The Indian Institute of Science (IISc) and Kotak Mahindra Bank Limited (KMBL) have joined hands to establish a new Kotak-IISc AI-ML Centre at the IISc Bengaluru campus. This new Centre will, among other things, focus on creative education and innovative research in artificial intelligence (AI), machine learning (ML), and financial technology solutions. The Centre will be housed in a new building to be constructed with funding from KMBL, and will be a part of a proposed larger Undergraduate Instructional Complex. Measuring about 140,000 sq ft, the building will also house a modern auditorium, smart lecture halls and advanced labs.
This project is a part of the Corporate Social Responsibility (CSR) initiative of KMBL, for a duration of five years. KMBL and IISc envisage that the Centre will play a critical role in developing financial technology solutions, and societal-scale AI-ML applications. It will be a virtual research centre that attracts internationally renowned experts as well as star young researchers and graduate students to collaborate on critical problems of societal relevance in the AI-ML field.
The Centre will also train personnel to build capacity in this emerging domain. It will host several teaching and research programmes including undergraduate programmes. The Centre will also host many Continuing Education programmes, and online degree programmes and courses offered by IISc. Several thousand working professionals and students are expected to benefit from these.
Once completed, the Kotak-IISc AI-ML Centre will be a welcome addition to the vibrant education, research, and innovation ecosystem in IISc.
Speaking at the signing of the MoU on 16 September 2021, Mr Rohit Rao, Joint President and Group Chief CSR Officer, Kotak Mahindra Bank Limited, said, “The Kotak-IISc AI-ML Centre will be a Centre of Excellence that will offer academic courses and also undertake research and innovation to further enhance India’s scientific capabilities. The Centre is envisaged to be the Gangotri of advanced sciences encompassing education, research and innovation in artificial intelligence and machine learning to develop the next generation of leaders in the areas of IT and robotics and champion India’s technology advancement.”
The Director of IISc, Prof G Rangarajan said, “As IISc continues to deliver on its mandate to provide advanced scientific and technological research and education, it is partnerships with forward-thinking institutions such as Kotak Mahindra Bank that will help us to scale up substantially and position India as a deep tech innovation hub. The future is exciting and we are delighted to welcome Kotak Mahindra Bank on board.”
The Indian Institute of Science (IISc) was established in 1909 by a visionary partnership between the industrialist Jamsetji Nusserwanji Tata, the Mysore royal family, and the Government of India. Over the 112 years since its establishment, IISc has become India’s premier institute for advanced scientific and technological research and education. Since its inception, the Institute has laid a balanced emphasis on the pursuit of basic knowledge in science and engineering and applying its research findings for industrial and social benefit.
About Kotak Mahindra Bank Limited
Established in 1985, Kotak Mahindra Group is one of India’s leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group’s flagship company, received banking license from the Reserve Bank of India (RBI), becoming the first non-banking finance company in India to convert into a bank – Kotak Mahindra Bank Ltd. The Bank has four Strategic Business Units – Consumer Banking, Corporate Banking, Commercial Banking and Treasury, which cater to retail and corporate customers across urban and rural India. The premise of Kotak Mahindra Group’s business model is concentrated India, diversified financial services. The bold vision that underscores the Group’s growth is an inclusive one, with a host of products and services designed to address the needs of the unbanked and insufficiently banked. As on 30th June, 2021, Kotak Mahindra Bank Ltd has a national footprint of 1,612 branches and 2,591 ATMs, and branches in GIFT City and DIFC (Dubai).
For more information, please visit the company’s website at https://www.kotak.com/