Yes Bank depositors can now use IMPS/NEFT to pay dues
What's the story
The crisis-hit lender Yes Bank on Tuesday allowed customers to make certain transactions using instant money transfer services. Yes Bank said that depositors will now be allowed to pay dues through National Electronic Funds Transfer (NEFT) and Immediate Payment Service (IMPS). The announcement came days after the Reserve Bank of India (RBI) placed Yes Bank under a 30-day moratorium. Here are more details.
Details
Depositors can use IMPS/NEFT to pay credit card, loan dues
Yes Bank made the announcement on Twitter. The lender tweeted on Tuesday saying, "Inward IMPS/NEFT services have now been enabled." The bank said that IMPS and NEFT services have been made available for depositors who are obligated to pay dues for their credit cards and loans from other bank accounts. The bank also thanked depositors for their co-operation in such times of peril.
Twitter Post
You can view the tweet here
Inward IMPS/NEFT services have now been enabled. You can make payments towards YES BANK Credit Card dues and loan obligations from other bank accounts. Thank you for your co-operation.@RBI @FinMinIndia
— YES BANK (@YESBANK) March 10, 2020
Moratorium
Yes Bank placed under 30-day moratorium by RBI
The RBI on Thursday imposed a 30-day moratorium on cash-starved Yes Bank, took over the bank's board, and limited cash withdrawals at Rs. 50,000. The State Bank of India is examining the draft scheme to revive Yes Bank. Yes Bank on Saturday allowed depositors to make cash withdrawals using the bank's debit cards at ATMs of Yes Bank and other banks.
In other news
Yes Bank founder arrested by ED
Separately, Yes Bank founder Rana Kapoor has been arrested by the Enforcement Directorate in a money laundering case linked to DHFL. The Central Bureau of Investigation on Saturday registered an FIR against Kapoor, Doit Urban Ventures (company linked to Kapoor's family), DHFL, Kapil Wadhawan (DHFL promoter). It is alleged the Yes Bank gave financial assistance to DHFL and received Rs. 600 crore as kickbacks.