Industry

Yes Bank customers can pay credit bill, loan repayments through other bank accounts

Panic rush: Account holders stand in a queue to withdraw money from the Yes Bank branch at Talaopali in Thane on Friday.

Panic rush: Account holders stand in a queue to withdraw money from the Yes Bank branch at Talaopali in Thane on Friday.  

Crisis-hit Yes Bank said on Tuesday that customers could now make payments towards their credit card and loans through other bank accounts, days after prominent banking services were curtailed after the RBI imposed moratorium on the lender.

The announcement comes as panic gripped the bank’s customers, who queued before ATMs and bank branches to withdraw money. They were also not even able to access Internet banking and other services like digital payments through another party’s platform. Forex services and credit card purchases, among others, were also impacted.

“Inward IMPS/NEFT services have now been enabled,” Yes Bank tweeted. “You can make payments towards YES Bank credit card dues and loan obligations from other bank accounts. Thank you for your co-operation.”

The Reserve Bank of India had put a moratorium last Thursday on the cash-strapped Yes Bank, imposed withdrawal restriction of ₹50,000 only till April 3 and superseded its board through appointment of an administrator.

Also read: Explained: Why did Yes Bank have to be bailed out?

However, the bank has now said that its ATMs are fully up now and customers can withdraw the stipulated amount from other banks’ ATMs as well.

During the moratorium period, Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.

Watch | Yes Bank crisis explained
 

As per the RBI’s draft reconstruction scheme, State Bank of India will pick up 49% stake in the crisis-ridden Yes Bank under a government-approved bailout plan by infusing capital of ₹2,450 crore.

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Printable version | Aug 13, 2020 9:11:14 AM | https://www.thehindu.com/business/Industry/yes-bank-customers-can-pay-credit-bill-loan-repayments-through-other-bank-accounts/article31030547.ece

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