Shortsword (talk | contribs) m Eliminated several FinTech companies from a list of bank partners. The eliminated companies are not supported by the source. Tag: Visual edit |
Azuredivay (talk | contribs) cleanup, removed redundant info Tags: nowiki added Visual edit |
||
Line 25: | Line 25: | ||
'''SBM Bank India''' is the first bank to receive a banking license from the [[Reserve Bank of India]] (RBI) and to establish a universal banking business in India through the Wholly Owned Subsidiary (WOS) mode. SBM Bank India is operating from [[Mumbai]], [[New Delhi]], [[Bengaluru]], [[Chennai]], [[Hyderabad]], [[Ahmedabad]], and in the rural centers of [[Ramachandrapuram, Telangana|Ramachandrapuram]] and [[Palghar]].<ref>{{Cite news|url=https://economictimes.indiatimes.com/markets/stocks/news/sbm-plans-calibrated-expansion-of-units-in-india/articleshow/69138596.cms|title = SBM plans calibrated expansion of units in India|newspaper = The Economic Times|last1 = Rebello|first1 = Joel}}</ref><ref>{{Cite news|url=https://www.business-standard.com/article/news-ians/mauritius-pm-inaugurates-sbm-bank-india-ltd-in-mumbai-119012500517_1.html|title = Mauritius PM inaugurates SBM Bank (India) Ltd in Mumbai|newspaper = Business Standard India|date = 25 January 2019}}</ref><ref>{{Cite web|url=https://www.moneycontrol.com/news/india/state-bank-of-mauritius-to-operate-as-local-subsidiary-to-double-branches-eyes-rs-5000-cr-biz-in-two-years-3436781.html|title=State Bank Of Mauritius To Operate As Local Subsidiary; To Double Branches, Eyes Rs 5000 Cr Biz In Two Years|website=Moneycontrol}}</ref><ref>{{Cite web|url=http://www.uniindia.com/sbm-bank-india-ltd-becomes-first-foreign-bank-to-set-up-wholly-owned-subsidiary-in-india/business-economy/news/1478479.html|title=SBM Bank (India) Ltd becomes first foreign bank to set up wholly owned subsidiary in India}}</ref><ref>{{Cite web|url=https://www.financialexpress.com/industry/banking-finance/focusing-deposits-state-bank-of-mauritius-plans-major-branch-expansion/1504292/|title = Focusing deposits, State Bank of Mauritius plans major branch expansion|date = 4 March 2019}}</ref><ref>{{Cite web|url=https://www.ciol.com/sbm-bank-india-limited-first-foreign-bank-set-wholly-owned-subsidiary-wos-india/|title=SBM Bank (India) Limited: First foreign bank to set up a Wholly Owned Subsidiary (WOS) in India|website=www.ciol.com}}</ref><ref>{{Cite web|url=https://www.moneycontrol.com/news/business/sbm-bank-india-wants-to-be-an-amazon-of-banking-5774891.html|title=SBM Bank India Wants To Be An Amazon Of Banking|website=Moneycontrol}}</ref><ref>{{Cite web|url=http://businessworld.in/article/SBM-Bank-India-Envisions-An-Expansion-Of-16-Branches-By-The-Year-2022/11-04-2019-169070|title=SBM Bank (India) Envisions An Expansion Of 16 Branches By The Year 2022|first=Bhaktvatsal|last=Sharma|website=BW Businessworld}}</ref><ref>{{Cite web|url=https://www.business-standard.com/article/news-ians/mauritius-pm-inaugurates-sbm-bank-india-ltd-in-mumbai-119012500517_1.html|title=Mauritius PM inaugurates SBM Bank (India) Ltd in Mumbai|date=January 25, 2019|via=Business Standard}}</ref><ref>{{Cite web|url=https://www.business-standard.com/article/pti-stories/mauritius-sbm-gets-rbi-approval-to-merge-operations-with-its-indian-subsidiary-118120100674_1.html|title=Mauritius' SBM gets RBI approval to merge operations with its Indian subsidiary|agency=Press Trust of India|date=December 1, 2018|via=Business Standard}}</ref> |
