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SBM Bank India

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SBM Bank India
Company typePublic
IndustryFinance and Insurance
Founded1st December 2018
Headquarters
Mumbai
,
India
Key people
Sidharth Rath (MD and CEO)[1][2]
ProductsBanking
Number of employees
350+
ParentSBM Holdings Ltd
Websitehttps://www.sbmbank.co.in/

SBM Bank India is a subsidiary of the State Bank of Mauritius. It was the first bank to receive a banking license from the India's banking regulator Reserve Bank of India (RBI) to establish a universal banking business in the country as a wholly owned subsidiary.[3][4][5] It was incorporated on 1 December 2018 as a private sector bank headquartered in Mumbai.[6][7][8] It also operates from New Delhi, Bengaluru, Chennai, Hyderabad, Ahmedabad, and in the rural centers of Ramachandrapuram and Palghar.[9][10][11][12][13][14][15]

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.[16]

Products and services

SBM Bank (India) Ltd. focuses on retail banking products under the brand "SBM Private Wealth" and customized wholesale banking products.[17][18]

Tie-ups and Partnerships

  • SBM Bank taps partnerships to grow India operations.[19]
  • 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.[20][21]
  • SBM Bank India to empower for MSME exporters through collaboration with Drip Capital.[22][23][24][25]
  • 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.[26][27][28]
  • SBM Bank India tied up with CredAvenue for NBFCs and fintec.[29][30]
  • SBM Bank India taps 30 fintechs to grow deposit operations.[31]
  • Vested Finance and SBM Bank come together to offer forex transfers.[32][33][34]
  • Paisabazaar introduces its neo-lending strategy, launches Step Up Credit Card with SBM Bank India.[35][36]
  • Niyo and SBM Bank India come together to offer Niyo Global experience for passport holders.[37][38]
  • 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.[39][40]
  • U GRO Capital and SBM Bank India together launch ‘GRO Smart Business’ credit cards targeted to MSMEs.[41]
  • SBM Bank India along with Mastercard facilitate cross border transactions, remittances.[42][43]
  • LoanTap in association with SBM Bank and Rupay, launches limitless prepaid cards.[44]
  • SBM EnKash RuPay Business Card through RuPay network will offer a host of unique amenities designed for SMEs, MSMEs, and start-ups.[45]
  • SBM Bank India taps Vakrangee for Banking Business Correspondent (BC) service.[46]
  • Finin collaborates with SBM Bank India.[47]
  • Arya announces its collaboration with SBM Bank India to tap the mid-market segment, including mid-corporates and higher-end SMEs.[48]
  • Vakrangee partners with SBM Bank India to take Smart Banking to Indian hinterlands.[49]
  • Bharti AXA Life tied up with SBM Bank India for insurance distribution.[50][51]
  • SBM Bank India and PayNearby come together to democratize financial investments.[52][53][54]

