“The launch of RuPay cards and UPI integration has boosted cross-border financial connectivity”

Somnath Adhya, Managing Director & CEO, SBI (Mauritius) Ltd.

• “The Bank recorded a healthy growth in its net profit after tax, which reached USD 28 million – the highest profit ever recorded since its inception.”

• “Expanding our cross-border business will be a key driver of growth.”

• “We are particularly focused on countries that have strong economic ties with both India and Mauritius.”

In an interview with BIZWEEK, Somnath Adhya, Managing Director and CEO of SBI (Mauritius) Ltd, shares insights into the Bank’s record performance and strategic direction. As of 31 March 2025, SBI (Mauritius) posted its highest-ever net profit after tax of USD 28 million, supported by a balance sheet size of USD 1.47 billion – an 11% increase from the previous year. With deposits and loans reaching USD 932 million and USD 924 million respectively, the Bank is on a strong growth trajectory. The CEO is confident that this momentum will continue in the years ahead.

You have taken over as Managing Director and CEO of SBI (Mauritius) Ltd at a time when the banking sector is evolving rapidly. What have been your key priorities since assuming office?  

SBI Mauritius has achieved several significant milestones over the years. Since assuming office, my key priorities have been to drive growth and digital transformation, and enhance customer-centric services. We doubled our profitability since 2022 through higher business volumes and new customer acquisitions. Strengthening retail and corporate banking, especially SME financing and trade finance, has been crucial. The launch of RuPay cards and UPI integration has boosted cross-border financial connectivity. We continue optimizing operations, improving service delivery and expanding innovative banking solutions.

How would you describe SBI’s position in the Mauritian banking landscape?  

SBI Mauritius is a subsidiary of the State Bank of India (SBI), the largest commercial bank in India, which boasts over 200 years of heritage and trust, and commands over 23% of the domestic Indian banking sector. Headquartered in Mumbai, it serves over 500 million customers through an extensive network of over 22,500 branches in India. Additionally, SBI has a strong presence overseas, with 241 foreign offices in 29 countries, including in the USA, UK, Japan and Dubai.

On the back of SBI’s global presence, strong parentage, and advanced technological capabilities, SBI Mauritius has grown into a mid-sized bank which offers innovative financial products and services to a wide customer base across all segments, including Retail, Corporate, SMEs and Global Business, at competitive rates. As of 31 March 2025, SBI Mauritius had a balance sheet size of USD 1,471 million (11% growth from last year), and a deposit base and a loan book of USD 932 million (11% growth) and USD 924 million (15 % growth) respectively. The Bank recorded a healthy growth in its net profit after tax, which reached USD 28 million – the highest profit ever recorded since the Bank’s inception.  We expect the business momentum to continue in the coming years.

What are your strategic objectives for SBI (Mauritius) over the next three to five years?  

Over the next three to five years, our strategy revolves around five core pillars: (i) customer acquisition through competitive products, (ii) to become the preferred bank for Mauritians, (iii) to excel in digital banking through our mobile app – YONO, (iv) to expand our trade finance, and (v) to extend business in Africa.

We aim to grow our customer base by introducing competitive financial products and strengthening our value proposition for individuals and businesses. The SME sector remains a priority, as we see tremendous potential in supporting local entrepreneurs with accessible financing solutions. On the digital front, we are committed to enhancing our digital banking ecosystem to offer seamless and efficient banking experiences. Expanding our cross-border business, particularly in Africa, will also be a key driver of growth. Lastly, as sustainability gains prominence, we will continue exploring green financing opportunities to contribute to Mauritius’ transition to a more sustainable economy.

Given Mauritius’ positioning as a regional financial hub, how does SBI (Mauritius) support cross-border trade and investment, particularly in Africa and India? 

Mauritius serves as an important gateway between Africa and India, and SBI Mauritius is well-positioned to facilitate cross-border trade and investment. Leveraging SBI’s vast global network, we provide businesses with financial solutions that enable seamless transactions across different jurisdictions. Our trade finance services, including letters of credit and remittances, are designed to help businesses navigate complex international markets. It is noteworthy that SBI Mauritius has the largest market share in terms of number of customers and remittances to India. Moreover, our strong relationships with international financial institutions and the vast knowledge of our senior management on international markets make us a preferred partner for cross-border banking solutions.

