New Delhi (NVI): A day after Reserve Bank of India’s moratorium on Yes Bank, digital payments provider PhonePe has gone down as it depends on the cash-strapped lender for its transactions.
PhonePe users were unable to pay using the platform since yesterday even as the service provider said the problem will be fixed by the end of the day.
Sameer Nigam, PhonePe’s co-founder and CEO, confirmed the outage on Twitter today: “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!”
Yes Bank’s own net banking facilities have not been operational since last night.
Meanwhile, PhonePe’s app says it’s “temporarily unavailable” due to an “unscheduled maintenance activity” and said it “should not take more than 24 hours” to be running again.
PhonePay is a UPI-based payments system and digital wallet company based in Bengaluru.
Yesterday, RBI placed restrictions on cash withdrawal for Yes Bank customers at Rs 50,000 per month. The restriction came into effect at 6 pm yesterday and will continue till April 3.
