MoU with PayPal

The Banking Giant, The State Bank of India (SBI) has partnered with PayPal to enable customers to use their debit cards for buying products from overseas websites. The SBI has announced the partnership with the digital payments firm, PayPal, on Thursday (May 20).

Benefits of the Partnership with PayPal

• SBI’s Micro Small and Medium Enterprise (MSME) customers can now use PayPal’s secure payment solutions.
• Provides an opportunity to SBI and PaPal to offer customized financial solutions to merchants across the board.

MoU with Amazon

SBI has signed an MoU with Amazon, the American e-commerce company. This will pave the way for the development of payment and commerce solutions for customers and small businesses. The bank sees it a multi-billion Rupee opportunity in the years ahead while the move is also aimed at securing its own asset quality.

SBI’s partnership with Amazon will facilitate trusted payments and commerce solutions for customers and small businesses.

SBI Chairman Arundhati Bhattacharya said “Our partnership with e-commerce platforms like Amazon would give a fillip to e-commerce in India and brings lots of value to our retail and SME customers“.

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GK Questions

• What is the famous slogan of State Bank of India? The Banker to Every Indian. 
• The State Bank was founded in 1921 as _______? Imperial Bank of India. 
• SBI’s headquarters is in ______? Mumbai, Maharashtra.
• PayPal was a spin-off of which company? eBay