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  4. Yes Bank crisis: PhonePe suffers outage after banking partner put under moratorium

Yes Bank crisis: PhonePe suffers outage after banking partner put under moratorium

The Payments firm PhonePe suffered an outage in its services on Thursday after its banking partner Yes Bank was placed under a moratorium by the government.

India TV Business Desk India TV Business Desk
New Delhi Updated on: March 06, 2020 13:09 IST
Yes Bank crisis: PhonePe suffers outage after banking partner put under moratorium
Image Source : PTI

Yes Bank crisis: PhonePe suffers outage after banking partner put under moratorium

The Payments firm PhonePe suffered an outage in its services on Thursday after its banking partner Yes Bank was placed under a moratorium by the government. 

The firm tweeted last evening that its services were unavailable because of an 'unscheduled maintenance activity'. The payment firm took to Twitter and said: "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."

The company's founder and CEO Sameer Nigam, however, confirmed that the outage had been caused because of the moratorium placed on its banking partner Yes Bank by the government.

Govt approves SBI's plan to buy Yes Bank stake

Cash-starved Yes Bank may be rescued by country's largest lender State Bank of India-led consortium as reports suggest that the government has approved a plan in this regard to save the bank from sinking. SBI Bank, a public sector bank has also been authorised to pick other members of the consortium.

As per reports, SBI would soon start the process to identify other members of the consortium before a bid is made to take over the ailing bank. Despite attempts, SBI chairman Rajnish Kumar was unavailable for comments.

Following the development, YES Bank scrips jumped 25.77 per cent (at 11.52 a.m.) to hit a high of Rs 36.85 a share. Shares of state-run SBI fell 0.09 per cent to Rs 285.05 per share.

 

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