'''SBM Bank India''' is the first bank to receive a banking license from the [[Reserve Bank of India]] (RBI) and to establish a universal banking business in India through the Wholly Owned Subsidiary (WOS) mode. SBM Bank India is operating from [[Mumbai]], [[New Delhi]], [[Bengaluru]], [[Chennai]], [[Hyderabad]], [[Ahmedabad]], and in the rural centers of [[Ramachandrapuram, Telangana|Ramachandrapuram]] and [[Palghar]].<ref>{{Cite news|url=https://economictimes.indiatimes.com/markets/stocks/news/sbm-plans-calibrated-expansion-of-units-in-india/articleshow/69138596.cms|title = SBM plans calibrated expansion of units in India|newspaper = The Economic Times|last1 = Rebello|first1 = Joel}}</ref><ref>{{Cite news|url=https://www.business-standard.com/article/news-ians/mauritius-pm-inaugurates-sbm-bank-india-ltd-in-mumbai-119012500517_1.html|title = Mauritius PM inaugurates SBM Bank (India) Ltd in Mumbai|newspaper = Business Standard India|date = 25 January 2019}}</ref><ref>{{Cite web|url=https://www.moneycontrol.com/news/india/state-bank-of-mauritius-to-operate-as-local-subsidiary-to-double-branches-eyes-rs-5000-cr-biz-in-two-years-3436781.html|title=State Bank Of Mauritius To Operate As Local Subsidiary; To Double Branches, Eyes Rs 5000 Cr Biz In Two Years|website=Moneycontrol}}</ref><ref>{{Cite web|url=http://www.uniindia.com/sbm-bank-india-ltd-becomes-first-foreign-bank-to-set-up-wholly-owned-subsidiary-in-india/business-economy/news/1478479.html|title=SBM Bank (India) Ltd becomes first foreign bank to set up wholly owned subsidiary in India}}</ref><ref>{{Cite web|url=https://www.financialexpress.com/industry/banking-finance/focusing-deposits-state-bank-of-mauritius-plans-major-branch-expansion/1504292/|title = Focusing deposits, State Bank of Mauritius plans major branch expansion|date = 4 March 2019}}</ref><ref>{{Cite web|url=https://www.ciol.com/sbm-bank-india-limited-first-foreign-bank-set-wholly-owned-subsidiary-wos-india/|title=SBM Bank (India) Limited: First foreign bank to set up a Wholly Owned Subsidiary (WOS) in India|website=www.ciol.com}}</ref><ref>{{Cite web|url=https://www.moneycontrol.com/news/business/sbm-bank-india-wants-to-be-an-amazon-of-banking-5774891.html|title=SBM Bank India Wants To Be An Amazon Of Banking|website=Moneycontrol}}</ref><ref>{{Cite web|url=http://businessworld.in/article/SBM-Bank-India-Envisions-An-Expansion-Of-16-Branches-By-The-Year-2022/11-04-2019-169070|title=SBM Bank (India) Envisions An Expansion Of 16 Branches By The Year 2022|first=Bhaktvatsal|last=Sharma|website=BW Businessworld}}</ref><ref>{{Cite web|url=https://www.business-standard.com/article/news-ians/mauritius-pm-inaugurates-sbm-bank-india-ltd-in-mumbai-119012500517_1.html|title=Mauritius PM inaugurates SBM Bank (India) Ltd in Mumbai|date=January 25, 2019|via=Business Standard}}</ref><ref>{{Cite web|url=https://www.business-standard.com/article/pti-stories/mauritius-sbm-gets-rbi-approval-to-merge-operations-with-its-indian-subsidiary-118120100674_1.html|title=Mauritius' SBM gets RBI approval to merge operations with its Indian subsidiary|agency=Press Trust of India|date=December 1, 2018|via=Business Standard}}</ref> |
||
SBM Bank (India) Ltd. incorporated on 1 December 2018, is an Indian private sector bank headquartered in Mumbai, India |
SBM Bank (India) Ltd. incorporated on 1 December 2018, is an Indian private sector bank headquartered in Mumbai, India.<ref>{{Cite web|url=http://www.uniindia.com/~/sbm-bank-india-unveils-sbm-private-wealth/Business%20Economy/news/2155130.html|title=SBM Bank India unveils SBM Private Wealth}}</ref><ref>{{Cite web|url=https://www.psuconnect.in/news/SBM-Bank-India-inaugurates-first-of-its-kind-container-branch-at-Maharashtra-/25041|title=SBM Bank India inaugurates first-of-its-kind container branch at Maharashtra|website=www.psuconnect.in}}</ref><ref>{{Cite web|url=https://www.thehindubusinessline.com/money-and-banking/sbm-bank-aims-to-add-up-to-six-branches-in-fy21/article30495665.ece|title=SBM Bank aims to add up to six branches in FY21|website=@businessline}}</ref> |
||
The Bank has adopted to grow India operations focusing on technology-led and digital-led platforms and plans on adding two new branches in Financial Year 2022. Its collaborative banking strategy has led to alliances with various partners to offer a complete suite of products and services. SBM Bank (India) Ltd has partnered with more than 40 fintech companies like RapiPay, Paynearby, |
