SBI, IIT Bombay To Establish Banking Data & Analytics Hub

The State Bank of India (SBI), through its CSR arm SBI Foundation, has pledged a grant of Rs 22.5 crore to establish a Banking Data and Analytics Hub at the Indian Institute of Technology, Bombay (IIT-B).  

The focus of the hub will be to address the unique challenges faced by the Indian banking and financial services sector. The collaboration aims to leverage SBI's extensive experience in banking and IIT Bombay's research expertise. 

Announced on the 68th 'Bank Day', the Hub includes a 10,000 sq ft lab space and shall fund research and skill development in data analytics and AI. 

The grant emphasises the importance of data analytics and AI in Banking. It comes close on the heels of the Bank’s announcement, during an Analyst Meet held on May 18, 2023, that it had garnered business worth Rs 1 lakh crore through its analytics function in the Financial Year 2023 alone.