New Delhi, Oct 4 (KNN) The State Bank of India (SBI) has signed a Memorandum of Understanding (MoU) with IIT Kharagpur to promote innovation in the financial technology space.

“SBI is India’s leading financial institution, which in multiple modes is promoting innovation and collaboration with Fin-tech companies,” said a release.

The wider programme includes ideation, incubation, experimentation and commercialization of new technology driven products and services for the banking sector.

IIT Kharagpur is one of the premier technology institutes of the country which has a number of initiatives for spotting, incubating, setting and channelizing new technology ideas and start-ups.

IIT Kharagpur has been taking collaborative steps with industries to further the national cause of “Make in India” and “Start-up India”, the statement added.

SBI and IIT Kharagpur have come together to bring the benefits of synergy and complementing each other’s capabilities to take Innovation and Fin-tech for the benefit of Indian citizen.

The action plan under the MoU includes collaborative research, Centre of Excellence (CoE) and running proof of concepts in various areas.