PSBs clock higher failure rates for UPI payments
In comparison, private players like HDFC Bank, Axis Bank, ICICI Bank, Yes Bank and IDFC First have an average UPI technical decline of 0.04%. Among private players, Bandhan Bank has seen technical declines of over 1%.
Mumbai: Public sector banks () have a higher rate of in their unified payments interface (UPI) systems when compared with , according to data from the (NPCI).and are among the PSBs clocking technical declines of more than 1% in their UPI systems since January this year.
In comparison, private players like , , , and IDFC First have an average UPI technical decline of 0.04%. Among private players, has seen technical declines of over 1%.
Technical declines (TD) occur due to issues like connectivity problems or switch unavailability.
The RBI had earlier advised banks to reduce their TD to less than 1%.
In May, had a TD of 2.06%, while that of Bandhan was 1.6% and Central Bank of India's was 1.57%, according to NPCI data.
Bandhan Bank, however, said its TDs are reducing. "Bandhan Bank migrated into a new core banking system in Q3 FY24. During the transition period, technical decline went up on account of multiple factors, including integration challenges with internal and external systems. Since then, it has been continuously improving," the lender told ET.
Queries sent to Bank of Maharashtra and Central Bank of India remained unanswered.
Source: Stocks-Markets-Economic Times
