SIDBI launches technology incubator for financial inclusion

The Small Industries Development Bank of India (SIDBI) on Friday launched a Technology Business Incubator at IIM-Lucknow for nurturing high impact technologies.

The incubator named "SIDBI Centre for Innovations in Financial Inclusion (SCI-FI)" was jointly inaugurated by SIDBI CMD Mohammad Mustafa and IIM-Lucknow Director Prof Ajit Prasad.

Representatives from start-up community, industry bodies, entrepreneurs, micro finance institutions, students of entrepreneurship cells of leading technical and management colleges, members of faculty of IIT-Kanpur, IIM-Lucknow and other leading institutes of the city were present on the occassion, SIDBI said in a press release.

Speaking on the occasion, Mustafa said that the incubator at IIM-Lucknow will bring together three great national development missions of 'Start Up India', 'Universal Financial Inclusion' and 'Digital India' under one roof.

By leveraging technology, the twin objectives of expanding outreach and cost reduction could be realised by participating institutions, he said. Mustafa said that with this, SIDBI has set up incubators at both the IIT and the IIM situated in Uttar Pradesh.

The IIM-Lucknow director said that creating opportunities for young and innovative minds to give shape to their dreams is what an incubator stands for.

He expressed the hope that the centre would be fulfilling the objectives with which it has been set up and exhorted young minds to study the societal problems and come up with solutions on how technology could be an enabler to reach out to the masses.

Deputy MD, SIDBI, Manoj Mittal said enterprise and entrepreneurship promotion are two core areas of SIDBI's functioning.