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New platform floated by SBM Bank India and PayNearby ease the process of financial investments

New platform floated by SBM Bank India and PayNearby ease the process of financial investments

India Blooms News Service | @indiablooms | 18 Aug 2020, 01:13 pm

Kolkata/IBNS: To ease the process of financial investments during these times of crisis, when people’s access to banks are restricted by pandemic containment rules, SBM Bank India and PayNearby has launched a goal-based recurring deposit platform called 'Nivesh'.

SBM Bank India has a network of six branches located in Mumbai, Delhi, Chennai, Bangalore, Hyderabad and Ramachandrapuram.

PayNearby is a digital platform belonging to Nearby Technologies, a fintech company offering financial/non-financial services.

Neeraj Sinha, Head – Retail & Consumer Banking, SBM Bank India, “SBM Bank India, in partnership with PayNearby, is keen to take seamless savings to the country’s masses. Nivesh is an innovative proposition, built using the platform of collaborative banking.”

Through the Nivesh platform, available across all PayNearby outlets at retail touchpoints, investors can invest in flexible or recurring deposits powered by SBM Bank India through easy online on boarding, and without hassles of documentation or having to visit banks or adhering to banking hours.

Anand Kumar Bajaj, MD & CEO, PayNearby said, “Riding on the trust that kiranas are synonymous with, we are confident that we can revolutionise branchless banking and cultivate last-mile financial empowerment with Nivesh.”

Sidharth Rath, MD & CEO, SBM Bank India, said, “Being a banking institution, we believe financial empowerment and inclusion leads to big impacts. We are happy to be a part of this initiative.”