State Chief Minister Uddhav Thackeray has instructed the Chief Secretary that government money should be deposited only in nationalized banks. Pawar said, ‘The Chief Minister has directed the Chief Secretary and other secretaries to deposit government funds only in nationalized banks, especially in centrally protected banks.’ Axis Bank has come in the wake of the controversy surrounding the transfer. Yes Bank is also on the list of banks that support UPI payments in Swiggy, so Swiggy has removed the option to order food using the UPI account from the app. Similarly, Flipkart has also removed the option to make payments using PhonePe.
The Reserve Bank of India (RBI) has put a moratorium on Yes Bank on Thursday, after which a Yes Bank customer can withdraw only Rs 50,000 per month. The sudden news has affected not just Yes bank account holders, but many third-party apps and fintech startups in India. One of the most affected apps is PhonePe, which started experiencing a complete outage as soon as Yes Bank announced the moratorium. Not only this, the impact of this news has also appeared on food delivery app Swiggy and e-commerce giant Flipkart. On social media, many PhonePe users have complained about the problem of not doing the transaction. PhonePay confirmed the outage via a tweet posted late Thursday, describing it as ‘undetermined maintenance activity.’
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PhonePe is one of the many startups that have Yes Bank as a takeover bank or a payment service provider (PSP). Swiggy also has Yes Bank among the list of banks that support UPI payments, so Swiggy has removed the option to order food using the UPI account from the app. Similarly, Flipkart has also removed the option to pay using PhonePe. Payment Gateway RazorPay also uses Yes Bank in its backend. Payment Gateway RazorPay also uses Yes Bank in its backend. The company has stated that the payment gateway services are currently unaffected, while some other services of the gateway may be affected due to Yes Bank news.