India, March 13 -- The State Bank of India (SBI) is setting up a new unit to provide project financing solutions for new-age industries such as artificial intelligence (AI), ecommerce, and fintech.

The public sector bank is looking to hire "specialised professionals" for the new unit, which is expected to be set up in a year, Ashwini Kumar Tewari, managing director of corporate banking and subsidiaries at SBI, told Bloomberg.

The unit, to be named the 'Centre of Excellence for Project Financing', will also offer insights to other financial institutions, Tewari said. The bank is also planning to appoint an external consultant for the same.

The development comes at a time when rising internet penetration and improvement in access to smar...