Fintech Innovation Centre To Launch By PNB & IIT Kanpur Associate

CIOReviewIndia Team | Friday, 08 January 2021, 15:08 IST

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Punjab National Bank, widely renowned as PNB announced alliance with IIT Kanpur and the Foundation of Innovation & Research in Science & Technology (FIRST) for developing an innovation centre at the institute’s campus. Based-on this partnership, PNB and IIT Kanpur will set up a ‘Fintech Innovation Centre (FIC)’ as a vehicle for researching and developing technological solutions for addressing challenges and exploring opportunities in the banking financial, services and insurance sector.

PNB aims for creating new products of solutions with technological innovations by creating an FIC involving IITK’s experienced faculty members with the help of FIRST.

"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," said PNB managing director S S Mallikarjuna Rao. With this collaboration of technical prowess by IIT Kanpur and PNB’s financial expertise, it is regarded as an apt "Fin-Tech" partnership. This will help building innovations and entrepreneurial excellence. In addition, a holistic ecosystem of financial institutions, academia, VC funds, technology companies, and key government organizations will support the FIC.

It is important for ensuring last mile connect and Turn Around Time (TAT) in satisfying the customer requirements through Digital or physical touch points at every link he added.

Furthermore, another development by PBN had opened an emergency credit line for the MSME sector to help it tide over the liquidity issues around the coronavirus crisis in May 2020.

It has also liberalized the working capital assessment (LWCA) model for MSME borrowers with limits more than of Rs.5 crore. The state-owned lender said at a webinar hosted with industry body PHD Chamber for addressing the issues of micro, small and medium enterprises.

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