Yes Bank enables inward IMPS, NEFT transactions

Crisis-hit Yes Bank on Tuesday said that it has enabled inward IMPS and NEFT services.

The move allows people to send money from other bankaccounts to their Yes Bank account through IMPS (Immediate Payment Service) andNEFT (National Electronic Funds Transfer) mode.

   

In a tweet, the bank also said that Yes Bank customers canpay their credit card dues and loan obligations from other bank accounts.

“Inward IMPS/NEFT services have now been enabled. Youcan make payments towards YES BANK Credit Card dues and loan obligations fromother bank accounts. Thank you for your co-operation. @RBIA @FinMinIndia,”said tweet.

Last week Yes Bank was placed under moratorium and awithdrawal cap of Rs 50,000 was imposed till April 3.

The administrator of Yes Bank, Prashant Kumar and RajnishKumar, the Chairman of the State Bank of India are hopeful that moratoriumwould be lifted within a week.

As per the Reserve Bank of India (RBI) draft reconstructionscheme for the crisis-hit private lender, the SBI will take up 49 per cent inthe bank by investing Rs 2,450 crore.

The new board of directors will stand constituted from theappointed date. It will comprise a CEO and MD, non-executive chairman andnon-executive directors. The SBI will have nominee directors appointed on theboard of the reconstructed bank.

The RBI may appoint additional directors to the board, whoshall continue in office for one year, or until an alternate board isconstituted by Yes Bank.The SBI will not reduce its holding below 26 percent before completion of three years from the date of infusion of the capital.

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