State Bank of India invites General Public for its SBI Fintech Innovation Incubation Program

          State Bank of India is keen to deploy cutting edge technologies to assist its account holders and staff to experience Safe Digital Banking, across all its product       

As on date, SBI has two Innovation campuses :

1) GITC : SBI Global IT Centre, CBD Belapur, Navi Mumbai.

2) SBIIT : State Bank Institute of Innovation and Technology, Road no 12, Banjara Hills, Hyderabad

The innovation centre is housed in SBI Global IT Centre, CBD Belapur, Navi Mumbai. The innovation centre is spread over 15, 000 sqft  with an investment of 100 crores.

In the long run, SBI plans to allocate 5 percent of IT budget for innovation. The Innovation Centre will have 30  members to oversee the programs.

State Bank of India has also a dedicated campus at Hyderabad specialising in Innovation and Technology.

Initially SBI will offer its fintech incubation program at its Navi Mumbai and Hyderabad Innovation campuses.

The innovation program is an ongoing one and Developers, Startups, Entrepreneurs (individuals or teams) having Fintech based innovative idea on emerging and new technologies are encouraged to apply through the Application provided on the webpage.

The selected candidates will join hands with SBI to be self-reliant and incubate novel technology and business ideas into viable commercial business products.

The whole program is split into two parts i.e

Part 01) __ Idea Modelling – 2 months

Part 02) __ Prototype Development – 10 months

The selected candidates are expected to sign a Non-Disclosure Agreement and other documents specified by the Bank at the time of on-boarding into the program.

Incubatee shall offer Restricted IPR on the product developed under the program by signing Restricted IPR agreement by the Incubatee/Startup Company.

The applicants can seek any clarification on the guidelines by dropping a mail to :incubate@sbi.co.in

State Bank of India has made it very clear that all communications related to the scheme including announcements of shortlisted applicants and final selection of applicants will be sent to the applicants directly and will not be made available on this website.

Interested to be part of “SBI Fintech Innovation Incubation Program’, than follow the below process:

Apply - Interested individuals or team can apply by sending their application with full details on the form available on the link below.

Selection - The applicant of shortlisted entries will have to make a presentation on their idea/ solution to the Selection Board of Bank at GITC, Belapur, Navi Mumbai/ SBIIT Hyderabad as per the decision of the Bank.

On selection of the applicant’s idea/ solution the incubatee will be assigned an incubation mentor to assist the incubatee.

Post Selection - The incubatee should prepare project report covering Scope of Work, Timeline and milestones, Details of expenses and infrastructure etc.

The major differentiator between SBI Incubation program and other incubation programs is that this is on-going program and applicants can apply at any time.