The Bank has adopted to grow India operations focusing on technology-led and digital-led platforms and plans on adding two new branches in Financial Year 2022. Its collaborative banking strategy has led to alliances with various partners to offer a complete suite of products and services. SBM Bank (India) Ltd has partnered with more than 40 fintech companies like RapiPay, Paynearby, and Paisabazaar, amongst others.<ref>{{Cite web|url=https://economictimes.indiatimes.com/markets/stocks/news/sbm-indias-growth-strategy-centres-on-fintech-tie-ups/articleshow/81749516.cms|title=SBM India’s growth strategy centres on Fintech tie-ups|first=Joel|last=Rebello|via=The Economic Times}}</ref> |
||
The team of SBM Bank (India) is led by Sidharth Rath, as Managing Director and CEO. Prior to SBM Bank India 's stint, Rath was Group Executive and Head of Corporate, Transaction Banking and International Banking of Axis |
The team of SBM Bank (India) is led by Sidharth Rath, as Managing Director and CEO. Prior to SBM Bank India 's stint, Rath was Group Executive and Head of Corporate, Transaction Banking and International Banking of [[Axis Bank]].<ref>{{Cite web|url=https://www.aninews.in/news/business/inculcating-the-art-and-science-of-risk-management-and-broader-governance-culture-is-critical-for-startups-sidharth-rath-ceo-sbm-bank-india20210830173217/|title=Inculcating the art and science of risk management and broader governance culture is critical for startups: Sidharth Rath, CEO, SBM Bank India|website=ANI News}}</ref><ref>{{Cite web|url=https://timesofindia.indiatimes.com/business/india-business/sbm-bank-india-appoints-sidharth-rath-as-managing-director-ceo/articleshow/66712932.cms|title=SBM Bank India appoints Sidharth Rath as managing director & CEO - Times of India|website=The Times of India}}</ref><ref>{{Cite web|url=https://www.thehindubusinessline.com/money-and-banking/sbm-bank-targeting-asset-size-of-5000-6000-cr/article25691806.ece|title=‘SBM Bank targeting asset size of ₹5,000-6,000 cr’|first=K. Ram|last=Kumar|website=@businessline}}</ref> |
||
== History == |
== History == |
||
SBM Bank (India) Ltd. is a step-down subsidiary of SBM Holdings Ltd, a listed entity in the Mauritius Stock exchange, promoted by the Government of Mauritius, brought its rich experience to India by setting up the Indian Operations in 1994.<ref>{{Cite web|url=https://www.newindianexpress.com/business/2018/dec/02/rbi-approves-state-bank-of-mauritius-merger-with-indian-subsidiary-1906223.html|title=RBI approves State Bank of Mauritius merger with Indian subsidiary|website=The New Indian Express}}</ref> |
SBM Bank (India) Ltd. is a step-down subsidiary of SBM Holdings Ltd, a listed entity in the [[Stock Exchange of Mauritius|Mauritius Stock exchange]], promoted by the [[Government of Mauritius]], brought its rich experience to [[India]] by setting up the Indian Operations in 1994.<ref>{{Cite web|url=https://www.newindianexpress.com/business/2018/dec/02/rbi-approves-state-bank-of-mauritius-merger-with-indian-subsidiary-1906223.html|title=RBI approves State Bank of Mauritius merger with Indian subsidiary|website=The New Indian Express}}</ref> |
||
== Products and Services == |
== Products and Services == |
||
Line 39: | Line 39: | ||
== Tie-ups and Partnerships == |
== Tie-ups and Partnerships == |
||
* SBM Bank taps partnerships to grow India operations.<ref>{{Cite web|url=https://www.moneycontrol.com/news/business/sbm-bank-bets-on-tie-ups-to-grow-india-operations-not-to-add-branches-6787201.html|title=SBM Bank Bets On Tie-ups To Grow India Operations; Not To Add Branches|website=Moneycontrol}}</ref> |
* SBM Bank taps partnerships to grow India operations.<ref>{{Cite web|url=https://www.moneycontrol.com/news/business/sbm-bank-bets-on-tie-ups-to-grow-india-operations-not-to-add-branches-6787201.html|title=SBM Bank Bets On Tie-ups To Grow India Operations; Not To Add Branches|website=Moneycontrol}}</ref> |
||
* SBM Bank India partners with Lendingkart to offer overdraft facility for working capital to MSMEs. SBM Bank offers a |
