Yes Bank withdrawal cap: Airtel Payments Bank issues notice, PhonePe CEO apologises, CRED clears the air | Tech News

Yes Bank withdrawal cap: Airtel Payments Bank issues notice, PhonePe CEO apologises, CRED clears the air

Since the bank is also the service provider for Airtel’s Payments Bank service, the telecom has said that it won’t affect any of its services.

By: HT CORRESPONDENT
| Updated on: Aug 20 2022, 19:53 IST
Yes Bank, corporate office and branch in Mumbai.
Yes Bank, corporate office and branch in Mumbai. (Mint)
Yes Bank, corporate office and branch in Mumbai.
Yes Bank, corporate office and branch in Mumbai. (Mint)

Airtel Payments Bank has issued a notice with regards to the recent moratorium imposed by the RBI (Reserve Bank of India) on Yes Bank. Although the bank is listed as the service provider for Airtel on NPCI (National Payments Corporation of India), Airtel Payments Bank sources confirm that Yes Bank is not their service provider. The firm has even tweeted that all its services are unaffected.

The tweet also mentions that Airtel Payments Bank will closely monitor the situation and developments on Yes Bank and will make sure it provides a seamless service to its customers.

Also read: Yes Bank's 50,000 withdrawal cap: Who can be exempted and everything you need to know

If you still have any query or need some clarification on the matter, it is possible to email at wecare@airtelbank.com. Airtel mobile users can also call on 400 or on 8800688006 from any other mobile network.

PhonePe, a popular digital payment service in India, apologised on Twitter for a brief outage. The firm's founder and CEO Sameer Nigam tweeted that the service went through a long outage and that the team is working to solve the issue. He added that Yes Bank, which is PhonePe's partner bank, was placed under moratorium by RBI, which led to the outage.

Also read: PhonePe vs Google Pay: How these UPI-based payment apps work

Kunal Shah, founder of CRED, a credit card payment service, has also confirmed that the services won't be affected because CRED uses Axis Bank UPI and not Yes Bank UPI. Shah added in a tweet that the company works with multiple banks on settlements as well.

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First Published Date: 06 Mar, 13:42 IST
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