Yes Bank has enabled inward Immediate Payment Service (IMPS) and National Electronic Funds Transfer (NEFT) services.
People can now use other bank accounts to send payments towards Yes Bank credit card dues and loan obligations through IMPS and NEFT, the private lender said on Tuesday via its official Twitter account. The development comes as the Reserve Bank of India (RBI) superseded Yes Bank's board and put a withdrawal cap of Rs 50,000 from its accounts with few exceptions.
Last week, the central bank suspended the board of directors at India's fourth-largest private bank and imposed the withdrawal limit on account holders till April 3 citing its poor financial health due to bad loans.
State Bank of India's legal team has started due diligence as the public sector lender prepares to infuse Rs 2,450 crore to pick up to 49 per cent stake in the troubled private sector Yes Bank after it was placed under administration by the RBI.