Private lender, SBM Bank (India) Ltd has partnered with Mastercard to revolutionize domestic and cross-border payments and remittances services. The SBM Bank India customers will be able to make real-time domestic business-to-consumer transfers quickly and efficiently using ‘Mastercard Send’.
The Bank has been leading the collaboration narrative to access the best-in-class solutions with its switching partner, YAP. YAP is an API (application programme interface) infrastructure company. The company works with banks and financial institutions as product providers.
SBM Bank India is the first bank to receive a universal banking licence from the RBI to set up and operate as a scheduled commercial bank through the wholly-owned subsidiary mode. The bank has a network of six branches located in Mumbai, Delhi, Chennai, Bangalore, Hyderabad and Ramachandrapuram.
Important takeaways for all competitive exams:
- SBM Bank CEO: Parvataneni Venkateswara Rao.
- SBM Bank Headquarters: Port Louis, Mauritius.
- Mastercard CEO: Ajaypal Singh Banga.
- Mastercard Headquarters: New York, United States.