Are there specific markets in Africa where SBI (Mauritius) is actively expanding its presence or facilitating financial services?  

Indeed, SBI Mauritius is actively exploring opportunities in key African markets where trade and investment flows are increasing. We are particularly focused on countries that have strong economic ties with both India and Mauritius, such as South Africa. Through our trade finance solutions, we are supporting businesses engaged in import-export activities and manufacturing. We are also strengthening our correspondent banking relationships across the continent to facilitate seamless cross-border transactions. By aligning our offerings with the evolving financial needs of businesses operating in Africa, we aim to position SBI Mauritius as a reliable partner for growth in the region.

How does SBI (Mauritius) collaborate with other SBI entities across the region to offer seamless banking solutions for businesses and individuals?  

Collaboration with other SBI entities is an essential part of our strategy to provide seamless banking solutions. Through SBI’s global network, we are able to offer cross-border banking services that benefit both businesses and individuals operating in multiple jurisdictions. Our corporate clients benefit from trade finance and credit solutions that are backed by SBI’s extensive reach and expertise. Regular coordination with other SBI subsidiaries helps us align international best practices, share knowledge, and deliver a globally integrated banking experience that meets the needs of our diverse clientele.

Customer expectations are evolving with digital banking and personalized services. How is SBI (Mauritius) enhancing its service offerings to meet these expectations?  

Customer expectations in banking have shifted significantly, with a growing demand for digital convenience, personalized financial solutions, and faster service delivery. At SBI Mauritius, we constantly strive to address these needs by investing in digital banking innovations such as our YONO mobile app. Enhancing our customer support services is another priority, ensuring that our clients receive timely assistance through both our digital and in-branch channels.

What are some of the recent initiatives taken by the Bank to improve customer satisfaction and accessibility?  

We have introduced several initiatives to enhance customer satisfaction and accessibility. The launch of RuPay card services and UPI payment integration are major examples, as previously mentioned. This will facilitate seamless transaction flows between Mauritius and India. Additionally, we have expanded our customer service infrastructure, ensuring that both retail and corporate clients have dedicated relationship managers to assist them. By focusing on accessibility, convenience and innovation, we aim to continuously improve the overall customer satisfaction level.

“SBI Mauritius has grown into a mid-sized bank which offers innovative financial products and services to a wide customer base across all segments”

How does SBI (Mauritius) cater to the needs of different customer segments, including retail clients, SMEs, and corporate banking customers?  

Each customer segment has unique banking needs. Our retail banking services are designed to cater to a wide range of customer needs. Key offerings include savings and current accounts, fixed and recurring deposits, personal loans, mortgage solutions, amongst others. The recurring deposit scheme provides opportunities to retail customers to build up savings through a regular monthly deposit of a fixed sum (i.e. MUR 1,000 and above) over a period of time, and have sufficient funds to achieve specific financial goals, thus encouraging a savings habit. We have also enhanced our digital banking platforms to provide convenient services such as bill payments.

For both corporates and Micro, Small and Medium Enterprises (MSMEs), our Bank has an experienced and dedicated unit which is committed to work closely with customers to understand their business aspirations and accompany them in their growth endeavours through the provision of a wide range of products and services which include corporate accounts, lending and credit facilities, trade finance, and foreign exchange services. As an active participant in both the international and domestic syndicated loans market, SBI Mauritius has established strong connections with correspondent banks worldwide, ensuring efficient and cost-effective international money transfers.

What role does customer feedback play in shaping the Bank’s service strategies?  

Customer feedback is a critical component of our service strategy. We actively seek input from our clients through surveys, customer interaction sessions, and digital feedback channels. This helps us identify pain points and areas for improvement, allowing us to continuously enhance our service offerings. By integrating customer insights into our decision-making processes, we ensure that our banking solutions are relevant, efficient, and aligned with evolving customer expectations. Our goal is to build lasting relationships with our clients by listening to their needs and delivering solutions that add real value to their financial journeys.

The banking sector is undergoing a digital revolution. How is SBI (Mauritius) leveraging technology to enhance customer experience and operational efficiency?  

SBI Mauritius has embraced digital transformation as a core strategy to enhance service delivery and operational efficiency. We have modernized our digital platforms to provide seamless and secure banking experiences for both retail and corporate clients. Our mobile banking application – YONO – is the flag-bearer of our customer oriented digital services, and offers account management functionalities like customer 360-view, 24×7 instant transfers both within Mauritius and to India, ATM card management, and green PIN, to name a few.

