SbiUPI, net banking, mobile banking, Yono… all stopped; SBI’s ‘Surgical Strike’ – Reason
The State Bank of India (SBI), one of India’s largest public sector banks, has announced that several digital services will be temporarily suspended on April 1, 2024, due to Annual Closing activities. SBI’s Annual Closing is an important event that allows the bank to reconcile its accounts, assess its performance, and set new targets for the coming financial year.
Services affected by the temporary shutdown include UPI (Unified Payments Interface), net banking, mobile banking, and Yono, the bank’s integrated digital platform. The disruption will occur in two phases: from 12:20 PM to 3:30 PM IST for some services, and from 4:10 PM to 7:10 PM IST for others. SBI has advised its customers to plan their transactions in advance to avoid any inconvenience during this period.
However, not all services will be impacted by the Annual Closing activities. UPI Lite, a feature that allows users to make small-value transactions even when offline, will continue to function as usual. Additionally, SBI ATMs will remain operational, ensuring that customers can still access cash and perform other basic banking tasks.
Customers should note that while RTGS (Real Time Gross Settlement) and NEFT (National Electronic Funds Transfer) transactions will still be available, they may experience delays during the Annual Closing period. It is advisable to either complete these transactions before or after the affected time slots, or consider alternative methods of fund transfer.
As India’s largest bank, SBI plays a crucial role in the country’s financial sector, catering to millions of customers across the nation. The Annual Closing activities are essential for the bank to evaluate its performance and make necessary adjustments to better serve its customers in the future. While the temporary suspension of digital services may cause some inconvenience, it is a necessary step to ensure the bank’s smooth operation and continued growth in the coming year.
In conclusion, SBI’s decision to suspend certain digital services on April 1, 2024, is part of its Annual Closing activities, allowing the bank to review its operations and set new goals for the next financial year. While some services will be unavailable during specific time slots, customers can still access UPI Lite, ATMs, and other basic banking facilities. As always, SBI is committed to providing the best possible service to its customers, and the Annual Closing is an essential part of this ongoing effort.