References

  1. ^ "Inculcating the art and science of risk management and broader governance culture is critical for startups: Sidharth Rath, CEO, SBM Bank India". ANI News.
  2. ^ "SBM Bank India appoints Sidharth Rath as managing director & CEO - Times of India". The Times of India.
  3. ^ Rebello, Joel. "SBM plans calibrated expansion of units in India". The Economic Times.
  4. ^ "State Bank Of Mauritius To Operate As Local Subsidiary; To Double Branches, Eyes Rs 5000 Cr Biz In Two Years". Moneycontrol.
  5. ^ "SBM Bank (India) Ltd becomes first foreign bank to set up wholly owned subsidiary in India".
  6. ^ "SBM Bank India unveils SBM Private Wealth".
  7. ^ "SBM Bank India inaugurates first-of-its-kind container branch at Maharashtra". www.psuconnect.in.
  8. ^ "SBM Bank aims to add up to six branches in FY21". @businessline.
  9. ^ "Mauritius PM inaugurates SBM Bank (India) Ltd in Mumbai". Business Standard India. 25 January 2019.
  10. ^ "Focusing deposits, State Bank of Mauritius plans major branch expansion". 4 March 2019.
  11. ^ "SBM Bank (India) Limited: First foreign bank to set up a Wholly Owned Subsidiary (WOS) in India". www.ciol.com.
  12. ^ "SBM Bank India Wants To Be An Amazon Of Banking". Moneycontrol.
  13. ^ Sharma, Bhaktvatsal. "SBM Bank (India) Envisions An Expansion Of 16 Branches By The Year 2022". BW Businessworld.
  14. ^ "Mauritius PM inaugurates SBM Bank (India) Ltd in Mumbai". 25 January 2019 – via Business Standard.
  15. ^ "Mauritius' SBM gets RBI approval to merge operations with its Indian subsidiary". Press Trust of India. 1 December 2018 – via Business Standard.
  16. ^ "RBI approves State Bank of Mauritius merger with Indian subsidiary". The New Indian Express.
  17. ^ Abraham, Thomas. "SBM Bank (I) will focus on rural markets through collaborative approach, says Sidharth Rath". @businessline.
  18. ^ Mohan, Raghu (3 August 2020). "We intend to use open architecture to build scale: SBM Bank's Sidharth Rath" – via Business Standard.
  19. ^ "SBM Bank Bets On Tie-ups To Grow India Operations; Not To Add Branches". Moneycontrol.
  20. ^ "SBM Bank India ties up with Lendingkart to offer overdraft facility for working capital to MSMEs". Zee Business. 10 September 2021.
  21. ^ "SBM Bank India collaborates with Lendingkart to market unique tailormade Overdraft facility". www.indiainfoline.com.
  22. ^ "SBM Bank India collaborates with Drip Capital to empower MSME exporters" – via The Economic Times.
  23. ^ "Drip Capital partners with SBM Bank India to empower MSME exporters". @businessline.
  24. ^ Network, Knn India-Knowledge & News. "SBM Bank India partners with Drip Capital to boost MSME exports". knnindia.co.in.
  25. ^ "What bank-fintech tie-ups mean for MSMEs, others in India beyond lending, payments".
  26. ^ "SBM Bank India Collaborates with OneCard to extend mobile-based credit cards". 7 September 2021.
  27. ^ "SBM Bank and OneCard to Launch Mobile-Based Credit Card". Fortunly.
  28. ^ "SBM Bank partners with OneCard to launch mobile-based credit card". Press Trust of India. 6 September 2021 – via Business Standard.
  29. ^ "SBM Bank India partners with CredAvenue for NBFCs and fintechs - Times of India". The Times of India.
  30. ^ "SBM Bank India logs on to CredAvenue as Platform Partner". 28 May 2021.
  31. ^ "SBM Bank ties up with 30 fintechs to grow deposits - Times of India". The Times of India.
  32. ^ "Vested Finance ties up with SBM Bank for forex transfers". mint. 13 October 2021.
  33. ^ Harrison, Polly Jean (17 October 2021). "Vested Finance Partners with SBM Bank India To Make Desposts for US Investing Easier".
  34. ^ "SBM's partner Vested to help Indians buy US stocks online - Times of India". The Times of India.
  35. ^ "Paisabazaar rolls out its neo-lending strategy, launches Step Up Credit Card with SBM Bank India". 22 June 2021.
  36. ^ Pioneer, The. "Paisabazaar, SBM bank announce to launch Step Up credit card". The Pioneer.
  37. ^ "Niyo with SBM Bank India now offers a digital savings account". 1 December 2021.
  38. ^ "Niyo and SBM Bank to launch upgraded Niyo Global experience for passport holders".
  39. ^ "Niyo, SBM Bank announce offer for digital savings account". Free Press Journal.
  40. ^ "SBM Bank India set to launch a neo banking platform". @businessline.
  41. ^ Network, BFSI (8 April 2021). "U GRO Capital, SBM Bank India partner to launch 'GRO Smart Business' credit card for MSMEs".
  42. ^ "SBM Bank India, Mastercard to facilitate cross border transactions, remittances". mint. 6 July 2020.
  43. ^ "WorldRemit Introduces Transfer Tracking App". www.pymnts.com. 16 September 2020.
  44. ^ "Digital lending platform LoanTap launches limitless prepaid cards in association with SBM Bank, Rupay". Free Press Journal.
  45. ^ "SBM Bank India, EnKash, YAP and RuPay launch business credit card". @businessline.
  46. ^ Market, Capital (4 December 2020). "SBM Bank India partners with Vakrangee to provide banking services" – via Business Standard.
  47. ^ "Finin launches as neobanking platform, partners with SBM Bank India". Business Today.
  48. ^ Network, BFSI (12 August 2021). "Arya, State Bank of Mauritius Bank partner to offer financing solutions".
  49. ^ "Vakrangee ties with SBM Bank India to offer Smart Banking to the unbanked India". www.indiainfoline.com.
  50. ^ "Bharti AXA Life partners with SBM Bank India for insurance distribution" – via The Economic Times.
  51. ^ Srivats, K. R. "Bharti AXA Life, SBM Bank India enter into bancassurance partnership". @businessline.
  52. ^ "New platform floated by SBM Bank India and PayNearby ease the process of financial investments | Indiablooms - First Portal on Digital News Management". Indiablooms.com.
  53. ^ "SBM Bank India and PayNearby announce launch of Nivesh".
  54. ^ "SBM Bank Ties Up With PayNearby To Offer 'open Banking' To Masses". Moneycontrol.


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