The crisis at Yes Bank is affecting not just depositors and investors, but also many third-party merchants and financial service providers. PhonePe is one such entity that has been facing a complete outage over the past 24 hours with users not being able to make any transactions following the drastic action that led to a halt in UPI transactions via Yes Bank.
Important Notice from #AirtelPaymentsBank pic.twitter.com/gKeUjY7HYg
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!
In case you don’t know it already, the Yes Bank board was superseded by the RBI today following surging NPA (non-performing assets) and management uncertainty at the bank that left it unable to raise capital to address its losses and resultant downgrades by credit rating agencies. The central bank also put a maximum withdrawal limit of Rs. 50,000 per month, setting-up the domino effect that is now affecting several sectors of the country’s economy.
