In order to promote entrepreneurship and startups in the financial sector, State Bank of India (SBI) has joined hands with Indian Institute of Technology Society for Innovation and Entrepreneurship (SINE). SINE is IIT Bombay’s technology business incubator and is now under the umbrella of an MoU I.E memorandum of understanding with India’s top public sector bank, SBI.
According to Poyni Bhatt, COO, SINE, this MoU between SBI and SINE will help in mentoring startups. He also said that currently SBI has a funding of Rs 200 crore for startups and SINE at IIT Bombay is the best place where they can use their funds.
According to the MoU, SINE and SBI will identify all the FinTech startups that in any way can cater to the demands of the financial sector as well as help SBI explore opportunities to enhance the synergy for their banking services.
Issues and problems faced by entrepreneurs will be taken care of by SINE and SBI and to keep a check on developments, research, innovations etc, SBI will interact with IIT Bombay’s research community.
With the establishment of the MoU, startups under SINE or promoted by SINE by financing at early stages, will also be evaluated within the bank’s norms.