen its Data Analytics & AI capabilities


Share post:

Kolkata/Mumbai: The State Bank of India (SBI), through its CSR arm SBI Foundation, has pledged a grant of ₹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 shall fund research and skill development in data analytics and AI (Artificial Intelligence).

Commenting on the development, 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 practise to the next level.”

Professor Ravi Gudi, the Dean of Alumni and Corporate Relations at IIT Bombay, stated that the Hub shall undertake cutting-edge research focussed on emerging problems in the Banking Sector and work towards developing elegant solutions for banking. He also said that the Hub shall engage in competency building and outreach activities to enhance the talent pool of professionals specializing in banking analytics.

The grant emphasises the importance of data analytics and AI in Banking. It comes close on the heels of the Bank’s announcement, during an Analyst Meet held on the 18th of May, 2023, that it had garnered business worth one lakh crore rupees through its Analytics function in the Financial Year 2023 alone.


Please enter your comment!
Please enter your name here

Related articles

Has DMK put ‘Eradicate Sanatana Dharma’ into action?

Some time back, DMK minister and son of Tamil Nadu Chief Minister, Udhayanidhi Stalin, spoke at the ‘eradicating...

Kerala to hike financial aid for setting up micro ventures in handicrafts sector

Thiruvananthapuram: In a big support to the handicrafts sector, the Kerala Government has decided to steeply increase the...

Bangladesh suffers worst day of dengue with record number of deaths

Dhaka: Bangladesh has suffered its worst day yet of the dengue this year as deaths of the disease...

PM to visit Varanasi to inaugurate 16 Atal Awasiya Vidyalaya on Sep 23

New Delhi: Prime Minister Narendra Modi will visit Varanasi on Saturday to inaugurate 16 Atal Awasiya Vidyalayas built...