SBI inks pact with Amazon

Agreement provides a global market for SBI's SME clients

In a move that could help State Bank of India’s (SBI) small and medium enterprise (SMEs) customers to widen their base and reach, the state-owned bank has signed a memorandum of understanding with online retailer Amazon.

As per the MoU, SBI and Amazon will develop trusted and frictionless payments and commerce solutions for customers and SMEs, capitalising on the exponential growth in internet penetration to drive the adoption of eCommerce and m-commerce in India.

“Our small and medium enterprise customers should be able to utilise this platform with Amazon to source and sell their stuff at the best of prices through the MoU,” SBI chairman Arundhati Bhattacharya said. We are looking at all ways to have a seamless experience in the digital space and we are open to other such tie ups as well in the future, she added.

SBI is planning to tie up with Snapdeal and Paypal as well and has scheduled two press briefings today (May 21) in Kolkata for signing of MoU with Snapdeal and Paypal.

Commenting on the MoU, Amit Agarwal, Vice President and Country Manager, Amazon India said, “ We are looking at a payment experience which is less frictionful and SBI can bring innovations in the payment space to make this happen.” Through this MoU, the SMEs who are able to sell products only nationally in India will get a platform to sell globally and become a global business, Agarwal added.