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The trouble for now is not with the Yes Bank but is rather deep with all of the partners including fintech players being affected with the move, after the RBI has superseded the board of Yes Bank and announced moratorium for it.
PhonePe since the announcement of Yes Bank's moratorium is facing services outage and its CEO Sameer Nigam has thanked its customers for their patience while confirmed that they are working on fixing the issue.
As part of the Yes Bank's moratorium, the withdrawal from the bank has been restricted for a month's time until April 3, 2020 to Rs. 50,000.
Also, after the move UPI transactions came to a halt and PhonePe being the biggest payments partner of Yes Bank suffered the most.
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