RBI imposing a moratorium on Yes Bank has undoubtedly set ripples in the Indian markets, of late. While the shares of the capital-starved bank plummeted 85 per cent like never before, investors in India had lost Rs 4.42 lakh crore of wealth within 60 seconds.
The panicked customers across the nation flocked up at Yes Bank branches to withdraw their money. Despite the Finance Minister Nirmala Seetharaman’s assurance, the stock market plummeted on Friday. This has shown its adverse effects on PhonePe, the digital platform which depends on the cash-strapped lender for its transactions. The services of the app were temporarily shut down.
Taking cue of this unexpected crisis, Paytm Payments Bank (PPB) the rival fintech company tried to take a dig at PhonePe. Hours after Reserve Bank of India (RBI) put Yes Bank private limited under a moratorium, Paytm took to its official Twitter page to taunt PhonePe. “Inviting you to @PaytmBank #UPI platform. It already has huge adoption and can seamlessly scale manifold to handle your business. Let’s get you back up, fast!” Posted Paytm Payments Bank.
Seems like the tweet came as a bitter invitation to PhonePe which shot back rejecting the help. It stated that if their UPI platform was ‘so seamlessly scalable’, they would have contacted Paytm themselves. Adding a pinch of sarcasm to the tweet, PhonePe wrote: “Form is temporary, the class is permanent.”
No point getting back up faster, if we have to desert our long term partners when they're down. Form is temporary, class is permanent.
— PhonePe (@PhonePe_) March 6, 2020