SBM Bank India, the wholly-owned subsidiary of State Bank of Mauritius has partnered with Fintech PayNearby to launch a neo banking platform. Both firms signed a Memorandum of Understanding (MoU) to build an “open banking” network towards delivering basic banking solutions as well as advanced financial services, to their customers.
The partnership would enable the Bank to offer a complete suite of digital and assisted banking solutions through PayNearby’s network of micro-enterprise and retail touchpoints. The deployment of the banking module will be done in a phased manner and will work seamlessly with the existing platforms at PayNearby outlets and touchpoints. SBM Bank India was the first foreign bank in India to obtain a banking licence from the Reserve Bank of India to operate as a Wholly Owned Subsidiary in January 2019.
About Neo bank:
- Neo bank is a type of bank that operates exclusively online, i.e., it does not have any traditional physical branch networks.
- Neo banks are cheaper, faster. In one single platform, the neo bank can integrate the entire financial portfolio.
- It offers complete digital banking experience through mobile applications.
- It is also known as an online bank, internet-only bank, virtual bank or digital bank.
Important takeaways for all competitive exams:
- SBM Bank (India) Limited Headquarters: Mumbai, Maharashtra.
- SBM Bank (India) Limited MD and CEO: Sidharth Rath.
- SBM Bank (India) Limited Commenced Operations– 1st December 2018.
- SBM Bank (India) Limited Tagline: We make banking convenient for you.