‘Open to support merchants,’ says SBI on Paytm

The State Bank of India (SBI) chairman addressing the bank’s Q3 presser expressed the bank’s willingness to assist the merchant community (referring to Paytm) by offering Point of Sale (POS) machines and other services. This comes in days after the Reserve Bank of India imposed serious restrictions on Paytm Payments Bank. SBI Chairman Dinesh Khara mentioned the bank’s subsidiary, SBI Payments, actively engaging with merchants.

Khara further went on to highlight the bank’s reduction in slippages on a year-on-year basis. He noted that agricultural slippages are seasonal, typically occurring in November and December. The chairman emphasized the bank’s broad-based credit growth, expressing optimism about its continuation in the future.

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SBI overall reported a quarterly profit of Rs 9,164 crore. The bank witnessed a one-time increase in pension accounting for Rs 7,100 crore, dating back to 2002. The chairman also welcomed the budget’s positive impact on infrastructure growth, foreseeing potential benefits for corporate development.