UPI transactions: SBI, AXIS, HDFC lead the pack in November


According to the latest data released by National Payments Corporation of India (NPCI), State Bank of India (SBI), Axis Bank Ltd, HDFC Bank Ltd. and Paytm Payments Bank Ltd. (PPBL) are the top remitter banks. These banks processed 1.1 billion or initiating close to half of the total Unified Payments Interface (UPI) transactions processed in November

SBI closed almost 608 million UPI transactions in November and saw the maximum technical decline rate of 3.12%, with an overall approval rate of 90.52% which hold the bank account of the sender of UPI transactions among the remitter banks. The lowest technical rates are for PPBL among the top banks at 0.08%. The technical decline rate is the parameter used for transactions declined. The reasons for this decline were unavailability of systems and network outages on NPCI or bank servers.

In India, NPCI is the operator of the UPI infrastructure. The Approval rates of banks were affected by high business decline rates on their network. When a customer enters an invalid pin, inputting wrong details of beneficiary accounts and faults in the bank server may cause the approval rates. The business decline rate stood at 6.35% on the remitter side for SBI. Remitter is the person who sends the money into the beneficiaries account.

A payment executive in the UPI space expressed that SBI is having high payment volumes running on their core banking infrastructure but they are very slow in improving their infrastructure. There was also a challenge that is core banking systems were not made for the digital payment volumes. The highest technical decline rates in the industry is for Corporation Bank standing at 13.53%. 

The HDFC Bank saw approval rates of 93.46% on the remittance side of the business which received a big blow from RBI earlier this month, with a temporary cap put on its digital launches and new credit card issuances. The approval rate of the bank network hovered around 96.69% for receiving UPI transactions. HDFC is the third-largest UPI-player among banks in terms of remittances which processed around 179.4 million transactions in November. 


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