* SBM Bank India partners with Lendingkart to offer overdraft facility for working capital to MSMEs. SBM Bank offers a customised overdraft facility to over 1,00,000 customers of Lendingkart, largely [[Small and medium-sized enterprises|MSME]]<nowiki/>s.<ref>{{Cite web|url=https://www.zeebiz.com/small-business/news-sbm-bank-india-ties-up-with-lendingkart-to-offer-overdraft-facility-for-working-capital-to-msmes-164954|title=SBM Bank India ties up with Lendingkart to offer overdraft facility for working capital to MSMEs|date=September 10, 2021|website=Zee Business}}</ref><ref>{{Cite web|url=https://www.indiainfoline.com/article/news-sector-banking-financials/sbm-bank-india-collaborates-with-lendingkart-to-market-unique-tailormade-overdraft-facility-121090900662_1.html|title=SBM Bank India collaborates with Lendingkart to market unique tailormade Overdraft facility|website=www.indiainfoline.com}}</ref> |
||
* SBM Bank India to empower for MSME exporters through collaboration with Drip Capital.<ref>{{Cite web|url=https://economictimes.indiatimes.com/small-biz/sme-sector/sbm-bank-india-collaborates-with-drip-capital-to-empower-msme-exporters/articleshow/84171878.cms|title=SBM Bank India collaborates with Drip Capital to empower MSME exporters|via=The Economic Times}}</ref><ref>{{Cite web|url=https://www.thehindubusinessline.com/money-and-banking/drip-capital-partners-with-sbm-bank-india-to-empower-msme-exporters/article35184659.ece|title=Drip Capital partners with SBM Bank India to empower MSME exporters|website=@businessline}}</ref><ref>{{Cite web|url=https://knnindia.co.in/news/newsdetails/msme/sbm-bank-india-partners-with-drip-capital-to-boost-msme-exports|title=SBM Bank India partners with Drip Capital to boost MSME exports|first=Knn India-Knowledge & News|last=Network|website=knnindia.co.in}}</ref><ref>{{Cite web|url=https://www.financialexpress.com/industry/sme/msme-fin-how-bank-fintech-partnerships-have-evolved-in-india-to-ease-lending-payments-for-msmes-others/2354400/|title=What bank-fintech tie-ups mean for MSMEs, others in India beyond lending, payments}}</ref> |
* SBM Bank India to empower for MSME exporters through collaboration with Drip Capital.<ref>{{Cite web|url=https://economictimes.indiatimes.com/small-biz/sme-sector/sbm-bank-india-collaborates-with-drip-capital-to-empower-msme-exporters/articleshow/84171878.cms|title=SBM Bank India collaborates with Drip Capital to empower MSME exporters|via=The Economic Times}}</ref><ref>{{Cite web|url=https://www.thehindubusinessline.com/money-and-banking/drip-capital-partners-with-sbm-bank-india-to-empower-msme-exporters/article35184659.ece|title=Drip Capital partners with SBM Bank India to empower MSME exporters|website=@businessline}}</ref><ref>{{Cite web|url=https://knnindia.co.in/news/newsdetails/msme/sbm-bank-india-partners-with-drip-capital-to-boost-msme-exports|title=SBM Bank India partners with Drip Capital to boost MSME exports|first=Knn India-Knowledge & News|last=Network|website=knnindia.co.in}}</ref><ref>{{Cite web|url=https://www.financialexpress.com/industry/sme/msme-fin-how-bank-fintech-partnerships-have-evolved-in-india-to-ease-lending-payments-for-msmes-others/2354400/|title=What bank-fintech tie-ups mean for MSMEs, others in India beyond lending, payments}}</ref> |
||
* SBM Bank India re-imagines credit card experience in partnership with |
* SBM Bank India re-imagines credit card experience in partnership with OneCard. SBM Bank India did the Collaboration with OneCard to extend mobile-based credit cards. With in-app on-boarding, the virtual card can be activated & used instantly, while the physical card is delivered to the customer in as less as 3–5 days time.<ref>{{Cite web|url=https://www.expresscomputer.in/news/sbm-bank-india-collaborates-with-onecard-to-extend-mobile-based-credit-cards/79107/|title=SBM Bank India Collaborates with OneCard to extend mobile-based credit cards|date=September 7, 2021}}</ref><ref>{{Cite web|url=https://fortunly.com/news/banking/sbm-bank-and-onecard-partner-up-to-launch-mobile-based-credit-card/|title=SBM Bank and OneCard to Launch Mobile-Based Credit Card|website=Fortunly}}</ref><ref>{{Cite web|url=https://www.business-standard.com/article/finance/sbm-bank-partners-with-onecard-to-launch-mobile-based-credit-card-121090601200_1.html|title=SBM Bank partners with OneCard to launch mobile-based credit card|agency=Press Trust of India|date=September 6, 2021|via=Business Standard}}</ref> |
