Institute for Development and Research in Banking Technology (IDRBT), a Reserve Bank of India arm, today signed an MoU with IIT-Kanpur (IITK) for research and academic collaboration.

Reserve Bank of India Deputy Governor and IDRBT Chairman K C Chakrabarty said there is a need to integrate knowledge, business and technology to benefit the common man.

"There is need to exploit banking technology and take it to the people. We alone cannot do it. Institutions have to work together and leverage each other's expertise to drive the benefits of research, academics and technology to drive critical initiatives like financial inclusion and take it to masses.

Therefore the MoU with IIT Kanpur has tremendous potential and is great beginning for two key institutions to work together in several areas of common interest," he said.

IITK Director Sanjay G Dhande said there is an urgent requirement to marry the domain expertise in the banking sector with the new technologies and this memorandum of understanding (MoU) will provide a framework to forge productive relationship to make this happen.

According to the MoU, IDRBT and IITK will undertake joint projects, create centre of excellence in information security, cyber security and business intelligence, besides many other programmes.