State Bank of India
State Bank of India is pushing digital-first growth, targeting ₹170-200 lakh crore in total business by 2030 (ET Small Business, 27 Sept) and expanding its 60 lakh-merchant acquiring base (Times of India, 2 Oct). A three-day employee strike from September 28–30 (Business Standard, 27 Sept) and a 45-minute UPI outage on October 3 disrupt service (Business Today, 1 Oct).
What it means Retailers face a 0.4% MDR on UPI payments above ₹2,000 from October 15.
Latest moves
Our read of each move first, where we have one; what the report said is marked Reported.
- Reported: Keep UPI central to omnichannel checkout, but verify MDR exposure for payments above ₹2,000 as SBI estimates 96% of transactions will remain exempt from October 15.Reported: SBI estimates 96% of UPI transactions will be MDR-exempt from October 15. Person-to-merchant payments up to ₹2,000 would be exempt. The bank also plans to expand its 60 lakh-merchant acquiring base.Watch: SBI's reported acquiring base above 60 lakh merchants.
- Reported: Prepare for heavier cash usage and intermittent payment friction during the September 28–30 bank strike, with clear checkout contingencies and sufficient change on hand.Reported: PSU banks waive excess ATM fees during September 28–30 strikeWatch:
Background
From 6 stories, the newest dated 9 Oct 2026. Summary written 10 Oct 2026.
State Bank of India (SBI) is a bank that issues cards, signs up merchants to accept payments and runs the Yono app. [1] source: Times of India
Show 3 more paragraphs and 6 sources
SBI has an existing merchant acquiring base of 60 lakh merchants, with approximately 13 crore monthly transactions. [1] source: Times of India Yono's current daily transaction volume is 1-2 lakh transactions a day. [1] source: Times of India
Times of India reported in October 2026 that SBI estimates 96% of UPI transactions will not attract MDR when it begins on Oct 15, and that the person-to-merchant MDR exemption limit is Rs 2,000. [1] source: Times of India Banks and NPCI plan pricing controls to prevent costs reaching retail customers or small merchants, while SBI aims to expand merchant acquiring. [1] source: Times of India
SBI cards also feature in Amazon's Great Indian Festival 2026, which began on October 8. [2] source: Mint Mint reported that SBI cards offer a 10% instant discount on Amazon. [2] source: Mint Gadgets 360 reported on 9 October 2026 that SBI card holders get up to 10 percent instant discount on phones. [3] source: Gadgets 360 SBI card users also get 10 percent off the MacBook Neo 13, which is listed at Rs. 64,990 against an MRP of Rs. 79,900. [4] source: Gadgets 360 Eligible SBI card users get 10 percent off the Apple Watch Series 11. [5] source: Gadgets 360 SBI card users also get no-cost EMI for up to 18 months on laptops. [6] source: Gadgets 360
Sources
Questions about State Bank of India
What is State Bank of India's current strategy in India?
In October 2026, SBI estimated that 96% of UPI transactions will be MDR-exempt from Oct 15 and said it aims to expand merchant acquiring. [1] source: Times of India In October 2026, SBI cards carried a 10% instant discount on Amazon's Great Indian Festival, which began on October 8. [2] source: Mint
More stories about State Bank of India
Stories that mention State Bank of India
12 stories
State Bank of India is named in these stories but is not their subject.
- Samsung Week 2026 sale begins in India with discounts of up to 60% across smartphones, TVs, laptops and ACs
- Amazon Now doubles India reach to over 120 cities in two weeks
- Reliance Industries raises ₹13,000 crore through 10-year bond sale
- PC Jeweller says it has cleared consortium-bank debt, turns debt-free
- NPCI says proposed UPI MDR would largely spare consumers, shift burden to large corporates
- SBI Card launches FD-backed credit cards via YONO
- Redmi launches Note 17 Pro and Pro Max in India, priced from Rs 36,999
- Vodafone Idea seeks ₹35,000 crore loan to fund decade-long network upgrade
- ASSOCHAM summit urges cold-chain sector to prioritise capability over capacity
- Bank unions’ nationwide strike disrupts branches; digital payments remain operational
- SBI-led lenders line up $3.5bn debt package for Vodafone Idea
- PC Jeweller repays nine consortium banks, targets debt-free status this month