Bank loan

Asimov Robotics sent a robot to receive a loan from the Federal Bank — Quartz India

In India, receiving a loan sanction from any bank is often a time of relief and joy for the applicant. On September 07, it was the turn of Asimov Robotics, based in Kochi.

“It is such a great privilege to receive the financial assistance…on behalf of Asimov Robotics. With this, Federal Bank has proven once again that it will always be there to support indigenous technology development,” the company representative told a handful of bank officials in Kochi moments before receiving the loan sanction letter.

Dressed in a traditional sari, the representative wished everyone a “Happy Onam”. She grossly mispronounced the name of the harvest festival that the southern Indian state of Kerala, where Kochi is located, was due to celebrate the following day.

Her “Onam” didn’t bother anyone, because it couldn’t be stranger than the fact that she was a robot.

Asimov Robotics receives support from the Federal Bank

Robotics is booming in India and companies in the field have gone on a funding spree.

Asimov Robotics used its advanced robot SAYABOT to make its point, CNBC reported.

The humanoid can be customized to perform tasks in various industries such as hospitality, security, retail, healthcare, education, and banking.

The loan sanctioned on September 07 was intended for the healthcare sector, where SAYABOT can offer services such as contactless distribution, monitoring of vital signs, post-operative care, sending alerts and monitoring, among others.

The Kochi-based Federal Bank itself has sought to rapidly adopt the technology.

“Over 230 RPAs (robotic process automation) and over 300 APIs help us both increase productivity and meaningfully engage with a range of Fintech partnerships,” said Shyam Srinivasan, Managing Director and CEO of the bank.