India's largest lender informed customers that its mobile banking application was facing technical glitches due to a system outage.
State Bank of India said it was working towards restoring YONO—an acronym for ‘You Only Need One'—app to provide for an uninterrupted banking experience, according to its official Twitter handle.
An SBI spokesperson, however, refused to make any further comment on the development.
We request our esteemed customers to bear with us as we work towards restoring YONO SBI app to provide for an uninterrupted banking experience.#SBI #StateBankOfIndia #ImportantAnnouncement #InternetBanking #OnlineSBI pic.twitter.com/7Qykf85r85
A lot of SBI customers on Thursday also took to social networking platform Twitter to complain about the error on the YONO app and its UPI server, using #sbidown.
From 2 days getting this message from upi apps and also yono app is not working @TheOfficialSBI #sbidown pic.twitter.com/XPO2aAMvj3
For the last 60 hours, my money has been stuck in processing. I sent 25000 rupees from phonepay so far it is telling in processing. From PNB to SBI account. I am removing my account from sbi. This is very bad service. #sbidown #pnb @UPI_NPCI @TheOfficialSBI @pnbindia @PhonePe_
@TheOfficialSBI I am unable to do any transaction in #SBI using #G-pay, #phonepay , #bhim , #Amazon-pay, #Paytm etc from several days. Is there any issues from your end? No resolution in sight.#sbidown
We regret the inconvenience caused. The SBI YONO app has been impacted due to a system outage. Kindly bear with us as our team is on the job to resolve the issue at the earliest.
This comes nearly two weeks after customers of HDFC Bank Ltd. faced problems with digital transactions as one of the private lender's data centres faced an unexpected outage. These instances prompted the banking regulator to take cognisance of technical troubles faced by banks in providing digital services.
The Reserve Bank of India on Thursday temporarily barred HDFC Bank from rolling out new digital banking launches and sourcing of new credit card customers as the country's largest private lender had been facing a series of technical glitches over the last two years. The regulator also asked the bank's board to examine the lapses and fix accountability.
But like HDFC Bank, SBI's YONO and the bank's UPI service, too, are not facing technical glitches for the first time. In August this year, the state-owned bank had informed about intermittent connectivity issues with its unified payments interface server.
We regret the inconvenience caused. Please ensure that your account with us is linked to the UPI app used by you. There are intermittent connectivity issues with our UPI Server. Please try again as our team is on the job to resolve it at the earliest. We suggest you to use (1/2)
I'm facing this type of errors, at the time of login on YONO SBI. Please resolve this issue ASAP.@TheOfficialSBI @SBICard_Connect @SBILife @SBIMF @SBI_FOUNDATION @sbi_yfi pic.twitter.com/ePxHBwTqWL
According to a payment industry executive, legacy core banking infrastructure of most banks is not equipped to handle such a large volume of transactions done via UPI or other digital payment interfaces. This is particularly true for older private and public sector banks that handle the maximum transaction volumes, the person said on the condition of anonymity.
While banks have tried to solve the issue by doing some upgrades, those are more like putting bandage to solve the immediate glitches, but the infrastructure that was designed a decade ago, still remains incompetent to manage the large UPI or digital transaction volumes, the person quoted above said.
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