India’s largest bank, State Bank of India (SBI), has received approval from the Reserve Bank of India (RBI) to set up its own digital payment platform. The approval was granted on Wednesday, December 10.
SBI said it will launch a Section 8 company named Indian Digital Payment Corporation under the Companies Act, 2013. This new unit will work as a Digital Payments Intelligence Platform.
Since a Section 8 company is meant for non-profit and public welfare purposes, SBI clarified that the platform will focus on promoting digital payments and innovation, not on making direct profits. Such companies are generally formed for activities related to education, research, social welfare, and technology development.
The approval is valid after the Department of Financial Services under the Ministry of Finance allowed SBI to hold more than 30% shareholding in the new company till October 16, 2026.
On the same day, SBI Managing Director Ashwini Kumar Tewari raised concerns over the Account Aggregator system. Speaking at an event in Mumbai, he said most customers give consent without reading the fine print and may not fully understand what they are signing up for, as reported by PTI.
As of December 10, 2025, SBI’s total market capitalisation stands at ₹8.84 lakh crore, making it one of the most valuable companies on the Indian stock market.
With this new RBI approval, SBI is now set to take a big step forward in India’s digital payments ecosystem.
-
-
-
-
-
-
