State Bank of India (SBI), the largest lender in the nation, has sent an urgent notification to its millions of bank clients. The bank has warned that SBI clients may experience issues with the services provided by the Unified Payments Interface (UPI). People in huge number has been facing problems in payment through SBI UPI.
Reasons why SBI UPI has problems
Due to the bank’s technical upgrades, SBI clients may experience sporadic variations in UPI services. Through a social media post on X dated 15 October, SBI let people know about the situation.
“We apologize for the trouble we’ve put you in. We’ll update soon,” SBI’s post on X said.
UPI, which was introduced in 2016, has experienced a multiplicative increase in digital payment. According to Worldline research, UPI transactions increased from 151 million in January 2018 to 9.3 billion in June 2023, mostly due to an increase in P2M transactions. With UPI, sending an SMS or scanning a QR code is as simple as making a digital payment.
Regarding The State Bank of India
The largest commercial bank in terms of assets, deposits, branches, clients, and personnel is the State Bank of India. Customers that use mobile and online banking are 64 million and 117 million, respectively. In FY23, 63% of new savings accounts were established using the integrated digital and lifestyle platform YONO, demonstrating that SBI’s digital strategy is on track.
In the quarter that concluded in June 2023, SBI saw an average of 23,400 new digital savings bank accounts being established each day via YONO. During the first quarter of FY24, YONO, which has more than 6.36 crore registered members, had more than 1 crore daily logins on average. In terms of digital lending, the bank distributed pre-approved personal loans through YONO totaling Rs. 5,428 crore during that time. Among all banks globally, SBI also has the most Facebook and Twitter followers.
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