Mumbai: SBM Bank India and PayNearby are happy to announce the launch of a unique Goal Based Recurring Deposit Platform, Nivesh, now available across all the 10,00,000+ PayNearby retail touch points spread over 17,000 plus PIN codes in the country.
Nivesh, a unique Goal Based Recurring Deposit Platform, powered by SBM Bank India, will now be available across all the PayNearby outlets, thus solving the problem of accessibility to the customer.
With easy online onboarding with no documentation and assisted journeys, the program will help in adoption of Goal Based Savings behaviour in the country and usher in financial liberation alongwith flexibility. Features like flexible deposits at a friendly store and free from the constraint of banking hours, Nivesh aims at inculcating the behaviour of saving towards a better life.
Speaking on the initiative, Sidharth Rath, MD & CEO, SBM Bank India, said, “Being a banking institution, we believe financial empowerment and inclusion leads to big impacts. Towards this, we have focused on empowering people financially. We enable them to be a catalyst setting an economic cycle in motion. We are happy to be a part of this initiative.”
Adds in 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 to lead a positive change into the lives of people across the strata of the society.”
Commenting on this, Anand Kumar Bajaj, MD & CEO, PayNearby remarked, “This initiative with SBM Bank India to create an easy to consume Goal Based Recurring deposit platform will help to make financial essentials ubiquitous, and incentivise masses to embrace savings behaviour, important steps towards financial inclusion and economic well-being. 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.”
