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SBM Bank ties up with 30 fintechs to grow deposits

SBM Bank ties up with 30 fintechs to grow deposits © Provided by The Times of India Mumbai: SBM Bank, a wholly owned subsidiary of State Bank of Mauritius, has partnered 30 fintech firms as a part of its strategy to acquire customers using the ‘banking as a service’ model. Under this, the fintechs provide an interface for customers, and the bank delivers the network effect by providing not just the banking platform but also access to other fintech services that it has partnered with. SBM earlier operated as an Indian branch of its parent doing wholesale banking and did not have any electronic interface like internet or mobile banking. In end-2018, the bank got a full-fledged bank licence. “This enabled us to leapfrog in terms of IT and provide a new technology stack to the customer,” said MD & CEO Sidharth Rath. According to him, the bank took a call to build a liability (deposit) franchise first. “Building a branch network is expensive and it costs as much as Rs 1-1.

Bachat khataNeeraj sinhaSidharth rathState bankBachat khataRemittance schemeநீரஜ் சீன்ஹாசிடார்த் ரத்நிலை வங்கிபணம் அனுப்புதல் திட்டம்

SBM Bank bets on tie-ups to grow India ops; not to add branches

SBM Bank bets on tie-ups to grow India ops; not to add branches SECTIONS Last Updated: Apr 19, 2021, 12:57 PM IST Share Synopsis DBS, the only other wholly-owned subsidiary, acquired struggling private sector lender Lakshmi Vilas Bank last year, which gave it access to 563 branches. Reuters The bank is not keen on adding to its brick and mortar branch network, which right now consists of six outlets in metro cities and two in unbanked rural areas, Rath said SBM Bank India, the wholly-owned subsidiary of the Mauritian government s SBM, is betting on partnerships with fintechs and non-bank entities to grow its business here and is not interested in growing its branch network like DBS Bank India did with an acquisition, a top official has said. SBM Bank India wants to grow its business through granular liabilities collection and booking fees by aiding in various banking transactions, its managing director and chief executive Sidharth Rath said.

Neeraj sinhaSidharth rathSbm bank indiaBank indiaState bankCurrent account savingSbm bankLakshmi vilas bankState bank of mauritiusநீரஜ் சீன்ஹாசிடார்த் ரத்சப்ம் வங்கி இந்தியாவங்கி இந்தியாநிலை வங்கிசப்ம் வங்கிலட்சுமி விலாஸ் வங்கி

SBM bets on tie-ups to grow India operations; not to add branches

SBM bets on tie-ups to grow India operations; not to add branches Top Searches SBM bets on tie-ups to grow India operations; not to add branches Apr 19, 2021, 16:06 IST FacebookTwitterLinkedinEMail (Representative image) MUMBAI: SBM Bank India, the wholly-owned subsidiary of the Mauritian government s SBM, is betting on partnerships with fintechs and non-bank entities to grow its business here and is not interested in growing its branch network like DBS Bank India did with an acquisition, a top official has said. SBM Bank India wants to grow its business through granular liabilities collection and booking fees by aiding in various banking transactions, its managing director and chief executive Sidharth Rath told PTI.

Neeraj sinhaSidharth rathBank indiaLakshmi vilas bankState bankCurrent account savingBusiness newsState bank of mauritiusSbm bank india opsSbm bank india operationsSbm bank indiaநீரஜ் சீன்ஹாசிடார்த் ரத்வங்கி இந்தியாலட்சுமி விலாஸ் வங்கிநிலை வங்கி

SBM bets on tie-ups to grow India ops; not to add branches - The Hindu BusinessLine

SBM bets on tie-ups to grow India ops; not to add branches - The Hindu BusinessLine
thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.

Neeraj sinhaSidharth rathSbm bank indiaBank indiaLakshmi vilas bankManaging directorChief executive sidharth rathState bankCurrent account savingநீரஜ் சீன்ஹாசிடார்த் ரத்சப்ம் வங்கி இந்தியாவங்கி இந்தியாலட்சுமி விலாஸ் வங்கிநிர்வகித்தல் இயக்குனர்தலைமை நிர்வாகி சிடார்த் ரத்

RBI sets tone right to boost economy; liquidity support, widening of G-sec mkt welcome steps: Bankers

RBI sets tone right to boost economy; liquidity support, widening of G-sec mkt welcome steps: Bankers SECTIONS RBI sets tone right to boost economy; liquidity support, widening of G-sec mkt welcome steps: BankersPTI Last Updated: Feb 06, 2021, 11:46 AM IST Share Synopsis The Reserve Bank of India in its final monetary review of this fiscal decided to keep the key repo rate at which it lends short term capital to banks unchanged at 4 per cent with an accommodative stance to support growth and ensure there are no adverse price pressures. Monetary Policy highlights: RBI restores CRR, allows online access to government securities market

Sri lankaDinesh kharaChandra shekhar ghoshSujata guhathakurtaZarin daruwalaSameer narangSidharth rathShaktikanta dasBandhan bankPunjab national bankBank indiaUnion budgetBank economist rajni thakurStandard chartered bankMonetary policy committeeReserve bank