New Delhi: Paytm Payments Bank Limited (PPBL) on Friday blocked transactions from the accounts of Yes Bank, which is facing a cash crunch. It also includes transactions done through the UPI platform. PPBL took this decision after the Reserve Bank’s action on Yes Bank.
A day earlier, the Reserve Bank had imposed a limit of Rs 50,000 for bank depositors till April 3, putting all restrictions on Yes Bank. The Reserve Bank also dissolved the board of directors of the bank. Along with this, Prashant Kumar, former Deputy Managing Director and Chief Finance Officer (CFO) of SBI, has been appointed as the administrator of the bank.
“Paytm Payments Bank Limited (PPBL) announced today (Friday) that it is restricting transactions from Yes Bank accounts, including UPI, to protect the funds of its users,” PPBL said in a statement. The statement said, “Since third-party apps based on Yes Bank have also been affected, the UPI ecosystem has been designed in such a way that customers can continue to use other UPI apps to transact on UPI. Paytm customers will be able to use Paytm UPI and Wallet service without any hindrance as before. ”
