Money & Banking

SBM Bank aims to add up to six branches in FY21

Our Bureau Mumbai | Updated on January 06, 2020 Published on January 06, 2020

SBM Bank (India), a step-down subsidiary of SBM Holdings (erstwhile State Bank of Mauritius), will add two branches in the current quarter, taking the branch network to eight by March-end 2020.

The bank, which was the first foreign bank to obtain a banking licence from the Reserve Bank of India to operate as a wholly-owned subsidiary (WoS) in December 2018, may add four to six branches in the next financial year, said Sidharth Rath, MD and CEO.

Tie-up with PayNearby

While it will increase its own network in a calibrated manner, Rath said the emphasis will be on digital and partnership approach to expand business. In this regard, SBM Bank (India), on Monday, announced a tie-up with a hyperlocal fintech start-up, PayNearby, to build an “open banking” network towards delivering basic banking solutions as well as advanced financial services to their customers. The partnership will 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 network of PayNearby retailers spans across over 16,700 PIN codes in the country, the bank and the fintech company said in a joint statement.

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, it added.

“Branch locations, banking hours or normal waiting time – these concepts are fast eroding. We, being a new bank, have set sights on offering a seamless experience.

“Our partnership with Nearby Technologies is built on a commitment to facilitate financial empowerment among the underbanked and unbanked segments through the wide network comprising MSMEs and retail outlets.”

Published on January 06, 2020
  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.