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:
Important takeaways for all competitive exams:
As May unfolds, hearts around the world turn towards a cherished occasion – Mother's Day.…
Nestled in the northernmost region of India, Jammu and Kashmir boast breathtaking landscapes, rich cultural…
The Indian Coast Guard (ICG) and Hindalco Industries, a leading industry group, have joined forces…
Steel and stainless steel are commonly used metals with widespread industrial and consumer applications. While…
Vice Admiral Sanjay Bhalla, AVSM, NM, a seasoned naval officer with over 35 years of…
The Defence Research and Development Organisation (DRDO) and the Indian Institute of Technology (IIT) Bhubaneswar…