Fake SMS Alert! ₹168 Debit Message With Suspicious Link — Is It a Scam?

I received an SMS stating that ₹168 was debited from an account ending in 786 and the transaction was shown under the name "EANGEL." The SMS also contained a suspicious Bit.ly link. Could this be a fake/scam message? Do not click on unknown links given in such messages and verify the transaction directly through your official bank or UPI app.