PhonePe relies on Yes Bank to process its transactions.
It may be noted that the bank’s own net banking facilities have not been operationalized since yesterday evening.
After Yes Bank was placed under suspension, digital payments were effected in the form of PhonePe, which depends on the cash-lender lender for its transactions, which could not work.
It may be noted that the bank’s own net banking facilities have not been operationalized since yesterday evening. Other fintech operators who depend on Yes Bank to settle their transactions are also below.
App chief executive Sameer Natam tweeted, “We regret the prolonged outage. Our associate bank (Yes Bank) was placed under moratorium by RBI. The entire team is working overnight. In the morning.
One of the largest digital payment platforms in the country, PhonePe relies on Yes Bank to process its transactions.
He said the app hopes to go live in a few hours.
Yes Bank put it under a moratorium on Thursday evening, with the RBI halting deposit withdrawals at ₹ 50,000 per account per month and withdrawing to its board.
Yes Bank will not be able to grant or renew any loan or advance, make any investment, lift any obligation or agree to decline any payment.
For the next month, Yes Bank will be headed by RBI-appointed Administrator Prashant Kumar, a former chief financial officer of SBI.
He said that the app – one of the most popular interfaces for UPI transactions – is expected to go live in a few hours.