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After the Reserve bank of India (RBI) imposed a month-long ‘moratorium’ on YES bank, UPI payment application, PhonePe, on Friday faced transaction issues.

The YES Bank is the partner bank of PhonePe, who’s transactions are dependent on the former.

Sameer Nigam, Chief Executive of PhonePe, tweeted to apologise to the PhonePe users and thanked them for their patience and co-operation.

He added that the entire PhonePe staff has been working all night to get the services back to normal.

“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,” he tweeted.

After imposing a ‘moratorium’ on YES bank, The RBI stressed that the bank’s financial capability has undergone a decline largely due to the inability of the bank to raise capital.

This temporary prohibition also includes a monthly deposit-withdrawal limit of Rs 50,000 per individual.

Earlier in the day, Finance Minister Nirmala Sitharaman said that the RBI will bring a reconstruction plan for YES bank within the ‘moratorium’ period of 30 days so that the customers do not face any issues.

 

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