SBI blocks internet banking transfer into e-wallets

During this cash crunch times people are encouraged by the Government to go cashless and use e-wallets. Since day one of demonetisation government has been promoting the use of e-wallets for cashless transactions. But coming as a big blow to customers, State Bank of India (SBI) has blocked its customers from internet banking system transfer to any e-wallets.

SBI is now blocking its customers from transferring money using net banking service into e-wallets. This big blow comes to customers after a report filed by Business Insider where it reported that SBI has blocked its customers from transferring money to PayTM through internet banking.

According to an exclusive coverage by CNBC-TV 18, SBI is blocking its customers from using its internet banking services for transferring cash in e-wallets like Paytm, FreeCharge, Mobilkwik, Jio Money and Airtel Money. Clarifying this issue SBI chairman Arundhati Bhattacharya said that this services are blocked due the recent breaches and security reasons. The bank has setup a committee who is looking into high risk and security breaches, this situation is temporary and will be reversed soon.

The Reserve Bank of India (RBI) has also asked for a clarification from SBI on the same scenerio.

In this scenario an important thing to note is SBI customers can use their credit and debit card for transferring money into e-wallets. SBI has only blocked the internet banking services for transferring money to e-wallet.

SBI on the other hand is promoting its e-wallet ‘SBI Buddy’ app, can the customers can still transfer money into this app. The big question is did SBI did it purposely to promote its own e-wallet, or is it really an issue of Security breach?

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