Higher UPI transactions failure in mid-sized banks

Customers of mid-sized universal banks, including RBL Bank, India Post Payments Bank (IPPB), Punjab & Sind Bank, Bandhan Bank and Central Bank of India, have seen higher Unified Payments Interface (UPI) transaction failure rates in the past year, according to National Payments Corporation of India (NPCI) data.

According to the data, on the remitter banks’ side, Baroda UP Gramin Bank had the highest technical default (TD) rate at 16% on an average between May 2023 and April 2024, followed by RBL Bank, Andhra Pragathi Grameena Bank and IPPB at 5.3%, 4.9% and 4.47%, respectively.