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]
 | |
| Company type | Public |
|---|---|
| Industry | Finance and Insurance |
| Founded | 1st December 2018 |
| Headquarters | , |
Key people | Sidharth Rath (MD and CEO)[1][2] |
| Products | Banking |
Number of employees | 350+ |
| Parent | SBM Holdings Ltd |
| Website | www |
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]
