The country’s largest lender State Bank of India (SBI) has made an urgent announcement for crores of its bank customers. The bank has informed that SBI customers may face problems with the Unified Payments Interface (UPI) services.
Reasons for facing snags with SBI UPI
The bank has taken technology upgradation, due to which SBI customers may face intermittent fluctuations in UPI services. SBI informed about the same via a social media post on X dated 15 October.
“We apologize for the inconvenience caused to you. We will update soon,” read SBI post on X.
Although the bank has not shared any update on the same till the time of writing this story.
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Digital payment through UPI, which was launched in 2016, has seen a multi-fold jump. The number of UPI transactions in January 2018 was 151 million, and it reached 9.3 billion in June 2023, primarily driven by the growth in P2M transactions, the report by Worldline said.
UPI makes digital payment as easy as sending a text or scanning a QR code.
About SBI
State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. The number of customers using internet banking and mobile banking stands at 117 million and 64 million respectively. With SBI’s digital strategy right on track – the bank witnessed 63% of new savings accounts opened through the integrated digital and lifestyle platform YONO in FY23. SBI observed 23,400 new digital savings bank accounts being opened per day via YONO in the quarter ended June 2023. YONO, which has more than 6.36 crore registered users, witnessed more than 1 crore average daily logins in Q1 FY24. In terms of digital lending, the bank disbursed pre-approved personal loans worth Rs. 5,428 crore through YONO in the same period. SBI also has the highest number of followers on Facebook and Twitter amongst all banks worldwide.
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Updated: 16 Oct 2023, 07:21 AM IST