SBM Bank India set to launch a neo banking platform

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.

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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.

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