The Reserve Bank of India (RBI) has barred HDFC Bank from launching digital banking initiatives and issuing new credit cards.
State Bank of India (SBI) on Thursday stated its digital platform YONO (you only want 1) was impacted due to a method outage and requisite measures had been becoming taken to restore service. The public sector lender acknowledged the difficulty, following quite a few prospects complained on social media about transactions on YONO.
“YONO SBI mobile application has been impacted due to a system outage,” the lender stated on micro blogging website Twitter. “Steps are being take for restoration of uninterrupted service. We regret the inconvenience caused and request customers to use online SBI and YONO Lite for their banking needs.”
This will be second instance for a bank inside a fortnight, following HDFC Bank prospects faced troubles in digital banking on November 21. The Reserve Bank of India (RBI) has barred HDFC Bank from launching digital banking initiatives and issuing new credit cards. The measures by the regulator had been taken following taking a severe view of service outages at the country’s biggest private sector lender more than the final two years.
Several prospects of SBI YONO had claimed that the bank’s mobile application was facing a technical glitch and continued to show ‘error M005’. Around 3,85,675 transactions take location everyday on digital platforms of SBI, as per information offered by the bank in September 2020.
The lender has a user base of 2.7 crore and aims to improve the buyer size by far more than 50% to 4.2 crore by March 2021. SBI has began preparing a separate balance sheet for YONO, which earned a net profit of Rs 200 crore in the June quarter.