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SBM Bank India Partnered with PayNearby to Launch a Neo Banking Platform

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SBM-Bank-India-set-to-launch-a-neo-banking-platformSBM Bank (India) Limited (SBM Bank India), the wholly-owned subsidiary of State Bank of Mauritius has partnered with Fintech PayNearby to launch a neo banking platform.

The bank is also looking at collaborative banking in other segments and where companies may have access to a large number of customers but does not have a banking license.

Note- In order to reach out to customers, SBM bank is focusing on Technology.

Key Info

i.SBM Bank focuses on to provide top of the line services to the wealthy and growing affluent in India and their counterparts will be NRIs(Non-Resident Indians) with relations in India.

Points to be Noted 

SBM Bank India was the 1st foreign bank in India to obtain a banking licence from the Reserve Bank of India(RBI) to operate as a Wholly Owned Subsidiary in January 2019.

Other tie ups between SBM Bank and PayNearby:

i.SBM Bank India in partnership with PayNearby launched Nivesh, a unique Goal Based Recurring Deposit Platform, powered by SBM Bank India.

ii.It is available across the PayNearby outlets, thus solves the problem of accessibility to the customer.

iii.The bank has signed an Memorandum of Understanding with PayNearby to open a banking” network to deliver basic solutions and advanced financial services, to their customers.

India’s first Neo Banks

  • Chqbook(Chqbook.com) is the India’s first Neobank for small business owners like kiranas, merchants, chemists, and others running proprietorships
  • FamPay is India’s first Neobank for teenagers

Gist about Neo bank:

General Info

i.Neo bank is a type of bank that operates exclusively online, i.e., it does not have any  traditional physical branch networks.

ii.Neo banks are cheaper, faster. In one single platform, the neo bank can integrate the entire financial portfolio.

iii.It offers complete digital banking experience through mobile applications.

Other Names

It is also known as an online bank, internet-only bank, virtual bank or digital bank

Recent Related News:

On October 15, 2020 Stellapps, an IIT(Indian Institute of Technology) Madras incubated dairy-tech startup and World Economic Forum(WEF)’s technology pioneer launched ‘mooPay’ in Bhilwara district of Rajasthan. The first- of-its-kind fully automated direct payment platform is for dairy farmers in Rajasthan. This platform is one of the Fintech solutions developed by Stellapps for dairy and dairy farmers.

About SBM Bank (India) Limited (SBM Bank India):
Headquarters– Mumbai, Maharashtra
Managing Director(MD) and Chief executive Officer(CEO)– Sidharth Rath
Commenced Operations– 1st December 2018

About Nearby Technologies Pvt. Ltd
PayNearby belongs to Nearby Technologies Pvt. Ltd
Headquarters– Mumbai, Maharashtra
Founder, MD& CEO– Anand Kumar Bajaj