||
* SBM Bank India tied up with CredAvenue for NBFCs and fintec.<ref>{{Cite web|url=https://timesofindia.indiatimes.com/business/india-business/sbm-bank-india-partners-with-credavenue-for-nbfcs-and-fintechs/articleshow/83146792.cms|title=SBM Bank India partners with CredAvenue for NBFCs and fintechs - Times of India|website=The Times of India}}</ref><ref>{{Cite web|url=https://indiaeducationdiary.in/sbm-bank-india-logs-on-to-credavenue-as-platform-partner/|title=SBM Bank India logs on to CredAvenue as Platform Partner|date=May 28, 2021}}</ref> |
* SBM Bank India tied up with CredAvenue for NBFCs and fintec.<ref>{{Cite web|url=https://timesofindia.indiatimes.com/business/india-business/sbm-bank-india-partners-with-credavenue-for-nbfcs-and-fintechs/articleshow/83146792.cms|title=SBM Bank India partners with CredAvenue for NBFCs and fintechs - Times of India|website=The Times of India}}</ref><ref>{{Cite web|url=https://indiaeducationdiary.in/sbm-bank-india-logs-on-to-credavenue-as-platform-partner/|title=SBM Bank India logs on to CredAvenue as Platform Partner|date=May 28, 2021}}</ref> |
||
* SBM Bank India taps 30 fintechs to grow deposit operations.<ref>{{Cite web|url=https://timesofindia.indiatimes.com/business/india-business/sbm-bank-ties-up-with-30-fintechs-to-grow-deposits/articleshow/84535905.cms|title=SBM Bank ties up with 30 fintechs to grow deposits - Times of India|website=The Times of India}}</ref> |
* SBM Bank India taps 30 fintechs to grow deposit operations.<ref>{{Cite web|url=https://timesofindia.indiatimes.com/business/india-business/sbm-bank-ties-up-with-30-fintechs-to-grow-deposits/articleshow/84535905.cms|title=SBM Bank ties up with 30 fintechs to grow deposits - Times of India|website=The Times of India}}</ref> |
||
Line 50: | Line 50: | ||
* U GRO Capital and SBM Bank India together launch ‘GRO Smart Business’ credit cards targeted to MSMEs.<ref>{{Cite web|url=https://bfsi.eletsonline.com/u-gro-capital-sbm-bank-india-partner-launch-gro-smart-business-credit-card-for-msmes/|title=U GRO Capital, SBM Bank India partner to launch ‘GRO Smart Business’ credit card for MSMEs|first=BFSI|last=Network|date=April 8, 2021}}</ref> |
* U GRO Capital and SBM Bank India together launch ‘GRO Smart Business’ credit cards targeted to MSMEs.<ref>{{Cite web|url=https://bfsi.eletsonline.com/u-gro-capital-sbm-bank-india-partner-launch-gro-smart-business-credit-card-for-msmes/|title=U GRO Capital, SBM Bank India partner to launch ‘GRO Smart Business’ credit card for MSMEs|first=BFSI|last=Network|date=April 8, 2021}}</ref> |
||
* SBM Bank India along with Mastercard facilitate cross border transactions, remittances.<ref>{{Cite web|url=https://www.livemint.com/news/india/sbm-bank-india-mastercard-to-facilitate-cross-border-transactions-remittances-11594029848373.html|title=SBM Bank India, Mastercard to facilitate cross border transactions, remittances|date=July 6, 2020|website=mint}}</ref><ref>{{Cite web|url=https://www.pymnts.com/news/international/2020/today-in-payments-around-the-world-worldremit-smb-bank-india/|title=WorldRemit Introduces Transfer Tracking App|date=September 16, 2020|website=www.pymnts.com}}</ref> |
* SBM Bank India along with Mastercard facilitate cross border transactions, remittances.<ref>{{Cite web|url=https://www.livemint.com/news/india/sbm-bank-india-mastercard-to-facilitate-cross-border-transactions-remittances-11594029848373.html|title=SBM Bank India, Mastercard to facilitate cross border transactions, remittances|date=July 6, 2020|website=mint}}</ref><ref>{{Cite web|url=https://www.pymnts.com/news/international/2020/today-in-payments-around-the-world-worldremit-smb-bank-india/|title=WorldRemit Introduces Transfer Tracking App|date=September 16, 2020|website=www.pymnts.com}}</ref> |
||
