HDFC Bank, the country’s largest lender in terms of market capitalization, has made a big announcement. HDFC has updated its customers that it will now stop alerts after UPI transactions less than a limit. This means that the customer will not receive text SMS of their transaction. HDFC also said in its update that the new rule will not be implemented immediately. It will be implemented after about a month, i.e. from the last week of June. Let us also tell you what kind of update HDFC Bank has issued.
HDFC’s big upgrade
HDFC Bank, one of the largest banks in the country, has provided a big update to its customers. The bank is making a big change to SMS alerts starting June 25. According to HDFC Bank, if the bank customer makes a UPI transaction of less than Rs 100, the SMS alert will not be sent. Whereas if you accept less than Rs 500 through UPI, some kind of alert will be sent via SMS. HDFC Bank clarified that no changes have been made to the alerts received via email. This means that if customers transact less than Rs 100 or receive less than Rs 500, they will also receive email updates. On the other hand, the bank has asked all customers to update their email. Along with this, a link regarding this has also been sent.
Currently receiving updates continuously
Currently, HDFC Bank sends SMS alerts to customers for every transaction i.e. sending or receiving Rs 10. On the other hand, if we look at the average number of UPI transactions in the last few years, a significant drop in the same is observed. In the second half of the year 20222, this average was Rs 1,648. Which dropped to Rs 1,515 in the first half of the year 2023. This means that the average value of UPI transactions has seen a decline of 8 percent. According to NCPI data, the number of transactions through UPI has reached Rs 11.8 billion by 2023.
