PNB joins hands with IIT Kanpur to set up Fintech Innovation Centre

Punjab National Bank on Thursday announced an alliance with IIT Kanpur and the Foundation for Innovation & Research in Science & Technology (FIRST) for establishing an innovation centre at the institute’s campus.

Under this partnership, PNB and IIT Kanpur will set up a ‘Fintech Innovation Centre (FIC)’ as a vehicle to research and develop technological solutions to address challenges and explore opportunities in the BFSI space, the bank said in a statement.

The collaboration of technical prowess from IIT Kanpur and financial expertise of PNB make it an apt “Fin-Tech” partnership that will help build innovations and entrepreneurial excellence, it said, adding, the FIC will be supported by a holistic ecosystem of financial institutions, academia, VC funds, technology companies and key government organisations.

“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,” PNB managing director S S Mallikarjuna Rao said.

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

In another development, Punjab National Bank had opened an emergency credit line for the MSME sector to help it tide over liquidity issues amid the coronavirus crisis in May 2020.

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

(Disclaimer: Additional background information has been added to this PTI copy for context)