* LoanTap in association with SBM Bank and Rupay, launches limitless prepaid cards.<ref>{{Cite web|url=https://www.freepressjournal.in/business/digital-lending-platform-loantap-launches-limitless-prepaid-cards-in-association-with-sbm-bank-rupay|title=Digital lending platform LoanTap launches limitless prepaid cards in association with SBM Bank, Rupay|website=Free Press Journal}}</ref> |
* LoanTap in association with SBM Bank and [[RuPay|Rupay]], launches limitless prepaid cards.<ref>{{Cite web|url=https://www.freepressjournal.in/business/digital-lending-platform-loantap-launches-limitless-prepaid-cards-in-association-with-sbm-bank-rupay|title=Digital lending platform LoanTap launches limitless prepaid cards in association with SBM Bank, Rupay|website=Free Press Journal}}</ref> |
||
* SBM EnKash RuPay Business Card through RuPay network will offer a host of unique amenities designed for SMEs, MSMEs, and start-ups.<ref>{{Cite web|url=https://www.thehindubusinessline.com/money-and-banking/sbm-bank-india-enkash-yap-and-rupay-launch-business-credit-card/article32171067.ece|title=SBM Bank India, EnKash, YAP and RuPay launch business credit card|website=@businessline}}</ref> |
* SBM EnKash RuPay Business Card through RuPay network will offer a host of unique amenities designed for SMEs, MSMEs, and start-ups.<ref>{{Cite web|url=https://www.thehindubusinessline.com/money-and-banking/sbm-bank-india-enkash-yap-and-rupay-launch-business-credit-card/article32171067.ece|title=SBM Bank India, EnKash, YAP and RuPay launch business credit card|website=@businessline}}</ref> |
||
* SBM Bank India taps Vakrangee for Banking Business Correspondent (BC) service.<ref>{{Cite web|url=https://www.business-standard.com/article/news-cm/sbm-bank-india-partners-with-vakrangee-to-provide-banking-services-120120400275_1.html|title=SBM Bank India partners with Vakrangee to provide banking services|first=Capital|last=Market|date=December 4, 2020|via=Business Standard}}</ref> |
* SBM Bank India taps Vakrangee for Banking Business Correspondent (BC) service.<ref>{{Cite web|url=https://www.business-standard.com/article/news-cm/sbm-bank-india-partners-with-vakrangee-to-provide-banking-services-120120400275_1.html|title=SBM Bank India partners with Vakrangee to provide banking services|first=Capital|last=Market|date=December 4, 2020|via=Business Standard}}</ref> |
Revision as of 16:24, 31 May 2022
Company type | Public |
---|---|
Industry | Finance and Insurance |
Headquarters | , |
Products | Banking |
Parent | SBM Holdings Ltd |
SBM Bank India is the first bank to receive a banking license from the Reserve Bank of India (RBI) and to establish a universal banking business in India through the Wholly Owned Subsidiary (WOS) mode. SBM Bank India is operating from Mumbai, New Delhi, Bengaluru, Chennai, Hyderabad, Ahmedabad, and in the rural centers of Ramachandrapuram and Palghar.[1][2][3][4][5][6][7][8][9][10]
SBM Bank (India) Ltd. incorporated on 1 December 2018, is an Indian private sector bank headquartered in Mumbai, India.[11][12][13]
The Bank has adopted to grow India operations focusing on technology-led and digital-led platforms and plans on adding two new branches in Financial Year 2022. Its collaborative banking strategy has led to alliances with various partners to offer a complete suite of products and services. SBM Bank (India) Ltd has partnered with more than 40 fintech companies like RapiPay, Paynearby, and Paisabazaar, amongst others.[14]
The team of SBM Bank (India) is led by Sidharth Rath, as Managing Director and CEO. Prior to SBM Bank India 's stint, Rath was Group Executive and Head of Corporate, Transaction Banking and International Banking of Axis Bank.[15][16][17]
History
SBM Bank (India) Ltd. is a step-down subsidiary of SBM Holdings Ltd, a listed entity in the Mauritius Stock exchange, promoted by the Government of Mauritius, brought its rich experience to India by setting up the Indian Operations in 1994.[18]
Products and Services
SBM Bank (India) Ltd. focuses on retail banking products under the brand “SBM Private Wealth” and customized wholesale banking products.[19][20]
Tie-ups and Partnerships
- SBM Bank taps partnerships to grow India operations.[21]
