Union Bank and State Bank of India or SBI, as indicated by National Payments Corporation of India (NPCI), are among the leading issuer banks faced with a surging failure in UPI transactions in December.
According to the information, the highest technical decline in December was recorded by Union Bank of India at 10.75% followed by SBI at 8.96%. For both banks in 2020 this is the highest rate of technical decrease. SBI recorded a technical decline of 3.12 percent in UPI transactions last month, while Union Bank recorded a decline of 4.8 percent.
According to NPCI the technical decline is the decline of the transaction because the system and network issues are not available at bank or at NPCI.
It should be mentioned that SBI completed UPI in December at a level of 641,62 million, compared with the previous month at 607,92 million. The public sector bank also saw a double jump in the overall debt reversal to 11.95 million in November and a success rate of 80% to 23.27 million in December. The debit reverse success rate indicates the percentage of total cases in which a customer account can be debited and the bank’s condition of reversal for such a debit cannot be confirmed immediately.
In addition to handling UPI transactions with their own applications, SBI also manages a wide range of transactions for Google Pay, the UPI leader.
In December, the Union Bank handled only UPI transactions of 80.60 million, with a total debit reversal of 3.90 million and a debit reversal of 33.69%.
To be remembered, by December 2020, the UPI recorded a total of Rs 4.16,176.21 crore transaction of 2,23 billion, or Rs 4,16 trillion. During the same period, transactions between peers were worth 1,283,71 million for Rs 3,48,006,06 crore, whereas transactions between peers (P2M) were recorded at the value of Rs 68,170,15 million for Rs 950,45 million.