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AU Small Finance Bank (AU SFB), India’s largest SFB and Indian Institute of Technology (IIT), Jodhpur, have formally entered a Memorandum of Understanding (MoU)to drive innovation and foster collaboration in various domains of mutual interests. The agreement focuses on co-creating, designing thinking, and innovating for enterprises, engaging in open innovation cohorts with faculty and students, conducting research and development activities, co-advising students on thesis and projects, and various mutually educational activities.

The collaborative efforts will extend into areas such as startup/incubation centers, digitization of campusfor financial services, fintech solutions, and the establishment of a Center of Excellence, among other relevant fields. The partnership aims to create a dynamic ecosystem for innovation, research, and educational activities, leveraging the strengths of both AU Small Finance Bank and IIT Jodhpur.The scope of collaboration remains flexible and may be revised with mutual consent to address emergingchallenges in the future.

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Since its establishment in 2008 by the Ministry of HRD (Government of India), IIT Jodhpur, a leading institution in technology and education, has been instrumental in supporting industries and MSMEs for the last 15 years. The institute actively encourages emerging entrepreneurs, startups, and research students, aligning with the Make in India initiative.Adapting to the evolving trends in the industry, 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.

On this strategic partnership, Mr. Uttam Tibrewal, Executive Director, AU Small Finance Bank, said, “We are delighted to partner with IIT Jodhpur, a prestigious institution known for its commitment to excellence in technology and education. This collaboration aligns with our vision to promote innovation, research, and educational initiatives. This strategic partnership is poised to make significant contributions to technology, entrepreneurship, and fintech, bringing about a transformative impact on both institutions and the broader community.”

Rishi Dhariwal, Group Head Liability, AU Small Finance Bank said, “At AU Small Finance Bank, we believe in building a technology-led Bank, and to achieve this, we've strategically infused our team with some of the finest tech talent. In our pursuit of excellence, we've expanded our resources across Product Design, Engineering, and Data Science, ensuring a diverse and vibrant pool of expertise. Our approach is characterized by a strong academic foundation, top talent acquisition from premier institutions, and a dynamic workforce with over 100 recent hires from esteemed institutions like IITs, IIMs, and BITS through campus placements. Today, this collaboration with IIT Jodhpur aligns seamlessly with our ethos, and we look forward to a transformative journey together."

Today, IIT Jodhpur’s sprawling permanent campus, spanning 852 acres, is bustling with over 4,500 students and 500+ faculty and staff members.The curriculum includes special provisions to empower students to actively participate in understanding the rapidly evolving landscape of technology, aligning with the industry's needs.The institute has consistently climbed the national rankings, achieving the 30th position in the National Institutional Ranking Framework (NIRF) in the year 2023.

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