IIT Bombay Collaborates with Poonawalla Fincorp to Launch AI-Powered Underwriting Solution

Image Courtesy: The Bridge Chronicle

IIT Bombay has partnered with Poonawalla Fincorp Limited (PFL) to develop an advanced AI-powered underwriting solution aimed at transforming the credit evaluation process. This cutting-edge platform integrates artificial intelligence with human expertise, helping credit managers make faster, more informed decisions when assessing loan applications.

Designed to enhance decision-making speed, accuracy, and risk management, the AI system analyzes numerous data points from loan applications to assist in quicker, more reliable assessments. With its user-centric design and practical application focus, the platform is expected to increase PFL’s credit manager productivity by 40% in retail lending.

Mr. Arvind Kapil, Managing Director & CEO of Poonawalla Fincorp, said that they recognized the transformative potential of AI in the financial sector. And by combining AI-driven insights with human judgment, they would aim to lead the evolution of credit underwriting and set new industry benchmarks.

The solution is built on advanced Large Language Models (LLMs) and Machine Learning (ML) technologies, designed to mimic human cognitive processes for smarter, adaptive decision-making. IIT Bombay’s collaboration with PFL highlights the critical role of industry-academia partnerships in advancing technological innovation.

Dr. Pushpak Bhattacharyya, from IIT Bombay’s Department of Computer Science and Engineering, remarked that IIT Bombay’s partnership with Poonawalla Fincorp is a significant step toward leveraging AI to address real-world financial challenges. This solution sets a new standard for credit underwriting, improving efficiency, accuracy, and scalability in financial services.

Looking ahead, Poonawalla Fincorp plans to expand its AI capabilities by developing self-learning models powered by deep learning algorithms. These will enhance autonomous decision-making, continuous system improvement, and multi-modal communication.

At the heart of this groundbreaking initiative is IIT Bombay’s expertise in cutting-edge research and technology development. As a leader in fostering industry-academia collaborations, IITB continues to play a pivotal role in driving innovation, shaping the future of AI-driven solutions, and contributing to the growth and transformation of the financial sector. This partnership underscores the Institute’s commitment to advancing real-world applications of technology and reinforcing its position as a global hub for pioneering research and development.

For more on this story, click here: The Bridge Chronicle

IIT Bombay Partners with John Cockerill to Drive Innovation in Green Hydrogen and Steel Decarbonisation Keep

Image Courtesy: Energetica India

IIT Bombay has signed a Memorandum of Understanding (MoU) with John Cockerill to jointly develop cutting-edge solutions in steel decarbonisation, the green hydrogen value chain, and define product development. This strategic partnership combines IIT Bombay’s academic excellence with John Cockerill’s engineering expertise, aiming to drive impactful innovation across critical industries.

The collaboration will focus on advancing steel decarbonisation technologies and the green hydrogen value chain, with a strong emphasis on sustainability and reducing carbon emissions in the global steel sector. Additionally, the partnership will explore innovations in defence product development, strengthening national security while supporting India’s transition to clean energy.

Looking toward the future, the MoU envisions the establishment of Centres of Excellence dedicated to advancing steel technology, defence products, and green hydrogen applications, including production, storage, transportation, and utilization.

Mr. Vivek Bhide, Regional President, India, and Group Transformation Officer of John Cockerill, said that the MoU was a critical milestone in their shared goal to develop solutions that address challenges faced by the steel, energy, and defence sectors. By harnessing IIT Bombay’s academic prowess alongside their engineering capabilities, John Cockerill will aim to unlock transformative opportunities in decarbonisation, national security, and clean energy.

Prof. Sachin Patwardhan, Dean (R&D), added that IIT Bombay is dedicated to fostering industry-academia partnerships that bridge fundamental research and practical applications. The Institute’s collaboration with John Cockerill embodies this mission and will contribute to technological advancements and industrial innovations that can have a meaningful societal impact.

This partnership further strengthens IIT Bombay’s role as a leading hub for applied research and innovation, driving forward the energy transition and shaping the future of sustainable technologies and advanced defence solutions.

For more on this story, click here: Energetica India

IIT Bombay Partners with TMH and TISS in School Health Initiative

Image Courtesy: Healthworld.com (The Economic Times)

IIT Bombay, in collaboration with Tata Memorial Hospital (TMH) and the Tata Institute of Social Sciences (TISS), is set to launch a pioneering school health education programme in Mumbai. This initiative aims to instil healthy behaviours among students, reducing the risk of non-communicable diseases such as cancer, diabetes, and cardiovascular conditions later in life.

The pilot phase will begin with 25 schools in South Mumbai, in partnership with the school education department, and will later expand citywide. The programme will include interactive lectures, animated educational videos, and printed take-home materials, focusing on the importance of balanced nutrition, regular exercise, and the dangers of tobacco and alcohol consumption.

Mr. Sandeep Sangave, Deputy Director of School Education, Mumbai, emphasized the programme’s role in shaping long-term behavioural changes. He said that many unhealthy habits develop during school years, impacting long-term well-being. Addressing these early can significantly reduce future health risks.

With IIT Bombay’s expertise in research and innovation, this initiative has the potential to set a national benchmark for school health education, contributing to India’s broader efforts in disease prevention and public health.

For more on this story, click here: Healthworld.com (The Economic Times)

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