- PhonePe and other UPI Service providers who partnered with Yes Bank suffer heavily after RBI decides to take control and restrict the withdrawal limit.
Even as customers of Yes Bank are chafing at the RBI having limited withdrawals of up to Rs. 50,000, the effect is spreading throughout the rest of the banking ecosystem.
PhonePe and a number of other payment apps, which had Yes Bank as their banking partner, suffer long outages as Yes Bank is going through its crisis. At about midnight last night, an official Twitter account from PhonePe said they were “temporarily unavailable.” “We are temporarily unavailable. We have an unplanned maintenance activity going through. We apologize for any inconvenience that may result from it. We will be back very soon, “tweeted PhonePe.
We are temporarily unavailable.
We are going through an unscheduled maintenance activity. We apologize for any inconvenience this may cause.
We’ll be back soon.
— PhonePe (@PhonePe_) March 5, 2020
Sameer Nigam, CEO of PhonePe, took Twitter this morning to provide more information about the outage. “Dear customers at PhonePe. We sincerely regret this long stalemate. RBI had put our partner bank (Yes Bank) under moratorium.
Dear @PhonePe_ customers. We sincerely regret the long outage. Our partner bank (Yes Bank) was placed under moratorium by RBI. Entire team's been working all night to get services back up asap. We hope to be live in a few hours. Thanks for your patience. Stay tuned for updates!
— Sameer.Nigam (@_sameernigam) March 6, 2020
At this time of systemic failure in UPI ecosystem, we at @MobiKwik extend our full support to our friends @_sameernigam @ashneergrover and others who are impacted by Yes bank mess. We are here to help and hope there is a quick resolution.
— Bipin Preet Singh (@BipinSingh) March 6, 2020
