PhonePe, other digital partners bear the brunt of YES Bank crisis



After YES Bank was placed under moratorium, digital payments were impacted as PhonePe, which depends on the cash-strapped lender for its transactions, could not operate.
It can be noted that the bank's own net banking facilities have not been operational since last evening. Other fintech operators who rely on YES Bank to settle their transactions are also down.
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 (as soon as possible), the app's chief executive Sameer Nigam tweeted early in the morning.
PhonePe, one of the country's largest digital payment platforms, is dependent on YES Bank to process its transactions. Read More

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