SBM Bank ties up with PayNearby to offer 'open banking' to masses

SBM Bank (India) on Monday signed an MoU with fintech startup PayNearby to build an 'open banking' network towards delivering basic banking solutions as well as advanced financial services to the customers.

The partnership would enable the bank to offer complete suite of digital and assisted banking solutions through PayNearby's exhaustive network of micro-enterprise and retail touchpoints, SBM Bank said in a statement.

It will also enable micro-enterprises and retail touchpoints to earn better returns on their investments, it said.

The deployment of the banking module will be done in a phased manner and will work seamlessly with the existing platforms at PayNearby outlets and touchpoints, it added.

State Bank of Mauritius (SBM) is the first foreign lender to receive banking license in India through wholly-owned subsidiary route.