State Bank of India on Wednesday said it has signed a Memorandum of Understanding (MoU) with IIT Bombay-hosted ‘Society for Innovation and Entrepreneurship’ (SINE) to promote innovation by start-ups in the financial sector.

The MoU envisages evaluation of start-ups operating out of and promoted by SINE for engagement with SBI for commercial exploitation of new age digital concepts, products and services.

The bank said it has commenced a strategic initiative to promote innovation by engaging with start-ups in the FinTech segment, through funding, procurement and co-innovation under a special window.

SINE is the Technology Business Incubator hosted by IIT Bombay. It is a non-profit arrangement with the Board, faculty and industry experts. The MoU was signed at SBI’s Global IT Centre by Devang Khakhar, Director, IIT Bombay and Mrutyunjay Mahapatra, Deputy Managing Director and Chief Information Officer of SBI.