Sbm
“Can SBM Bank India become the preferred BaaS and co-lending partner bank for Indian fintechs seeking licensed banking infrastructure and RBI-regulated rails?”
HQMumbai, India
IndustryBank / National
The story
SBM Bank (India) Ltd operates as the Indian subsidiary of the SBM Group (State Bank of Mauritius), having converted to a wholly-owned subsidiary banking model under RBI's guidelines. The bank has positioned itself as an API-first, partnership-driven bank, actively enabling fintech companies via Banking-as-a-Service infrastructure. Its strategy centers on co-lending arrangements, fintech partnerships (notably with YAP for switching), and expanding MSME-focused financial products through embedded finance collaborations.
Product timeline
2020
SBM Bank India partnered with Mastercard to deploy Mastercard Send for domestic B2C and cross-border remittance payments, with YAP as switching partner.· banking
2023
U GRO Capital partnered with SBM Bank India to launch a co-branded credit card targeting MSME customers.· lending
Regulated entities
Scheduled Commercial Bank
India (RBI)
SBM Bank (India) Limited
The stack
Lending
Working capital loansTerm loansCash creditDemand loansOverdraftTrade finance / LC discountingMSME co-branded credit card (with U GRO Capital)
FX & payouts
Accounting gap: none