Yes Bank crisis: PayNearby says functioning ‘without any disruption’

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Updated: Mar 07, 2020 8:26 PM

The Reserve Bank of India has imposed a moratorium on the bank and restricted withdrawals to Rs 50,000 per depositor till April 3.

"Yes Bank has been a very valuable partner in our journey and we are confident that they will soon bounce back and we will be able to continue working together again," the statement said.Yes Bank has been a very valuable partner in our journey and we are confident that they will soon bounce back and we will be able to continue working together again,” the statement said.

Fintech startup PayNearby, which has a tie-up with Yes Bank to offers cardless and pinless ATM services to customers, on Saturday said its systems are running without any disruptions.

The statement comes in the wake of disruption of Unified Payment Interface (UPI) offered by fintech players after Yes Bank was put under moratorium by the RBI.

The Reserve Bank of India has imposed a moratorium on the bank and restricted withdrawals to Rs 50,000 per depositor till April 3.

Following the restriction, the net banking facility of the bank was affected and customers were not able to log in.

“At PayNearby, its business as usual. Our systems are up and running without any disruption. We are a strong technology backed fintech company and have multiple banking partners,” the company said in a statement.

The company said it has worked tirelessly to ensure that customers across the country get served without any disruption.

“Yes Bank has been a very valuable partner in our journey and we are confident that they will soon bounce back and we will be able to continue working together again,” the statement said.

PayNearby Bank, along with Yes Bank provide Aadhaar-enabled cardless and pinless ATM service by which customers can deposit or withdraw money at retailers’ place.

On Friday morning, PhonePe, another digital payment platforms, which depends on Yes Bank to process its transactions, said it had faced challenges in its operations but services were restored later.

Paytm Payments Bank Ltd (PPBL) also restricted transaction settlements, including those done through UPI platform, into cash-strapped Yes Bank’s accounts.

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