Yes Bank Cricis: Account holders can pay off their loans through NEFT, IMPS

Yes Bank, which is under a moratorium, has given some relief to its customers who can now make certain payments through instant money transfer services by using National Electronic Funds Transfer (NEFT) and Immediate Payment Service (IMPS).

Yes Bank said in a post on Twitter that “its customer can pay “their credit card dues” and “loans from other bank accounts” using the two-wire transfer services i.e NEFT and IMPS.

Bank said in a tweeted that “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.@RBI @FinMinIndia”, Yes .

The moratorium on withdrawals and difficulty in withdrawing amounts from bank ATMs and branches has put the customers in a lot of difficulties.

The Reserve Bank of India (RBI) superseded Yes Bank board and took control of the private sector lender last week, and also stop withdrawals from its accounts.

State Bank of India (SBI) chairman Rajnish Kumar said on “Monday that the moratorium on Yes Bank could be lifted as early as “within a week”. Futher Kumar assured Yes Bank customers that since SBI is now in charge, there is is no need to worry about deposits in the bank.

The Reserve Bank of India (RBI) has unveiled a bailout plan for Yes Bank, under which SBI will invest up to Rs 10,000 crore in the scam hit private sector lender. The RBI has taken control of Yes Bank, after the debt-laden lender failed to raise the capital it needs to stay above mandated regulatory requirements.
Depositors rushed to ATMs for withdrawing funds from their accounts following the RBI’s move last Thursday to cap the withdrawals at Rs 50,000. While many customers claimed that the bank had not given any prior information about the move, some complained that the ATMs were out of cash.Currently, the RBI has capped Yes Bank withdrawals at Rs 50,000 till April 3 and imposed limits on withdrawals to protect the depositors. During this period, Yes Bank is not allowed without prior permission of the RBI to make payments in excess of Rs. 50,000 to its savings, current or other account holders.