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PhonePe suffers outage after partner Yes Bank put under moratorium

PhonePe suffers outage after partner Yes Bank put under moratorium

PhonePe suffers outage after partner Yes Bank put under moratorium
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By CNBC-TV18 Mar 6, 2020 9:08:53 AM IST (Published)

The firm tweeted last evening that its services were unavailable because of an 'unscheduled maintenance activity'.

Payments firm PhonePe suffered an outage in its services after its banking partner Yes Bank was placed under a moratorium by the government.

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The firm tweeted last evening that its services were unavailable because of an 'unscheduled maintenance activity'.
The company's founder and CEO Sameer Nigam, however, confirmed that the outage had been caused because of the moratorium placed on its banking partner Yes Bank by the government.
Under the terms of the moratorium, account holders, including those holding current accounts, will not be allowed to withdraw more than Rs 50,000 till April 3.
Further, the RBI also superseded the board and installed its administrator to oversee the bank's merger with SBI, which confirmed that it was exploring that option. Media reports said LIC would also join SBI in taking over the bank.
The moratorium also resulted in Yes Bank's tech infrastructure also becoming non-responsive.
Executives of fintech startups, which often work with larger institutions to provide services, reported on Twitter they could not access Yes Bank's APIs or the mechanism that serves as a link for secured data transfer between two companies.
PhonePe's Nigam added that he hoped to restore services at the payment firm within a few hours.
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