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Yes, the bank says that customers can now pay by credit card, loans from other accounts


NEW DELHI: Yes, Bank customers can now make credit card payments and loans from other bank accounts using Immediate Mobile Payment Service (IMPS) or National Electronic Funds Transfer (NEFT) services, said the private lender with problems.

Yes, the Bank shared a tweet from its official name and wrote: “Internal IMPS / NEFT services have now been enabled. You can make payments for YES BANK credit card fees and loan obligations from other bank accounts. Thank you for your cooperation. ”

Last week, the Reserve Bank of India (RBI) took over Yes Bank amid scandals in the country’s financial sector in recent years. The central bank limited the withdrawal limit at Rs 50,000 for one month.

The RBI said it would work on a revival plan, as part of which bonds classified as Tier 1 (AT1) additional capital will be redeemed “permanently, in full.”

So-called AT1 bonds were introduced after the 2008 global financial crisis. They have higher interest rates than senior debt, as investors accept the risk of losing their investment at certain previously agreed points if the funds are needed to strengthen the Capital of a bank in difficulty.

Yes, the Bank had around Rs 8,800 million rupees ($ 1.2 billion) in AT1 capital as of March 2019, according to its annual report, under Basel III. Investors included Nippon India Mutual Fund, Franklin Templeton, a large amount of local funds and retail investors.

Meanwhile, the State Bank of India, the country’s largest lender, said it would invest funds to buy a 49% stake in Yes Bank as part of the initial phase of a bailout agreement.

Times of India