IIT Kharagpur and State Bank of India (SBI) are collaborating to develop a customised portal for launching 'Intellectual Property Development as a service' (IPDaas) for IPR generation.
Launching this project at IIT Kharagpur today, Mrutyunjay Mahapatra, Deputy Managing Director and CIO of SBI made submission of a patentable project in the preliminary version of IPDaas.
A MoU had already been signed between India's largest commercial bank and the largest IIT in the country for a larger gamut of collaborations in the FinTech domain.
Four departments from the Institute are engaged in this collaboration - Computer Science and Engineering, Electronics and Electrical Communications, Vinod Gupta School of Management and Rajendra Mishra School of Engineering Entrepreneurship.
SBI has a history of creating innovative banking and IT solutions in-house.
The IPDaas would facilitate streamlining patent applications for solutions developed internally and thereby making them available for external use through licensing.
Since solutions created by SBI are based on actual challenges faced by the organization, they would prove to be useful for various bottlenecks experienced by financial institutions, that too in the Indian scenario.
It will also tap the huge technical expertise of seasoned banking professionals in the organization.
"It is trend-setting for an organization like SBI to move towards holistic IP creation. This would create an ecosystem for organizations in India especially in the financial sector to promote their technical expertise," said Prof P P Chakrabarti, Director, IIT Kharagpur.
"With the exponentially growing economy of India such solutions will decide the quality and efficiency of financial services which would be provided to customers in India and similar other regions," Chakrabarti said.
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