SIDBI (Small Industries Development Bank of India) is planning to set up financial, business and technology incubation centres to support Digital India, Start-up India and Universal Financial Inclusion themes of the Indian government.
For this purpose, SIDBI has launched a financial incubator technology at IIM (Indian Institute of Management) Lucknow. The major objective and motive for this move is to nurture high-impact technologies towards the financial inclusion theme. This particular incubator launched by SIDBI is called as SCI-FI (SIDBI Centre for Innovations in Financial Inclusion).
SCI-FI will play a vital role in transforming financial technology ideas into reality. IIM Lucknow will provide required/ necessary technological resources and managerial support for encouraging the incubation process. SCI-FI will promote research collaboration, serve as a research hub to unveil entrepreneurial potential and develop research artefacts.
Mr. Mohammad Mustafa (SIDBI CMD) pointed that the bank is planning to set up similar incubators in other institutes. The bank is already in talks with various organisations with an objective to seek support for such initiatives. The bank has been successful in pioneering out financial inclusion model that is mainstreamed now. Utilising technology, expanding outreach and cost reduction will only be possible with the support of participating institutes and entities, he added.
Director of IIM Lucknow, Mr. Arjit Prasad mentioned that the institute had an exceptional infrastructure and faculty base to contribute to the development of start-ups and giving shape to innovative/creative business ideas. Budding managers must use the latest technology for suggesting long-term and effective solutions, he added.