With its fintech-first strategy running into regulatory problems, the five-year-old lender is banking on new leadership, improved systems and commercial banking to chart a new path.
State Bank of Mauritius’s Indian arm is undergoing a revamp. A much needed one.
In January, SBM Bank India was barred by the central bank from facilitating overseas transactions under the liberalized remittance scheme—which allows Indian residents to remit up to $250,000 abroad every fiscal—due to supervisory concerns.
This came as a major blow for SBM, which has the distinction of being the first foreign lender to obtain a universal banking licence in India and has mostly relied on tying up with fintech firms to grow its business. With the central bank ramping up scrutiny of the bank’s core business, …
Ashwin covered fintech and banking at The Morning Context. Previously, he was at The Economic Times, where he worked across the finance, tech and startup verticals, breaking stories related to India’s banking system, startups in the new economy, digital payments, insurance and cryptocurrencies.
Writer
ashwin@mailtmc.com
Delhi