SBI to set up country’s largest innovation centre

In news

The nations largest lender State Bank of India is creating a 15,000-sqft innovation centre in Navi Mumbai investing around Rs 100 crore.

Highlights

The centre, to be built at its Global IT Centre in Belapur in Navi Mumbai, will be the largest innovation centre by any financial services company in the country,

it will be a 15,000-sqft centre that will have 40 dedicated zones for each technology like blockchain, artificial intelligence and machine learning, among others.

The innovation centre is part of a Rs 200-crore allocation that the bank has earmarked for innovation last year,

Apart from the proposed innovation centre, Rs 50 crore is allocated for procurements from innovative startups and taking equity stakes in new companies, while the remaining Rs 50 crore is for other needs like software procurements etc, Baraokar said.

At present, the bank has a dozen-member strong innovation team which will go up to over 30 once the centre is launched.

What is an Innovation Center?

 The term innovation centre can mean a number of things – its a word used to describe office space where lots of similar businesses are.  They normally consists of a mix of open work areas where people can collaborate and bat ideas around, run networking events, meet Venture Capitalist and run an annual conference with lots of awards.
There also innovation centres spreading across lots of different industries; from biology, furniture, business, Digital Media etc.
The idea of innovation centres is to bring together like minded individuals to share ideas and create the future.
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