At operations level, we have significantly reduced turnaround times and improved customer satisfaction by automating routine processes like loan processing and paperless approvals. We are adding more features and continuously digitizing our processes to deliver new functionalities to meet our clients’ evolving needs and deliver a ‘WOW’ experience.

How does the Bank balance digital transformation with maintaining a human connection in banking services?  

While digital transformation is a priority, we firmly believe in maintaining a strong human connection in our banking services. We ensure that customers have access to dedicated relationship managers and customer support representatives who can assist them with complex banking needs. Our 14 (including in Rodrigues) branches across the island continue to play a crucial role in serving our retail and corporate clients.

Financial inclusion remains a key priority in many economies. What initiatives is SBI (Mauritius) undertaking to expand banking access, particularly for SMEs and underserved communities?  

Financial inclusion is a core focus at SBI Mauritius, and we are committed to ensuring that banking services are accessible to all segments of Mauritian society. We have launched several SME-focused loan schemes, such as the Easy Business Loan Scheme and the MSME Ace Scheme, to provide financial support to small and medium-sized enterprises. Additionally, our ‘Pouvoir de la Femme’ Scheme empowers women entrepreneurs by offering customized financing options. By leveraging technology and strategic partnerships, we aim to bridge the financial gap and empower more individuals and businesses to participate in the formal banking system.

Is SBI (Mauritius) developing green finance products or supporting sustainable projects in Mauritius and the region?  

Yes, sustainability is a key part of our long-term vision, and we are actively supporting green finance initiatives. We have introduced eco-friendly loan products such as the Eco Green Loan, which provides financing for renewable energy projects and energy-efficient businesses. Our commitment to environmental responsibility extends beyond financial products – we are also adopting green banking practices within our operations, such as reducing paper usage and optimizing energy efficiency in our branches and offices.

What role can banks play in supporting the transition to a more sustainable economy in Mauritius and Africa?  

Banks have a critical role to play in fostering sustainability, and we are committed to being at the forefront of this transition. By financing environmentally responsible projects and providing incentives for businesses to adopt green practices, we can drive meaningful change. Financial institutions also play a key role in promoting ESG (Environmental, Social, and Governance) standards by integrating sustainability considerations into lending and investment decisions. At SBI Mauritius, we believe in responsible banking, and we are continuously working to align our financial services with the broader goal of sustainable economic development. By partnering with businesses, governments, and international bodies, we can collectively drive the shift towards a greener and more resilient economy.

As a subsidiary of the State Bank of India, how does SBI (Mauritius) strengthen financial and economic ties between India and Mauritius?  

Our Bank serves as an important bridge between the financial systems of India and Mauritius, facilitating trade and remittances. With a strong backing from SBI’s global network, we provide seamless banking solutions for businesses and individuals operating between the two countries. Innovative financial products such as RuPay cards and UPI payments are expected to boost financial connectivity. Our trade finance services help businesses efficiently manage cross-border transactions, while our remittance solutions enable faster and more affordable money transfers. Through these initiatives, we continue to strengthen the economic and financial relationship between India and Mauritius.

Are there specific collaborations between SBI and Mauritian institutions to support trade, investment, or financial services? 

Undoubtedly, SBI Mauritius actively collaborates with key financial institutions, regulatory bodies, and trade organizations in Mauritius to strengthen economic and financial ties between the two countries. We work closely with the Bank of Mauritius and other local banks to facilitate smoother trade and investment transactions. These collaborations not only help businesses access better financial services, but also create an environment conducive to cross-border investments.

How does SBI (Mauritius) facilitate remittances and other financial transactions between Mauritius and India?  

SBI Mauritius has a robust and efficient remittance system that ensures seamless fund transfers between Mauritius and India. Our direct connectivity with SBI’s vast network allows customers to send money instantly through secure digital channels. We offer competitive exchange rates and multiple remittance options, including mobile banking, to make transactions faster and more convenient. Moreover, with the introduction of UPI integration and RuPay card services, customers now have additional digital payment options that enhance cross-border transactions. By continuously investing in technology and strategic partnerships, we aim to further streamline financial transactions between the two nations, ensuring affordability, security, and efficiency for our customers.