New Delhi: Crisis-hit Yes Bank on Tuesday informed that customers can now pay their dues towards their credit card and loans through other bank accounts through two instant money transfer services, including NEFT (National Electronic Funds Transfer) and IMPS (Immediate Payment Service). Also Read - Yes Bank Gets New Board, Decides to Raise Additional Rs 5,000 Crore
Easing the panic-gripped customers who were struggling to even pay the rent, the private bank took to Twitter this morning and said, “Inward IMPS/NEFT services have now been enabled… YES Bank customers can pay credit card dues, clear loan obligations from other bank accounts”. The announcement comes days after prominent banking services were curtailed by the RBI-imposed moratorium on the lender. Also Read - Yes Bank Founder Rana Kapoor Sent to Judicial Custody Till April 2
YES Bank has also resumed the ATM services and customers can withdraw the RBI-stipulated amount from other bank ATMs as well. Also Read - Banking Services Fully Operational, Available to Customers Now: Yes Bank
A long queue of tense customers was seen before ATMs and bank branches as they rushed to withdraw money, fearing a PMC Bank replicate. The account holders were not even able to access Internet banking services and other facilities like digital payments through another platform. Forex services and credit card purchases, among others, were also affected.
Troubles at new-generation privately-owned YES Bank started brewing up ever since the Reserve Bank denied extension to its co-founder Rana Kapoor – who now is in the custody of the Enforcement Directorate on charges of financial mismanagement and money-laundering – to continue as MD and CEO in September 2018, and had asked the lender to find a new successor.
Since then, the bank’s financial health has been rapidly deteriorating.
On Thursday, last week, finance-regulator RBI had put a moratorium on the cash-strapped bank, imposed a withdrawal restriction of Rs 50,000 till April 3 and superseded its board through the appointment of an administrator. During the moratorium period, YES Bank will be unable to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.
With PTI inputs