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SBM Bank India partnered with PayNearby

Published on November 17, 2020
Current Context: The SBM Bank India, which is the wholly-owned subsidiary of State Bank of Mauritius has entered into a partnership with Fintech PayNearby.
SBM Bank India partnered with PayNearby
  • They have partnered to launch a neo banking platform.
  • They signed MoU for same and are set to build an open banking network which will offer basic banking solutions and other advance services to the customers. 
  • Through the PayNearby’s network, the SBM India will offer a complete suite of digital and assisted banking solutions.
  • Both the entities also partnered to launch Nivesh which is a unique Goal Based Recurring Deposit Platform.
  • Static Part: Neo Bank: It is that type of bank, which is operated exclusively online i.e. the customer does not have to visit a bank or its branches for banking solutions. It is also known as an online bank, internet-only bank, virtual bank or digital bank. 
    • HQ of SBM India: Mumbai
    • MD and CEO of SMB India: Sidharth Rath
    • PayNearby belongs to Nearby Technologies, HQ of Nearby Technologies: Mumbai


Q.1 Who among the following partnered with Fintech PayNearby for neo banking platform?
a. Karur Vyasa Bank
b. Federal Bank
c. Punjab National Bank 
d. SBM India

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