The State Bank of India (SBI) Foundation 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 hub will address the challenges faced by the Indian banking and financial services sector. The announcement was on the 68th Bank Day.
The hub will have a 10,000 square feet laboratory space and shall fund research and skill development in data analytics and artificial intelligence. The grant emphasises on the importance of data analytics and AI in banking.SBI Chairperson, Dinesh Khara said that this tie-up will enhance SBI’s AI capabilities and shall benefit the entire BFSI sector and help in adoption of emerging technologies.Professor Ravi Gudi, the Dean of Alumni and Corporate Relation IIT-B, said that the hub shall engage in competency building and outreach activities to enhance the talent pool of professionals specialising in banking analysis.