Mumbai: State Bank of India, the largest Bank in India and a Fortune 500 Company has joined hands with Society for Innovation and Entrepreneurship (SINE) hosted by IIT Bombay to promote Innovation by Start-ups in Financial sector. SBI has commenced a strategic initiative to promote Innovation by engaging with Start-ups in FinTech area, through funding, procurement and co-innovation under a special window.

SINE is the Technology Business Incubator hosted by IIT Bombay. It is a non-profit arrangement with Board members from IIT Bombay, faculty and industry experts.

The MoU was recently signed at SBI’s Global IT Centre by Prof. Devang Khakhar, Director, IIT Bombay and Mr. Mrutyunjay Mahapatra – Dy. Managing Director & Chief Information Officer of SBI.

This MoU, a first of its kind in India will help evaluation of start-ups operating out of and promoted by SINE for engagement with SBI for commercial exploitation of new age digital concepts, products and services.