The Business Bytes
TBB BUREAU
NEW DELHI, JANUARY 7, 2021
Punjab National Bank (PNB) has announced an alliance with Institute of Technology (IIT) Kanpur and FIRST (Foundation for Innovation & Research in Science & Technology), to jointly establish the Punjab National Bank – IIT Kanpur Innovation Centre at the IIT campus.
The MoU was signed at the PNB Headquarters, here, in presence of PNB Managing Director & CEO CH S S Mallikarjuna Rao, and top officials from the Bank, IIT Kanpur and FIRST.
Under this partnership, PNB and IIT Kanpur will set up a “Fintech Innovation Centre (FIC)” as a vehicle to research and develop technological solutions to address challenges and explore opportunities in the BFSI space. PNB intends to create new products/ solutions with technological innovations by creating a Fintech Innovation Centre at IITK involving IITK’s experienced faculty with the help of FIRST.
The collaboration of technical prowess from IIT Kanpur and financial expertise of PNB make it an apt “Fin-Tech” partnership that will help build innovations and entrepreneurial excellence.
“We are embarking on journey to bring expertise of country’s premier academic institution into Banking & Financial services. This shall provide an opportunity to the start-ups and Fintech companies incubated by IIT Kanpur to develop technological solutions for Punjab National Bank and financial ecosystem,” said PNB Managing Director & CEO CH S S Mallikarjuna Rao.
