SBI to set up Innovation, Incubation and Acceleration Centre at Hyderabad.

Why in news?

• The State Bank of India (SBI) will set up an Innovation, Incubation and Acceleration Centre (IIAC) at Hyderabad, Telangana which will be operational in six to nine months of on-boarding a consultant.
• This Centre will be the bank’s in-house capability to enhance its current performance and drive higher top-line growth through innovation.
• Features of IIAC:
• It will help the bank to develop a set of technologies, knowledge, and skills for the introduction of new products and services.
• It will act as a central body to govern and drive fin-tech partnerships and implement change across the bank.
• It will explore emerging innovations, market shifts or technologies that could impact the bank’s status quo; pursue large-scale initiatives, will redefine the existing business or create a new business unit or division for the bank; and transfer innovation from prototype to project/product that can be monetised by the bank.