(MENAFN- KNN India) Country's largest public sector lender, State Bank of India (SBI), today signed a Memorandum of Understanding (MoU) with Paypal, a digital payments company, for facilitating cross border payments, a move which would help the banks SME customers.
Managing Director and Group Executive (national banking) B Sriram said the pact will help the bank's nine lakh SME customers to do safe and secured transactions.
The MoU aims at facilitating cross- border transactions after which domestic payments would be covered, he said.
Subsequently, SBI would look into e-governance areas like e-visas, e-travel documents, he said.
The facility would also be available to SBI debit card holders.
PayPal has presence in 203 countries and processes 11.5 million transactions every day.
Later, the company would also look at the e-commerce and m-commerce space in India, he said. (KNN Bureau)
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