Dear @PhonePe_ customers.

We sincerely regret the long outage.

Our partner bank (Yes Bank) was placed under morator… https://t.co/vwZSN8pn4i — Sameer.Nigam (@_sameernigam) 1583457327000Digital payment firm PhonePe suffered an outage in services after its banking partner YES Bank ’s moratorium notice by RBI came in effect on Thursday.Sameer Nigam, PhonePe’s co-founder and CEO, on Friday confirmed the outage through a tweet informing that their entire team has been working on it and thanked customers for their patience.On Thursday, the Reserve Bank of India limited capital-starved YES Bank’s withdrawal to Rs 50,000 for the next one month till April 3, 2020.The move, which went effective from 6 pm on Thursday led to a halt in United Payments Interface ( UPI ) transactions.

With PhonePe being the largest payments partner of YES Bank was among the worst affected.Apart from restricting the withdrawal limit, the apex bank also appointed ex-SBI CFO Prashant Kumar to oversee the moratorium period.YES Bank has been at the forefront of creating a fintech ecosystem in the country, enabling startups through YES Fintech initiatives.

It also recently launched multiple API banking services to help startups. | To read full story, visit https://startuparound.com/read/1583474404.7840836/YES-Bank-moratorium-hits-PhonePe-services?ref=audio_experience