A day after its UPI services were impacted by Yes Bank moratorium, financial app PhonePe announced a resumption in services.
It has now partnered with India’s second largest private sector lender ICICI Bank to act as a payment service provider in place of Yes Bank.
Its chief executive Sameer Nigam thanked ICICI Bank and the National Payments Corporation of India for making the transition possible in quick time.
After being put under moratorium, Yes Bank was put under severe restrictions including caps on payments, which impacted its ability to settle transactions on behalf of partners like PhonePe.
At last count, there were 15 firms which were dependent on Yes Bank for the services and may be impacted in different measures.
Also, Shares of Yes Bank on Monday zoomed over 30 percent after State Bank of India (SBI) decided to pick up 49 percent stake in the cash-strapped lender for Rs 2,450 crore.
The scrip witnessed a sharp rise, spiking 29.63 percent to Rs 21 on the BSE. On the NSE, it jumped 32.20 per cent to Rs 21.35.