Public lender Punjab National Bank has joined hands with IIT Kanpur in a bid to set up a ‘Fintech Innovation Centre (FIC)’. This Fintech Innovation Centre will act as a vehicle that will conduct research and develop technological solutions for addressing the challenges and explore opportunities in the BFSI gamut, said the bank in its official statement.
The bank announced its partnership with IIT Kanpur and the Foundation for Innovation & Research in Science & Technology (FIRST) on Thursday for setting an innovation centre at the institute’s campus.
With this partnership, PNB intends to create new products or solutions with technological innovations by creating a FIC involving IITK’s experienced faculty members with the help of FIRST, it said.
“Fin-Tech” partnership that will help build innovations and entrepreneurial excellence, it said, adding, the FIC will be supported by a holistic ecosystem of financial institutions, academia, VC funds, technology companies and key government organisations. “Planned focus areas include Fintech, Digital Lending, Payments, Cyber Security, etc. The bank will get access to the pool of Fintechs incubated by IIT-Kanpur along with their innovative solutions,” PNB managing director S S Mallikarjuna Rao said.
It is important to ensure last mile connect and Turn Around Time (TAT) in satisfying the customer requirements through Digital or physical touchpoints at every link, he added.
The Reserve Bank of India has also set-up an RBI Innovation Hub and invited applications to head the centre run entity.