Crisis-hit private sector lender Yes Bank on Tuesday, March 10, said that it has enabled inward Immediate Payment Service (IMPS) and National Electronic Funds Transfer (NEFT) services and customers can now make certain payments through the instant money transfer services.
In a tweet, Yes Bank also said the customers can pay their credit card dues and loan from other bank accounts using the two wire transfer services.
"Inward IMPS/NEFT services have now been enabled. You can make payments towards YES BANK Credit Card dues and loan obligations from other bank accounts. Thank you for your co-operation. @RBIA @FinMinIndia," read the tweet.
The move comes as the Reserve Bank of India (RBI) superseded Yes Bank's board and took control of India's fifth-largest private lender last week, and also capped withdrawals from its accounts, with few exceptions, spooking investors.
However, now the people will be able to send money from other bank accounts to their Yes Bank account through IMPS and NEFT mode.
Yes Bank moratorium
Last week Yes Bank was placed under moratorium and a withdrawal cap of Rs 50,000 was imposed till April 3.
The administrator of Yes Bank, Prashant Kumar and Rajnish Kumar, the Chairman of the State Bank of India are hopeful that moratorium would be lifted within a week.
As per the Reserve Bank of India (RBI) draft reconstruction scheme for the crisis-hit private lender, the SBI will take up 49 per cent in the bank by investing Rs 2,450 crore.
The new board of directors will stand constituted from the appointed date. It will comprise a CEO and MD, non-executive chairman and non-executive directors. The SBI will have nominee directors appointed on the board of the reconstructed bank.
The RBI may appoint additional directors to the board, who shall continue in office for one year, or until an alternate board is constituted by Yes Bank.
The SBI will not reduce its holding below 26 per cent before completion of three years from the date of infusion of the capital.
(With agency inputs)