The Institute for Development and Research in Banking Technology (IDRBT), an institute under the Reserve Bank of India, on Friday signed a memorandum of understanding (MoU) with the Indian Institute of Technology Kanpur (IITK) for collaboration in academic and research activities.
According to an IDRBT release, the two institutes would work together to create frameworks, standards and best practices for financial inclusion and services that go beyond core banking, among other areas.
Describing the partnership as one with tremendous potential, KC Chakrabarty, RBI deputy governor and chairman of IDRBT, said, “Institutions need to work together to leverage each other’s expertise to derive benefits of research, academics and technology to drive critical initiatives like financial inclusion.”
The MoU envisages creation of a centre of excellence in information security, cyber security and business intelligence, which would create, collect and disseminate information related to the domain.
It also opens up opportunities for joint projects by faculty from the two institutes and faculty exchange as well as executive development programmes.
The partnership would allow eight-week onsite internships at IDRBT for students in B Tech (III year) or M Tech (I year).
The summer projects are expected to provide exposure to issues in banking technology, and would be allowed to be continued offsite and for submission as project reports.
IITK director Sanjay Dhande said the partnership would focus on providing technological breakthroughs to improve productivity.
He also suggested including courses on banking in IIT curriculum to make the youngsters involved and to enable changes faster.
