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.

RuPay Debit Card - India’s Own Card launched.

On 26/03/2012, India's own Card. 'Rupay', was launched.

The top 5 features of the launch are : -

1. Rupay payment network was inaugurated by Shri G. Padmanabhan, Executive Director, Reserve Bank of India.
2. Rupay Debit Card launched
3. Rupay Prepaid Card launched
4. Rupay Credit Card to be launched soon.
5. Rupay Debit Card to be accepted at 91,000+ ATM's and 6,00,000+ POS terminals all Pan-India.
6. Bank of India and Union Bank of India, are the first Banks' to offer Rupay Debit Cards to their account holders.
7. POS terminals of Axis Bank, Bank of Baroda, Corporation Bank and State Bank of India, will accept Rupay Debit \ Pre-paid Cards in the initial phase.
8. No initial participation fee and quarterly minimum processing fees. This would encourage Regional Rural Banks, Co-operative Banks and smaller commercial banks to offer ePayments to their account holders.

At present 26.80 crs debit cards have been issued by Indian Banks and in the near future, this number will go up, with more account holders opting for ePayments.

Now, with 'Rupay' in the field, the transaction costs for Banks are expected to go down substantially, Banks will be able to encourage ePayments.  

SBI TRANSFER CASH -State Bank of India – Send Cash in a Flash

Today morning, while browsing through the morning newspaper, saw an attractive advertisement of State Bank of India’s advertisement.

The heading says it all - SEND CASH IN A FLASH –

SBI has opted for the ‘MasterCard® MoneySend™ CardtoCard ‘,service to offer this Electronic Funds transfer facility to all State Bank Group account holders.

Highlights:

1. The transfer is instant.
2. Upto Rs15,000/- can be transferred in a single transaction.
3. Upto Rs30,000/- can be transferred per day.
4. Upto two transactions can be done per day.
5. The service charges are NIL
6. The service is available at 26,000+ ATM’s of State Bank Group all over India.

The process flow is as under:

1. Customer to swipe debit card and select transfer option.
2. Customer to enter his/her PIN
3. Customer to select card to card option.
4. Customer to enter beneficiary SBI debit card number
5. Customer to enter the amount to be transferred.
6. The transaction is complete.
7. Sending customer and Receiving customer receive SMS messages, if they have opted for SMS alerts.
8. The Receiving customer can withdraw Cash from ATM or pay for Purchases via POS Terminals at Merchant Establishments.

Adding FreedomRewardz points to ‘SBI TRANSFER CASH’, would be a additional motivator to State Bank Group customers to experience the power of ‘Cash in a Flash’.

Safety Tips:

1. Your Debit Card should always be with you.
2. Your PIN Number should always be with you.
3. Subscribe for SMS Alerts.
4. Register your email id, for Bank Alerts.

State Bank Group, Axis Bank, IDBI Bank and Punjab National Banks have currently opted for both the’ Money Send’ options i.e Send Money and Receive Money, via the State Bank Group ATM’s.

ABN AMRO,Andhra Bank,Axis Bank,Bank of Baroda, Canara Bank,Central Bank of India,Citibank (Credit Only), Deutsche Bank,HDFC Bank,HSBC,ICICI Bank (Debit Only),IDBI Bank,ING Vysya Bank,J&K Bank,Punjab National Bank,SBI GE Cards,South Indian Bank, Vijaya Bank and Yes Bank, have opted for ‘MoneySend’, ‘receive funds’, facility only.