The Indian Institute of Technology, Bombay (IIT-B), is set to establish a banking data and analytics hub with the support of a generous grant from the State Bank of India (SBI) Foundation. The SBI Foundation has pledged a grant of Rs 22.5 crore for this initiative, which aims to address the challenges faced by the banking and financial services sector in India. The announcement was made on the occasion of the 68th Bank Day.
The banking data and analytics hub at IIT-B will feature a spacious laboratory space spanning 10,000 square feet and will primarily focus on funding research and skill development in the fields of data analytics and artificial intelligence (AI). This grant highlights the growing importance of data analytics and AI in the banking industry. Dinesh Khara, the Chairperson of SBI, expressed that this collaboration will strengthen SBI’s AI capabilities and benefit the entire banking, financial services, and insurance (BFSI) sector by promoting the adoption of emerging technologies.
Professor Ravi Gudi, the Dean of Alumni and Corporate Relation at IIT-B, stated that the hub will actively engage in competency building and outreach activities to enhance the talent pool of professionals specializing in banking analysis. This initiative aims to equip individuals with the necessary skills and knowledge in data analytics and AI to meet the evolving demands of the banking sector.
The establishment of the banking data and analytics hub at IIT-B, supported by the generous grant from the SBI Foundation, demonstrates a significant step towards harnessing the power of data and technology in revolutionizing the banking and financial services sector in India.