SBM Bank India

Not to be confused with State Bank of Mysore.

SBM Bank India

Company type	Public
Industry	Finance and Insurance
Founded	1 December 2018
Headquarters	Mumbai , India
Key people	Ashish Vijayakar (MD and CEO) [1]
Products	Banking
Number of employees	350+
Parent	SBM Holdings Ltd
Website	www.sbm.bank.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. ^{[2] [3] [4]} It was incorporated on 1 December 2018 as a private sector bank headquartered in Mumbai. ^{[5] [6] [7]} It also operates from New Delhi, Mumbai, Bengaluru, Chennai, Hyderabad, Ahmedabad, Kolkata, Chandigarh, Ludhiana, Surat, and in the rural centers of Ramachandrapuram and Palghar. ^{[8] [9] [10] [11] [12] [13] [14]}

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. ^[15]

Products and services

SBM Bank (India) Ltd. focuses on retail banking products under the brand "SBM Private Wealth" and customized wholesale banking products. ^{[16] [17]}

Tie-ups and Partnerships

• SBM Bank taps partnerships to grow India operations. ^[18]
• 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. ^{[19] [20]}
• SBM Bank India to empower for MSME exporters through collaboration with Drip Capital. ^{[21] [22] [23] [24]}
• 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. ^{[25] [26] [27]}
• SBM Bank India tied up with CredAvenue for NBFCs and fintec. ^{[28] [29]}
• SBM Bank India taps 30 fintechs to grow deposit operations. ^[30]
• Vested Finance and SBM Bank come together to offer forex transfers. ^{[31] [32] [33]}
• Paisabazaar introduces its neo-lending strategy, launches Step Up Credit Card with SBM Bank India. ^{[34] [35]}
• Niyo and SBM Bank India come together to offer Niyo Global experience for passport holders. ^{[36] [37]}
• 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. ^{[38] [39]}
• U GRO Capital and SBM Bank India together launch ‘GRO Smart Business’ credit cards targeted to MSMEs. ^[40]
• SBM Bank India along with Mastercard facilitate cross border transactions, remittances. ^{[41] [42]}
• LoanTap in association with SBM Bank and Rupay, launches limitless prepaid cards. ^[43]
• SBM EnKash RuPay Business Card through RuPay network will offer a host of unique amenities designed for SMEs, MSMEs, and start-ups. ^[44]
• SBM Bank India taps Vakrangee for Banking Business Correspondent (BC) service. ^[45]
• Finin collaborates with SBM Bank India. ^[46]
• Arya announces its collaboration with SBM Bank India to tap the mid-market segment, including mid-corporates and higher-end SMEs. ^[47]
• Vakrangee partners with SBM Bank India to take Smart Banking to Indian hinterlands. ^[48]
• Bharti AXA Life tied up with SBM Bank India for insurance distribution. ^{[49] [50]}
• SBM Bank India and PayNearby come together to democratize financial investments. ^{[51] [52] [53]}

References

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

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