- The Chairman of State Bank of India (SBI) has said that the bank is reaching out to merchants to support payment systems in the light of regulatory action on PayTM Payments Bank.
- The nation’s largest lender will be happy to welcome merchants and is also open to a one-time migration of accounts from the besieged payments bank, he said.
- State Bank of India (SBI)is proactively reaching out to merchants to bolster payment systems in response to the regulatory action taken against PayTM Payments Bank.
- The Chairman of the bank further said that they are not only willing to welcome merchants but also are open to a one-time migration of accountsfrom the beleaguered payments bank.
- The goal is to ensure seamless operationswithin the payments ecosystem and minimize disruptions.
- SBI Payments, a company that supports various payment solutions, is actively engaging with merchants and offering assistance, including QR scan codes, POS machines, and other app-based solutions.
- It is pertinent to note that the Reserve Bank of India (RBI)recently ordered Paytm Payments Bank to halt basic payment services due to rule violations.
Despite having minimal business ties with PayTM, SBI is committed to helping stabilize the system and prevent any adverse impact on the industry. He also added that so far there has been no approach from the regulator on the issue.
Image Source: https://www.zeebiz.com
No Comments