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Yes Bank crisis: NEFT enabled for payment of credit card dues, loan EMIs

BusinessToday.In     March 10, 2020

The Yes Bank on Tuesday permitted its credit card customers to pay their credit card dues and loan obligations from other bank accounts. The private sector lender took to Twitter to make the announcement. The bank has allowed National Electronic Funds Transfer (NEFT) for making credit card payments and clear loan EMIs giving a sigh of relief to the hassled customers.

"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," Yes Bank said in a tweet.

This development comes a day after the Yes Bank's newly appointed administrator, Prashant Kumar reportedly said that the moratorium on withdrawals could be lifted by Saturday.

Also Read: YES Bank ATMs up and running now; withdraw from others too

The Reserve Bank of India (RBI) had on March 6 capped the withdrawal limit from Yes Bank at Rs 50,000 and had also put the private sector lender under moratorium for a month.

The apex bank also appointed Prashant Kumar as Yes Bank's administrator.

The RBI is also charting out a draft resolution plan under which it is expected to buy around 49% of Yes Bank's equity at Rs 10 a piece. The central bank is likely to soon file a revival plan with the government for its authorisation.

Also Read: YES Bank share price rises 30% after SBI says to infuse Rs 2,450 crore in private lender

Also Read: Are you a YES Bank customer? Here's all you need to know

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