Indian Institute of Technology, Kharagpur and State Bank of India (SBI) are going to develop a portal for the purpose of streamlining patent applications. SBI and IIT-Kgp began collaboration on January 30, 2017, to develop a customised portal for the purpose of launching ‘Intellectual Property Development as Service' (IPDass). On this occasion, Mrutyunjay Mahapatra, CIO and Deputy Managing Director of SBI applied the patent for one of his projects symbolically with the help of IPDass.
Earlier, a Memorandum of Understanding (MoU) has been signed between State Bank of India and Indian Institute of Technology, Kharagpur for the collaborations in FinTech domain.
A total number of four departments from IIT-Kgp which include Rajendra Mishra School of Engineering and Entrepreneurship, Vinod Gupta School of Management, electronics and computer science departments are engaged in collaboration with Collaborative Innovation Centre Team of SBI.
The major responsibility of IPDass is to streamline patent applications for solutions which are developed internally and make them available for external use by licensing. The initiative will give a boost to the huge technical expertise of banking professionals in the organisation.
P.P. Chakrabarti, Director of IIT-Kgp, revealed that the initiative taken by both SBI and IIT-Kgp is a trend-setting for a huge organisation like SBI and it is a move towards holistic IP creation. It will also create an ecosystem for different organisations in India, particularly in the financial sector. Technical expertise will also be developed through this initiative.