SBI, India's largest lender, announced the news on Twitter, asking clients to "bear with us as we endeavour to give a better banking experience."
The State Bank of India has issued an essential update for its clients who use YONO Lite and UPI to access internet banking services. SBI warned its customers on Friday, September 3 that the digital service might be unavailable for a few hours on September 4 and 5. This is due to some maintenance work that is scheduled to take place on the days specified.
SBI has issued a customer advisory, stating that some of its services, including internet banking and the YONO mobile application, will be unavailable on Saturday and Sunday. SBI announced the news on Twitter, asking consumers to "be patient with us as we work to give a better banking experience."
Between 22:35 hrs. on September 4th and 01:35 hours. on September 5th, 2021, we will be performing maintenance (180 minutes). Internet Banking/YONO / YONO Lite / YONO Business /IMPS/UPI would be inaccessible during this time,” stated SBI, the country's largest lender, in a tweet. “We apologise for the inconvenience and ask that you bear with us.”
For the third month in a row, maintenance work at the state-run bank has disrupted the state-run bank's digital banking services. In July and August, SBI suspended banking services due to maintenance work. SBI consumers that use internet banking, YONO, and UPI services have a combined user base of 250 million.
Meanwhile, SBI announced on Wednesday that it has raised 4,000 crores through Basel-compliant extra tier 1 (AT1) bonds with a 7.72 per cent coupon rate.
In a statement, the bank stated that bids totalled more than ten billion rupees against a basic offering size of one billion rupees. "Based on the response, the bank has chosen to take 4,000 crores at a 7.72 per cent coupon," according to the press announcement.
Since the implementation of Basel III capital regulations in 2013, this is the lowest pricing ever offered on such debt by any Indian bank, according to the statement.
Several Twitter users, however, noted that the Yono app had been down for several days. Some people have said they have had unpleasant experiences with the bank, calling it the "worst bank of India" and its services "poor." SBI reacted quickly, not only apologising but also asking people to expound on their concerns so that the bank could assist them.
Along with providing a positive customer experience, the government bank continues to educate its consumers about the current market frauds. In Yono and Yono Lite, the bank has incorporated a new and improved security feature known as ‘SIM Binding,' which strives to protect the interests of its customers.
SBI consumers should be protected from different digital frauds with the current edition of these platforms. It has been revealed that the SIM Binding feature will only work on YONO and YONO Lite devices that have SIM cards for mobile phones registered with the SBI bank.