Jaipur, 3 February 2024: AU Small Finance Bank (AU SFB), India’s largest SFB, and the Indian Institute of Technology, Jodhpur (IIT – Jodhpur) have formally entered into a Memorandum of Understanding (MoU) to foster collaboration in various areas of mutual interest. This strategic alliance aims to promote innovation and excellence in education through co-creation of enterprises, design thinking, incorporation of new ideas, participation in open innovation groups with faculty and students, research and development activities, and guidance for student theses and projects.
The partnership extends its reach to encompass startup/incubation centers, digitization of campuses for financial services, fintech solutions, and the establishment of centers of excellence, among other relevant areas. By leveraging the strengths of both AU Small Finance Bank and IIT Jodhpur, the collaboration seeks to create a dynamic ecosystem for innovation, research, and educational activities. The scope of cooperation allows for adjustments based on mutual consent to address emerging challenges in the future.
Established in 2008 by the Ministry of Human Resource Development (Government of India), IIT Jodhpur has been at the forefront of technology and education, playing a crucial role in supporting industries and MSMEs for the past 15 years. Actively promoting budding entrepreneurs, startups, and research students, the institute aligns with the Make in India initiative. Adapting to industry trends, IIT Jodhpur has introduced new Undergraduate (UG), Postgraduate (PG), and research programs in diverse subjects such as Artificial Intelligence, Data Science, Sensors, Management and Technology, Computational Science, Digital Humanities, Fintech, and Cyber Security.
Uttam Tibrewal, Executive Director of AU Small Finance Bank, expressed delight at partnering with IIT Jodhpur, acknowledging the institute’s commitment to excellence in technology and education. He emphasized that the collaboration aligns with the bank’s vision to promote innovation, research, and educational initiatives, expecting significant contributions to technology, entrepreneurship, and fintech.
Rishi Dhariwal, Group Head Liabilities at AU Small Finance Bank, highlighted the bank’s focus on building a technology-based foundation. He noted the strategic addition of top technology talent to the team, expanding resources into product design, engineering, and data science. Dhariwal emphasized the alignment of the collaboration with AU Small Finance Bank’s ethos, aiming for a transformative journey together.
Today, IIT Jodhpur’s permanent campus, spanning 852 acres, hosts over 4,500 students and 500 faculty and staff members. The institute’s curriculum empowers students to actively engage with the evolving technology landscape in line with industry needs. Notably, IIT Jodhpur achieved the 30th position in the National Institutional Ranking Framework (NIRF) for the year 2023, affirming its continued rise in national rankings.