SBI denies commissions on digital transactions to payment firms

SBI informed its payment partners that it is not going to share any fee with them if the transaction going through its payment gateway is of less than Rs 1,000 and originated from a non-SBI debit card

India’s largest public sector bank just tightened its purse strings when it comes to sharing revenues with its payment partner firms for digital transactions. The bank makes use of services of online payment aggregators, firms which enable people to pay through State Bank of India (SBI) gateways using their debit cards and get paid a share of the commission that the bank collects. 

In an email sent on May 14, SBI informed its payment partners that it is not going to share any fee with them if the transaction going through its payment gateway is of less than Rs 1,000