New Delhi: The Reserve Bank of India (RBI) has banned many services of the private sector Yes Bank on 5 March. Financial technology company PhonePe also has to face this. Unified Payments Interface (UPI) -based transaction, the flagship platform for digital payment services, has been halted following the ban on Yes Bank, and this has severely affected the bank’s largest payment partner, PhonePe. Yes Bank has not announced the December 2019 quarterly results due to its poor condition. The secured capital of the bank has been reduced due to NPA.
PhonePe CEO Sameer Nigam told customers on Twitter that we are sorry for this long interruption. Our partner bank (Yes Bank) has been banned by the RBI. He said that our entire team has worked to continue the services throughout the night. We hope it will be done in a few hours. A financial technology company said that whatever happens, it is a transaction or agreement, due to which the bank had to stop working.
Dear @PhonePe_ customers. We sincerely regret the long outage. Our partner bank (Yes Bank) was placed under moratorium by RBI. Entire team’s been working all night to get services back up asap. We hope to be live in a few hours. Thanks for your patience. Stay tuned for updates!
— Sameer.Nigam (@_sameernigam) March 6, 2020
Withdrawal limit of Rs 50,000 fixed for 30 days
Explain that the central bank has set a withdrawal limit of Rs 50,000 for the depositors of Yes Bank. While imposing a 30-day temporary ban on Yes Bank, the withdrawal limit for account holders has been fixed at Rs 50,000. During this entire period, the account holders will not be able to withdraw more than 50 thousand rupees. If an account holder has more than one account in this bank, even then he can withdraw only 50 thousand rupees in total. According to the RBI notification, it will continue from 6 pm to 03 April on the evening of 5 March.
>> In relation to paying the costs in India or outside India for the education of the depositor or any person actually dependent on him.
>> For obligatory expenses in connection with the marriage or other ceremony of the depositor or his children or any other person actually dependent on him.