State Bank of India to set up an AI fintech project finance unit #IndiaFinance

The State Bank of India has announced its plan to establish a unit focused on AI and ecommerce to diversify its project finance efforts.

Following this announcement, State Bank of India is currently setting up a unit in order to manage project financial tools such as artificial intelligence, ecommerce, and fintech. The strategy is set to diversify its project finance efforts, as well as target sectors that are currently benefiting from increased infrastructure spending under the government upgrades.

In addition, the public sector bank also plans to complete the project within a year, while diversifying its structuring unit as well, which appraises and funds large projects. The strategy will focus on lending to multiple industries and energy sectors that make up a larger portion of SBI’s project financing portfolios as well.

More information on the announcement

According to officials of the institution, the new unit will be developed in order to give partners and customers the possibility to accelerate their growth through the use of more detailed insights. The Stage Bank of India will continue to focus on meeting the needs, preferences, and demands of clients and partners in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.

The announcement comes after the SBI announced its collaboration with Bharat Sanchar Nigam Limited, where the bank acted as BSNL’s payment gateway partner, with all transactions being routed through its services. Additionally, the deal between SBI and BSNL enabled customers to make payments for their landline and mobile bills leveraging several methods, including UPI, net banking, credit or debit cards, and wallets. This initiative focused on the process of maintaining the safety of transactions and customers’ associated information as well.