State Bank of India (SBI) on Thursday said its digital platform YONO (you only need one) was impacted due to a system outage and requisite steps were being taken to restore service. The public sector lender acknowledged the problem, after many customers complained on social media about transactions on YONO.
“YONO SBI mobile application has been impacted due to a system outage,” the lender said on micro blogging site 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 within a fortnight, after HDFC Bank customers faced issues 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 steps by the regulator were taken after taking a serious view of service outages at the country’s largest private sector lender over the last two years.
Several customers 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 place daily on digital platforms of SBI, as per data given by the bank in September 2020.
The lender has a user base of 2.7 crore and aims to increase the customer size by more than 50% to 4.2 crore by March 2021. SBI has started preparing a separate balance sheet for YONO, which earned a net profit of Rs 200 crore in the June quarter.
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