- SBM Bank India partners with Lendingkart to offer overdraft facility for working capital to MSMEs. SBM Bank offers a customised overdraft facility to over 1,00,000 customers of Lendingkart, largely MSMEs.[22][23]
- SBM Bank India to empower for MSME exporters through collaboration with Drip Capital.[24][25][26][27]
- SBM Bank India re-imagines credit card experience in partnership with OneCard. SBM Bank India did the Collaboration with OneCard to extend mobile-based credit cards. With in-app on-boarding, the virtual card can be activated & used instantly, while the physical card is delivered to the customer in as less as 3–5 days time.[28][29][30]
- SBM Bank India tied up with CredAvenue for NBFCs and fintec.[31][32]
- SBM Bank India taps 30 fintechs to grow deposit operations.[33]
- Vested Finance and SBM Bank come together to offer forex transfers.[34][35][36]
- Paisabazaar introduces its neo-lending strategy, launches Step Up Credit Card with SBM Bank India.[37][38]
- Niyo and SBM Bank India come together to offer Niyo Global experience for passport holders.[39][40]
- Niyo with SBM Bank India and VISA now offers a digital savings account with travel-friendly product Niyo Global. Along with zero-forex mark-up, customers can now earn an attractive interest p.a. on the savings account.[41][42]
- U GRO Capital and SBM Bank India together launch ‘GRO Smart Business’ credit cards targeted to MSMEs.[43]
- SBM Bank India along with Mastercard facilitate cross border transactions, remittances.[44][45]
- LoanTap in association with SBM Bank and Rupay, launches limitless prepaid cards.[46]
- SBM EnKash RuPay Business Card through RuPay network will offer a host of unique amenities designed for SMEs, MSMEs, and start-ups.[47]
- SBM Bank India taps Vakrangee for Banking Business Correspondent (BC) service.[48]
- Finin collaborates with SBM Bank India.[49]
- Arya announces its collaboration with SBM Bank India to tap the mid-market segment, including mid-corporates and higher-end SMEs.[50]
- Vakrangee partners with SBM Bank India to take Smart Banking to Indian hinterlands.[51]
- Bharti AXA Life tied up with SBM Bank India for insurance distribution.[52][53]
- SBM Bank India and PayNearby come together to democratize financial investments.[54][55][56]
References
- ^ Rebello, Joel. "SBM plans calibrated expansion of units in India". The Economic Times.
- ^ "Mauritius PM inaugurates SBM Bank (India) Ltd in Mumbai". Business Standard India. 25 January 2019.
- ^ "State Bank Of Mauritius To Operate As Local Subsidiary; To Double Branches, Eyes Rs 5000 Cr Biz In Two Years". Moneycontrol.
- ^ "SBM Bank (India) Ltd becomes first foreign bank to set up wholly owned subsidiary in India".
- ^ "Focusing deposits, State Bank of Mauritius plans major branch expansion". 4 March 2019.
- ^ "SBM Bank (India) Limited: First foreign bank to set up a Wholly Owned Subsidiary (WOS) in India". www.ciol.com.
- ^ "SBM Bank India Wants To Be An Amazon Of Banking". Moneycontrol.
- ^ Sharma, Bhaktvatsal. "SBM Bank (India) Envisions An Expansion Of 16 Branches By The Year 2022". BW Businessworld.
- ^ "Mauritius PM inaugurates SBM Bank (India) Ltd in Mumbai". January 25, 2019 – via Business Standard.
- ^ "Mauritius' SBM gets RBI approval to merge operations with its Indian subsidiary". Press Trust of India. December 1, 2018 – via Business Standard.
- ^ "SBM Bank India unveils SBM Private Wealth".
- ^ "SBM Bank India inaugurates first-of-its-kind container branch at Maharashtra". www.psuconnect.in.
- ^ "SBM Bank aims to add up to six branches in FY21". @businessline.
- ^ Rebello, Joel. "SBM India's growth strategy centres on Fintech tie-ups" – via The Economic Times.
- ^ "Inculcating the art and science of risk management and broader governance culture is critical for startups: Sidharth Rath, CEO, SBM Bank India". ANI News.
- ^ "SBM Bank India appoints Sidharth Rath as managing director & CEO - Times of India". The Times of India.
- ^ Kumar, K. Ram. "'SBM Bank targeting asset size of ₹5,000-6,000 cr'". @businessline.
