UPI transactions fail the most in these banks, these two reasons came to light

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UPI transaction limits: How much can you transact in a day using UPI, this is the limit
UPI transaction limits: How much can you transact in a day using UPI, this is the limit

According to the data released by NPCI, the customers of Baroda UP Bank, Punjab & Sind Bank, India Post Payments Bank, RBL Bank, Central Bank of India and Bandhan Bank were most troubled due to UPI transaction failure.

Online payment is increasing rapidly in the country. But along with this, cases of failure of payments through Unified Payments Interface (UPI Transaction Failure) have also increased. There are some banks in which the highest failure rate of UPI transactions has been reported. National Payments Corporation of India has released data about them.

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Customers of these banks were troubled

According to the data released by NPCI, customers of Baroda UP Bank, Punjab & Sindh Bank, India Post Payments Bank, RBL Bank, Central Bank of India and Bandhan Bank were most troubled due to UPI transaction failure.

In the period between May 2023 and April 2024, the highest default of about 16% came from ‘Baroda UP Bank’. After this, the cases of UPI transaction failure were 5.3% in RBL Bank, 4.9% in Andhra Pragati Gramin Bank and 4.47% in IPPB.

Major reasons for UPI transaction failure

The main two reasons behind UPI transaction not being successful have come to the fore, the first is technical default and the second is business decline. The first problem i.e. the reason for UPI transaction not happening due to technology default is the problem in the network of the bank or NPCI. Apart from this, the reasons include mistakes made by the customers. Such as wrong account number, wrong PIN or exceeding the transaction limit.

The problem is from the bank’s side

After the monetary policy committee meeting on June 7, RBI Governor Shaktikanta Das said in a press conference that the problems in UPI transactions are not from UPI or NPCI but from the bank’s side.

The reason behind high technical default rates is multiple transactions happening simultaneously. Transactions through UPI in banks have to go through multiple loops. Which happen within nano seconds. Due to which banks have to face technical problems.

To reduce the failure rate of UPI transactions, apart from customer error, banks need to improve their systems. Banks should first ensure that their servers and systems are capable of handling thousands of transactions at a time.

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