Followed by the RBI has imposed a moratorium on Yes Bank, the shares of the capital-starved bank plummeted 85 per cent like never. Adding to this, the central bank has also put a cap on cash withdrawal upon which the customers cannot withdraw more than Rs 50,000.
In a move taken to compensate the lender’s inability to raise funds, RBI has appointed ex DMD and CFO of public-lender State Bank of India Prashant Kumar as an administrator. The board has been superseded for a period of 30 days.
Further worsening the situations, bank’s own net banking facilities have not been operational since Thursday evening. Besides setting the stock market on buzz, the move has now come as a threat to a digital platform like Phone Pe which depends on the cash-strapped lender for its transactions.
We are temporarily unavailable.
We are going through an unscheduled maintenance activity. We apologize for any inconvenience this may cause.
We’ll be back soon.
— PhonePe (@PhonePe_) March 5, 2020
Standing as one of the widely used digital payment platforms depends on Yes Bank to process its transactions. However, it was announced that the app would go live in the next few hours. “We are temporarily unavailable. We are going through an unscheduled maintenance activity. We apologize for any inconvenience this may cause. We’ll be back soon,” read the tweet posted on the official Phone Pay account.