Yes Bank crisis | Pixr8 News

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...

India's leading government bank State Bank of India (SBI) will pick up 49 percent stake in the crisis-ridden Yes Bank under a government-approved bailout plan, with Finance Minister Nirmala Sitharaman assuring that depositors' money is safe. A day after imposing moratorium on Yes Bank and restricting withdrawals, the RBI on Friday evening issued a draft reconstruction scheme for the private sector lender and said SBI has "expressed its willingness" to make an investment. Earlier in the day, SBI Chairman Rajnish Kumar met the finance minister. A former SBI CFO has already been appointed administrator of the Yes Bank, whose board has been superseded. "The investor bank shall agree to invest in the equity of the reconstructed bank to the extent that post infusion it holds 49 per cen...

Tag: Yes Bank crisis

PhonePe Says Services Resumed after Partner With ICICI Bank, Shares Jump 30 Percent

SBI to Pick up 49 pc Stake in Yes Bank