IIT Bombay Launches SBI Foundation Hub for Data Science and Analytics with SBI; Check Details Here

New Delhi: The Indian Institute of Technology (IIT), Bombay has inaugurated the “SBI Foundation Hub for Data Science and Analytics” in collaboration with SBI. The hub aims to address and solve real-world problems in Indian banking and financial services (BFS) domain.

As per IIT Bombay, the SBI Foundation Hub will make use of the Institute's expertise in data science, analytics, and artificial intelligence to address challenges faced by BFS sector. The hub will work as a lab space under IIT Bombay's Centre for Machine Intelligence and Data Science (C-MInDS).

In addition to this, the hub will play an essential role in promoting innovation in digital banking, facilitating research in new fintech fields, and growing the community of banking analytics experts. It will further enhance competencies and engage in outreach activities. 

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Informing about this initiative, SBI Chairman, Dinesh Khara said: “At SBI, Data and AI are not just tools but integral parts of our strategy, enabling us to provide greater convenience, reliability, and innovation to our customers”.

“Together, with IIT Bombay, we endeavour to portray a new era in banking, fostering research, training, and upskilling, while enhancing our nation's AI capabilities in BFSI analytics. The setting up the 'SBI Foundation Hub for Data Science and Analytics' at IIT Bombay is a testament to SBI's”, he further added.

Earlier in July 2023, IIT Bombay received a grant of INR 22.5 crore from the State Bank of India (SBI) Foundation to establish a banking data and analytics hub at the Indian Institute of Technology, Bombay (IIT-B) campus.

The collaborative hub is spread across a 10,000-square-foot area. The laboratory space will fund research and skill development in data analytics and artificial intelligence domain.

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