Technical UPI declines rise to 0.24% among top 20 banks in September
India's Unified Payments Interface saw increased technical declines in September, climbing to 0.24% from 0.18% in August among the 20 largest remitter banks, according to NPCI data. ICICI Bank reported the highest rate at 0.73%, followed by SBI at 0.38%, while Kotak Mahindra and Indian Overseas Bank also saw significant jumps. The 20 banks processed 23.47 billion transactions that month, down slightly from 23.92 billion in August. Business declines—rejections due to incorrect PINs or limits—also rose marginally.
Key points
- Technical UPI failures rose to 0.24% in September from 0.18% in August
- ICICI Bank's failure rate jumped to 0.73%, up from 0.03%
- 20 largest banks handled 23.47 billion transactions in September
- Business declines also increased slightly to 10.88% from 10.85%
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