Exclusive: IIT-Bombay receives ₹ 22 crore from SBI to enhance its data analytics and AI capabilities.

SBI has committed a grant of ₹ 22.5 crore to establish a banking data and analytics hub at IIT Bombay, with the objective of tackling challenges in the banking sector.

The State Bank of India (SBI) and its CSR arm, SBI Foundation, have announced a grant of ₹ 22.5 crore to establish a Banking Data and Analytics Hub at IIT Bombay (IIT-B). This collaboration aims to address the specific challenges encountered in the Indian banking and financial services industry by utilizing SBI's extensive banking experience and IIT Bombay's research expertise.

On the occasion of the 68th "Bank Day," the establishment of the Hub was announced, which consists of a lab space spanning 10,000 square feet. Its main objective is to support research and skill development in the fields of data analytics and AI (Artificial Intelligence).

"The collaboration will enhance SBI's AI capabilities and facilitate the generation and sharing of innovative ideas through collaboration between industry and academia, as well as the training of SBI staff. This partnership will benefit the entire BFSI sector and contribute to the adoption of emerging technologies such as ChatGPT," stated Dinesh Khara, Chairman of SBI.

"The collaboration aims to integrate the Bank's data analytics and AI practice into its everyday operations, bringing it to the forefront," commented Nitin Chugh, Deputy Managing Director and Head of Digital Banking and Transformation. He emphasized that the partnership would elevate the Bank's analytics practice to a higher level.

Professor Shri Ravi Gudi, the Dean of Alumni and Corporate Relations at IIT Bombay, expressed that the Hub would conduct cutting-edge research focused on emerging challenges in the Banking Sector. The objective is to develop innovative solutions for the banking industry. Additionally, he mentioned that the Hub would actively engage in competency-building and outreach activities to enhance the pool of talented professionals specializing in banking analytics.

The grant highlights the significance of data analytics and AI in the banking sector. It follows closely after the Bank's announcement, made during an Analyst Meet on May 18, 2023, that it had achieved business worth one lakh crore rupees solely through its Analytics function in the Financial Year 2023.

As of March 31, 2023, the State Bank of India holds the distinction of being the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It boasts a deposit base exceeding ₹ 44.23 lakh crore with a CASA ratio of 43.80% and advances exceeding ₹ 32 lakh crore.