SBI to setup country’s largest Innovation Centre in Mumbai

On 10th October 2017, State Bank of India (SBI) announced the setting up of its 15,000 square feet Innovation Centre, India’s largest Innovation Centre, in Navi’s Largest Innovation Centre by SBI: The Innovation Centre of SBI would be built at its Global IT Centre in Belapur, Navi Mumbai. It will be the largest Innovation Centre by any financial services company in India. SBI is investing Rs.100 crore on this Innovation Centre.It has decided to allocate 5 % of its IT budget for innovation regularly. This Innovation Centre will have 40 dedicated zones for each technology like blockchain, artificial intelligence, machine learning etc. SBI’s Innovation Head is Sidon Baraokar. SBI currently has a 12 member innovation team. This would be increased to more than 30, once the centre is launched.