SBI Blocks Its Customers From Using Major e-Wallets

It’s been almost two months of demonetization and one can notice the plethora of activities undergone by the Indian government in order to sustain the economy through digital transactions. Popular mobile wallets like Paytm, MobiKwik and Freecharge has become popular now.

Despite all these efforts, government’s SBI is going nuts since a couple of weeks, deliberately blocking the mobile wallets. Multiple issues were observed regarding the inactive and abnormal working of SBI in Paytm and other wallets. 

Some believe that SBI is doing such things in order to divert its customers towards SBI e-wallets and SBI Buddy apps. Regardless the flexibility in a cashless economy the prominent private mobile wallets like Paytm are highly acclaimed and gaining enough profits.

The State Bank of India has been blocking its users actively from making online transactions using the net banking to the major mobile wallet services and some e-commerce websites. Just a week ago, a report has been released by some online media that SBI had blocked its customers from loading money on Paytm and now, the bank has been seen blocking the services for other payments on some of the major tracks as well.

Reserve Bank of India (RBI), on the other hand, seeks an explanation from the bank on its move to stop its e-wallet services as this is the dominant way of making transactions and payments at this stage of not having sufficient cash.

Sources claim that the bank has taken this step so as to protect its customers from such cyber hacking attacks, and it is its primary goal now. It is also to be remembered that the bank has only blocked its banking services and the customers can make transactions and payments using their debit or credit cards. An interesting point to be known is that the customers can transfer their money to the bank’s e-wallet even now by using “SBI Buddy” Application.