SBI’s Act to Snub Paytm Receives Backlash

Prime Minister Narendra Modi has been proudly boasting of making everything in his capacity towards making ‘Digital India’ a reality but it seems that the govt. owned State Bank of India (SBI) is employing its own tactics to outsmart its rivals on digital platform.

Freshly, the State Bank of India (SBI) has incapacitated its customers from transferring money to the Paytm wallet. Instead, the largest bank of India recommends its customers to use its own ‘Buddy’ wallet. This development came to light when SBI responded to the complaint of a Twitter user seeking clarification on why he couldn’t transfer funds to his Paytm wallet.

“Add money to Paytm using SBI Internet banking has been disabled by bank. We recommend using State Bank Buddy mobile,” SBI tweeted.

Predictably, the ploy of SBI to lessen the market share of Paytm didn’t go well with SBI Buddy users and they advised the bank to upgrade the Buddy wallet instead of blocking Paytm. Some said that being a govt. owned bank, SBI should support digital players.

Although SBI is the largest bank in India, it has been lagging behind in the digital race with several small scale startups topped by Paytm stealing its customers. So, SBI seems to be using its powers to kill the competition in the digital arena.

Reportedly, SBI has also been putting up banners across its branches highlighting Chinese investment in Paytm and raising questions about its security and reliability.

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