SBI Payment Gateway Failure Paralyzes Property Transactions in Goa
At least thirty property buyers in Goa have been plunged into a state of frustrating uncertainty due to a critical malfunction in the State Bank of India's payment gateway, which is utilized for online stamp duty payments. This technical glitch has resulted in a significant financial predicament, with approximately Rs 1 crore being deducted from the accounts of these buyers without being deposited into the government treasury.
Financial Strain and Transaction Paralysis
In a particularly distressing instance, one buyer transferred a substantial sum of Rs 65 lakh for stamp duty, only to witness the transaction marked as "failed" on the treasury system, despite the money disappearing from his account. Bank officials reportedly advised him to repeat the payment, a suggestion that is impractical for most citizens who cannot access such large amounts twice over. This situation has left property transactions completely paralyzed, with buyers unable to finalize registrations, risking missed commitments, and potentially facing penalties through no fault of their own.
Systemic Issues and Digitalization Challenges
Amit Chopra, president of the National Association of Realtors, expressed frustration over the complications arising from digitalization efforts. He highlighted the unnecessary complexities in the online system, including multiple steps for uploading drafts, obtaining approvals, and signing documents, which lead to delays and harassment. Chopra emphasized that the e-stamping system has exacerbated these issues, particularly for transactions involving stamp duty above Rs 10 lakh, where physical visits to the treasury department are required to generate challans before proceeding with online payments.
"When a system designed to enhance transparency and ease becomes the opposite, it is time to reconsider the system," Chopra remarked, noting that his own refunded money got stuck again upon retransfer, leaving his property deed in limbo.
Recurring Glitches and Official Responses
SBI officials acknowledged the technical glitch, which was first detected on January 29, leading to numerous frantic calls from affected property buyers. The issue resurfaced on a subsequent Tuesday, causing additional transactions to fail. While bank employees have confirmed the problem and promised refunds within seven days, the ongoing disruptions have created significant distress among buyers.
State registrar-cum-head of notary services, Aisha Vaingankar, has recognized the technical challenges and assured that the department will investigate the matter. However, the immediate impact remains severe, with buyers caught in a bureaucratic and financial quagmire.
This incident underscores the vulnerabilities in digital payment systems and highlights the urgent need for robust technical safeguards to prevent such disruptions in critical financial transactions.
