Yes Bank Now Allows Customers to Make Money Transfer by NEFT or IMPS

Yes Bank, which is under moratorium, provided some relief to its customers who can now make certain payments through instant money transfer services – National Electronic Funds Transfer (NEFT) and Immediate Payment Service (IMPS).

In a post on Twitter, YesBank said its customer can pay "their credit card dues" and "loans from other bank accounts" using the two wire transfer services.

The moratorium on withdrawals and difficulty in withdrawing amounts from bank ATMs and branches has put the customers in a lot of difficulties.

The Reserve Bank of India (RBI) superseded Yes Bank's board and took control of the private sector lender last week, and also capped withdrawals from its accounts.

"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.@RBI @FinMinIndia", YesBank said in a tweet.

There are indications that the moratorium will be lifted this week. State Bank of India (SBI) chairman Rajnish Kumar said on Monday that the moratorium on Yes Bank could be lifted as early as "within a week".

Kumar assured YesBank customers that since SBI is now in charge, there is is no need to worry about deposits in the bank.

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The Reserve Bank of India (RBI) has unveiled a bailout plan for YesBank, under which SBI will invest up to Rs 10,000 crore in the scam hit private sector lender. The RBI has taken control of Yes Bank, after the debt-laden lender failed to raise the capital it needs to stay above mandated regulatory requirements. (IANS)