Crisis-hit Yes Bank Provides Relief To Customers, Enables Inward IMPS/NEFT Services

Economy

In a massive development, Yes Bank announced that they have enabled their Immediate Payment Service (IMPS) and National Electronic Funds Transfer (NEFT)

Written By Varsha Chavan | Mumbai | Updated On:
Yes Bank

In a massive development, Yes Bank on Tuesday announced that they have enabled their Immediate Payment Service (IMPS) and National Electronic Funds Transfer (NEFT) services. They also mentioned that customers can now pay their Credit card dues and other loans toward Yes BAnk using other bank accounts as well. This statement of Yes bank comes after they announced that the customers could make withdrawals using your Yes Bank Debit Card both at Yes Bank and other bank ATMs on March 7.

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Earlier on Monday, RBI-appointed Yes Bank administrator Prashant Kumar said the lender is working to restore all banking services for its customers as soon as possible. Kumar also assured that for the remaining days of the moratorium on Yes Bank, the bank staff is working hard so that all banking services could be restored at the earliest.

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'All our ATMs were up for the customers' 

"I think for us, the first priority is the customers and how to provide the seamless business to our customers and like you must have seen on the very first day, all our ATMs were up for the customers," Kumar said in an interview to a media outlet. He said, since Saturday evening even the ATMs of other banks were available for customers for cash withdrawal.

"And in our branches, our staff is reaching out to customers. They are dealing with their issues. I would also like to take this opportunity to thank all our customers who have really cooperated with us, who have shown a lot of patience. And I think this is the faith in the brand of Yes Bank," Kumar told.

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Withdrawal limit of Rs 50,000

Yes Bank customers have been restricted with a cash withdrawal limit of Rs 50,000 till April 3 ever since the Reserve Bank superseded the board of the bank on March 5, 2020, and appointed Kumar - a former SBI executive - as its administrator. The RBI restriction on Yes Bank has also severely impacted other financial market transactions such as forex, credit card, digital payment, among others.

"All of us are working so that the entire banking service is available to our customers as soon as possible," Kumar said. Even before the RBI action, the Mumbai-headquartered lender had deferred announcement of its earnings for the third quarter of 2019-20 to March 14 or before. "I think we are going to declare our results on March 14th," Kumar said.

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