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SBI UPI Service Experiences Outage: Bank Acknowledges Sporadic Technical Glitches Leading to Failed UPI Transactions
The State Bank of India’s (SBI) Unified Payments Interface (UPI) services have been affected by technical issues for the second time in the last 10 days. On October 7, the UPI system was briefly impacted, resulting in a spike in complaints from users. According to DownDetector, a website that tracks outages, over 1,200 users reported issues between 5:30 pm and 7:00 pm, with 51% of them experiencing trouble with fund transfers. It is unclear whether all of these transfers were attempted via UPI.
SBI acknowledged the issue on social media platform X, stating that they were experiencing “intermittent technical issues” with their UPI services, which may cause temporary declines in service for some customers. The bank assured users that the issue would be resolved by 7:00 pm on Tuesday. In the meantime, SBI suggested that customers use UPI Lite services for uninterrupted transactions. The bank apologized for the inconvenience caused to its customers.
This is the second time in a short span that SBI’s UPI services have been affected by technical issues, raising concerns about the reliability of the system. The outage may have caused difficulties for customers who rely on UPI for their daily transactions. SBI’s UPI services are widely used, and any disruption can have a significant impact on users.
The bank’s prompt response to the issue and suggestion to use UPI Lite services are positive steps towards mitigating the problem. However, the frequency of technical issues with SBI’s UPI services is a cause for concern, and the bank needs to take steps to ensure the stability and reliability of its systems. The incident highlights the importance of having a robust and reliable payment infrastructure, especially in a country like India, where digital payments are becoming increasingly popular.
In conclusion, the technical issues affecting SBI’s UPI services are a cause for concern, and the bank needs to take steps to address the problem and prevent such outages in the future. The bank’s response to the issue and suggestion to use alternative services are positive steps, but more needs to be done to ensure the reliability and stability of its systems.
Reserve Bank of India (RBI) and State Bank of India (SBI) launch awareness drive in Dimapur to reunite citizens with their unclaimed bank deposits.
A district-level awareness campaign was held in Dimapur on Monday to promote the settlement of unclaimed deposits. The event, themed “Your money, your right,” was organized by the Reserve Bank of India (RBI) and the State Bank of India (SBI) as part of a nationwide campaign. The campaign aims to ensure that unclaimed deposits and investments are returned to their rightful owners. Imtijungla Lemtur, EAC Dimapur, chaired the meeting and encouraged participants to spread awareness in their communities to facilitate the process and ensure financial transparency.
The District Lead Manager, Rongsenyangla, highlighted the growing concern of unclaimed deposits and stressed the importance of financial awareness among the public. She explained that many individuals are unaware of dormant or forgotten accounts, matured fixed deposits, unclaimed insurance proceeds, or dividends left unattended due to lack of knowledge or documentation. The ongoing campaign is structured around the three pillars of Awareness, Accessibility, and Action (3 A’s) to make the process of tracing and reclaiming unclaimed funds simple, transparent, and citizen-friendly.
As of August 31, 2025, unclaimed assets in India amounted to INR 1.82 lakh crore. Rongsenyangla urged citizens to take proactive steps in identifying their unclaimed assets and encouraged stakeholders such as village councils, GBs, and community leaders to assist in spreading this vital information. The RBI has launched an online portal, udgam.rbi.org.in, where individuals can check the status of unclaimed deposits.
The campaign is part of the Government of India’s broader efforts to strengthen financial inclusion and literacy through schemes such as the Pradhan Mantri Jan Dhan Yojana (PMJDY), National Strategy for Financial Education (NSFE), National Centre for Financial Education (NCFE), and Financial Literacy Centres (FLCs). The programme was attended by representatives from various sectors, and the organizers hope that it will help raise awareness and facilitate the settlement of unclaimed deposits in the region.
The event emphasized the importance of financial awareness and the need for citizens to take an active role in identifying and reclaiming their unclaimed assets. By providing a platform for awareness and education, the campaign aims to promote financial inclusion and literacy, ultimately benefiting the citizens of Dimapur and the wider community. The success of the campaign will depend on the active participation of stakeholders, including citizens, community leaders, and financial institutions, in spreading awareness and facilitating the settlement of unclaimed deposits.
A consortium consisting of KB Securities, UAMCO, and SBI Investment Korea has been formed to purchase PicosTech for approximately 40 billion won, as reported by Chosun Biz.
KB Securities and UAMCO have formed a consortium with SBI Investment Korea to acquire PicosTech, a South Korean semiconductor manufacturer, for 40 billion won (approximately $30 million USD). This move is seen as a strategic investment in the semiconductor industry, which has been experiencing significant growth in recent years.
PicosTech is a leading manufacturer of semiconductor packaging and testing services, providing solutions for a wide range of applications, including 5G, artificial intelligence, and the Internet of Things (IoT). The company has established itself as a key player in the industry, with a strong portfolio of patents and a skilled workforce.
The consortium, led by KB Securities and UAMCO, will acquire a majority stake in PicosTech, with SBI Investment Korea also participating as an investor. The acquisition is expected to be completed in the coming months, subject to regulatory approvals.
The investment in PicosTech is seen as a strategic move by the consortium to expand its presence in the semiconductor industry. The company’s expertise in semiconductor packaging and testing services is expected to complement the consortium’s existing portfolio of investments, which includes companies involved in semiconductor manufacturing and related fields.
The acquisition of PicosTech is also expected to provide the consortium with access to new technologies and markets, as well as opportunities for collaboration and synergies with other companies in the industry. The investment is seen as a positive development for the South Korean semiconductor industry, which has been experiencing significant growth in recent years, driven by increasing demand for advanced semiconductors.
The 40 billion won investment in PicosTech is a significant transaction in the South Korean semiconductor industry, and demonstrates the confidence of investors in the sector’s growth prospects. The acquisition is expected to have a positive impact on PicosTech’s business, enabling the company to expand its operations and invest in new technologies and research and development.
Overall, the formation of the consortium and the acquisition of PicosTech is a significant development in the South Korean semiconductor industry, and demonstrates the growing interest of investors in the sector. The investment is expected to have a positive impact on the industry, and is seen as a strategic move by the consortium to expand its presence in the market.
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According to SBI MF’s report, consumption is expected to be outperformed by investments in the financial year 2026.
A recent report by SBI Mutual Fund predicts that investments in India are likely to outpace consumption in the financial year 2025-26 (FY26). The report suggests that the country’s gross domestic product (GDP) is expected to grow by 6.5-7% in FY26, down from 7.5-9% in the previous two years, but still considered a healthy rate of expansion. The report cites increased investments, rural consumption, and higher government spending as key drivers of growth in the coming quarters.
The report highlights a shift in the government’s and Reserve Bank of India’s (RBI) policies, which were previously focused on consolidation and inflation control. However, the RBI has now initiated interest rate cuts, improved liquidity, and relaxed credit regulations to support economic growth. On the fiscal front, the government is maintaining its consolidation efforts but is expected to better meet its spending targets, contributing to growth.
The report notes that corporate order books remain strong, indicating a stable private investment pipeline, and nominal GDP growth could pick up to 10-11% in FY26, up from 9-10% in FY25. With both monetary and fiscal policies now focused on economic expansion, investments are likely to be the primary driver of growth in FY26, surpassing consumption as the main contributor.
This positive outlook is supported by India’s 6.2% GDP growth in the third quarter of FY25, a recovery from the revised 5.6% in the previous quarter. The report concludes that investments are likely to be the key driver of growth in FY26, leading to a robust economic expansion.