Axis Bank, IISc to establish dedicated mathematics and computing centre

Axis Bank signed a memorandum of understanding (MoU) with the Indian Institute of Science (IISc) today to establish the Centre for Mathematics and Computing at the institute. The Centre will conduct research and development work on the foundations of mathematics and computing to accelerate innovation in the fields of artificial intelligence and data science.

It will be spread across 1.6 lakh square feet and will have state-of-art labs and programs for faculty and students from different departments of the institute. The center will host the new IISc BTech program in mathematics and computing, along with an ongoing interdisciplinary PhD program in mathematical sciences. An official statement said that over 500 engineers and scientists will benefit from the Centre every year.

“The higher education ecosystem is a space that is constantly evolving, especially post-Covid, and India has huge potential to stand out as a global hub for new-age, innovative and quality education. For us, this is one small way to play our part in supporting and nurturing the future generations of the country,” said Amitabh Chaudhry, managing director and chief executive officer of Axis Bank.

Prof Govindan Rangarajan, director of IISc reiterated that mathematics and computing are at the core of critical disciplines like AI, machine learning, data science, cybersecurity, digital health, and computational biology, among other fields. 

“The Axis Bank Centre for Mathematics and Computing will provide a platform for exploring and advancing research and innovation in the above areas. The state-of-the-art facility will also serve as a training ground for the next generation of leaders in these fields, offering a range of educational and professional development opportunities for students and faculty. We are confident that the Centre will play a key role in shaping the future of research and technology,” he added.

This is not the first time Axis Bank and IISc have collaborated. In September 2022, the two signed an MoU for establishing the Pediatrics Wing at IISc’s new Bagchi-Parthasarathy Hospital.

To be sure, Axis Bank isn't the only bank stepping up its technology game. Several others have been stepping up their game in terms of digital transformation recently. For instance, HDFC and Yes Bank announced partnerships with Microsoft during the company's CEO, Satya Nadella's four-day visit to India. While Yes Bank will be launching a mobile app to offer personalised experiences to each customer, HDFC aims to modernise its data landscape using Microsoft's Azure cloud solutions.