SBM Bank Bets on Tie Ups

SBM Bank of India, the wholly-owned a subsidiary of the Maritian governments 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 of India did with acquisition a top official has said. SBM Bank India wants to grow its business through granular liabilities collection and booking fees by aiding various banking transactions, its managing director and chief executive Sidharth Rath said.

The banks overall balance sheet including both advances and deposits stood at Rs.6000 crores as on March end, the share of the low cost Current Account Saving Account deposits was 21 percent and the capital buffers were a 24 per cent. When asked if the bank will need any capital Rath hinted that there will be no need, pointing out that one needs to deliver on the capital as well. He however, added that whenever needed, the parent will be giving the capital.

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