State Bank of India customers alert! Facing snags with SBI UPI? This could be the reason
SBI post on X. Although the bank has not shared any update on the same till the time of writing this story. Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here 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. 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.
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