After HDFC Bank, SBI YONO Faces Technical Glitches
SBI’s mobile banking application YONO has been facing technical glitches due to a system outage.
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.
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.
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.
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.