It doesn't need updating. It doesn't even exist: https://translatewiki.net/wiki/MediaWiki:Babel-1/sr?action=history
Then, why on my userpage and in other inclusions of this template on Wikipedia still appears the old text (Овај корисник разуме српски / srpski језик на основном нивоу.)? Can you tell me where should İ also update the template in order to see the changes done?
The issue has been resolved, in Translatewiki has been updated (the text of this page is the updated version). For the other wikis that use this template, Nike told me that iťs is necessary to wait for it to be updated. Also, İ made a little change in sr-ec and sr-el, please use this new version when you update the template.