- ^ "RBI approves State Bank of Mauritius merger with Indian subsidiary". The New Indian Express.
- ^ Abraham, Thomas. "SBM Bank (I) will focus on rural markets through collaborative approach, says Sidharth Rath". @businessline.
- ^ Mohan, Raghu (August 3, 2020). "We intend to use open architecture to build scale: SBM Bank's Sidharth Rath" – via Business Standard.
- ^ "SBM Bank Bets On Tie-ups To Grow India Operations; Not To Add Branches". Moneycontrol.
- ^ "SBM Bank India ties up with Lendingkart to offer overdraft facility for working capital to MSMEs". Zee Business. September 10, 2021.
- ^ "SBM Bank India collaborates with Lendingkart to market unique tailormade Overdraft facility". www.indiainfoline.com.
- ^ "SBM Bank India collaborates with Drip Capital to empower MSME exporters" – via The Economic Times.
- ^ "Drip Capital partners with SBM Bank India to empower MSME exporters". @businessline.
- ^ Network, Knn India-Knowledge & News. "SBM Bank India partners with Drip Capital to boost MSME exports". knnindia.co.in.
- ^ "What bank-fintech tie-ups mean for MSMEs, others in India beyond lending, payments".
- ^ "SBM Bank India Collaborates with OneCard to extend mobile-based credit cards". September 7, 2021.
- ^ "SBM Bank and OneCard to Launch Mobile-Based Credit Card". Fortunly.
- ^ "SBM Bank partners with OneCard to launch mobile-based credit card". Press Trust of India. September 6, 2021 – via Business Standard.
- ^ "SBM Bank India partners with CredAvenue for NBFCs and fintechs - Times of India". The Times of India.
- ^ "SBM Bank India logs on to CredAvenue as Platform Partner". May 28, 2021.
- ^ "SBM Bank ties up with 30 fintechs to grow deposits - Times of India". The Times of India.
- ^ "Vested Finance ties up with SBM Bank for forex transfers". mint. October 13, 2021.
- ^ Harrison, Polly Jean (October 17, 2021). "Vested Finance Partners with SBM Bank India To Make Desposts for US Investing Easier".
- ^ "SBM's partner Vested to help Indians buy US stocks online - Times of India". The Times of India.
- ^ "Paisabazaar rolls out its neo-lending strategy, launches Step Up Credit Card with SBM Bank India". June 22, 2021.
- ^ Pioneer, The. "Paisabazaar, SBM bank announce to launch Step Up credit card". The Pioneer.
- ^ "Niyo with SBM Bank India now offers a digital savings account". December 1, 2021.
- ^ "Niyo and SBM Bank to launch upgraded Niyo Global experience for passport holders".
- ^ "Niyo, SBM Bank announce offer for digital savings account". Free Press Journal.
- ^ "SBM Bank India set to launch a neo banking platform". @businessline.
- ^ Network, BFSI (April 8, 2021). "U GRO Capital, SBM Bank India partner to launch 'GRO Smart Business' credit card for MSMEs".
- ^ "SBM Bank India, Mastercard to facilitate cross border transactions, remittances". mint. July 6, 2020.
- ^ "WorldRemit Introduces Transfer Tracking App". www.pymnts.com. September 16, 2020.
- ^ "Digital lending platform LoanTap launches limitless prepaid cards in association with SBM Bank, Rupay". Free Press Journal.
- ^ "SBM Bank India, EnKash, YAP and RuPay launch business credit card". @businessline.
- ^ Market, Capital (December 4, 2020). "SBM Bank India partners with Vakrangee to provide banking services" – via Business Standard.
- ^ "Finin launches as neobanking platform, partners with SBM Bank India". Business Today.
- ^ Network, BFSI (August 12, 2021). "Arya, State Bank of Mauritius Bank partner to offer financing solutions".
- ^ "Vakrangee ties with SBM Bank India to offer Smart Banking to the unbanked India". www.indiainfoline.com.
- ^ "Bharti AXA Life partners with SBM Bank India for insurance distribution" – via The Economic Times.
- ^ Srivats, K. R. "Bharti AXA Life, SBM Bank India enter into bancassurance partnership". @businessline.
- ^ "New platform floated by SBM Bank India and PayNearby ease the process of financial investments | Indiablooms - First Portal on Digital News Management". Indiablooms.com.
- ^ "SBM Bank India and PayNearby announce launch of Nivesh".
- ^ "SBM Bank Ties Up With PayNearby To Offer 'open Banking' To Masses". Moneycontrol.