NEW DELHI: Yes Bank customers can now make credit card and loan payments from other bank accounts by using Immediate Mobile Payment Service (IMPS) or National Electronic Funds Transfer (NEFT) services, the troubled private lender said.
Yes Bank shared a tweet from its official handle and wrote: “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. ”
Last week, the Reserve Bank of India (RBI) took over Yes Bank amid the backdrop of scandals in the country financial sector in the last couple of years. The central bank capped the withdrawal limit at Rs , for a month.
The RBI said it would work on a revival plan, as part of which bonds classified as Additional Tier 1 (AT1) capital will be written down “permanently, in full. ”
So-called AT1 bonds were introduced after the 2019 global financial crisis. They carry higher interest rates than more senior debt as investors accept the risk they can lose their investment at certain pre-agreed points if the funds are needed to bolster a struggling bank’s capital.
Yes Bank had about Rs 8, 823 crore ($ 1.2 billion) in AT1 capital as of March 01575879, its annual report showed, under the Basel III framework. Investors included Nippon India Mutual Fund, Franklin Templeton, a slew of local fund houses and retail investors.
Meanwhile, the government-owned State Bank of India, the country’s largest lender, said on Saturday it would invest funds to buy a % stake in Yes Bank as part of the initial phase of a rescue deal.
GIPHY App Key not set. Please check settings