SBI to Launch Project Financing Unit for AI, Fintech, and E-Commerce: Report

India’s largest lender, SBI, is setting up a specialised unit to enhance project financing for AI, e-commerce, fintech, and renewable energy sectors.

Highlights

  • SBI is establishing a Center of Excellence to boost project financing for emerging sectors.
  • The unit will focus on AI, fintech, e-commerce, and renewable energy projects.
  • The new unit will collaborate with other financial institutions to enhance expertise sharing.

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SBI to Launch Project Financing Unit for AI, Fintech, and E-Commerce: Report
State Bank of India (SBI), the country's largest lender, is reportedly setting up a Center of Excellence unit to manage project financing solutions for "new-age industries" such as artificial intelligence (AI), e-commerce, and fintech, Bloomberg News reported, citing a senior executive.

Also Read: India’s AI Sector Could Surpass 2.3 Million Job Openings by 2027, Says Bain and Company




New Center of Excellence

The unit, expected to be operational within a year, will be staffed by specialised professionals and guided by an external consultant, the report quoted SBI Managing Director Ashwini Kumar Tewari as saying.

According to the report, the project will help diversify the work of the bank's project finance and structuring unit, which appraises, structures and funds large projects in infrastructure. Lending to so-called new-age industries and renewable energy sectors is increasingly making up a larger portion of SBI's project financing portfolio, it added.

With India's growing focus on new-age industries and renewable energy, these sectors are becoming a larger part of SBI's lending portfolio.

Also Read: AI Is the Engine That Will Empower India’s Double-Digit Growth: Akash Ambani

SBI’s Project Finance and Structuring Unit

SBI financed 48 major projects in FY 2024, as per its annual report. The new unit will also collaborate with other financial institutions, sharing expertise to strengthen the broader financial ecosystem.

The unit, to be called the "Center of Excellence for Project Financing," will also share insights with other financial institutions, Tewari reportedly said.

Reported By

Kirpa B is passionate about the latest advancements in Artificial Intelligence technologies and has a keen interest in telecom. In her free time, she enjoys gardening or diving into insightful articles on AI.

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