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Yes Bank inward RTGS enabled to receive payments

Yes Bank inward RTGS enabled to receive payments
March 12
10:19 2020

NEW DELHI: Yes Bank on Wednesday said that its inward RTGS services have been enabled that will allow customers to make payments towards the bank’s credit card dues and loan obligations from other bank accounts.

The announcement comes just a day after the Reserve Bank of India (RBI) permitted Yes Bank to start inward NEFT and IMPS services for the same purpose.

RTGS is payment system whereby banking customers can electronically pay any sum above Rs 2 lakh for settling their payments. An amount less than this can be settled using NEFT transfers. IMPS is also an electronic settlement system where instant payment to banks can be made or received in case of urgency, even on a holiday.

While inward electronic payment system has been activated, Yes Bank continues to face a moratorium imposed by the RBI under which customers cannot withdraw more than Rs 50,000 during the period and RTGS and other electronic payment systems remain suspended for outward remittances.

The RBI is working out a rescue plan for Yes Bank to keep the bank afloat amidst thee situation that the bank has sunk to by offering credit to companies that now face huge liquidity issues and are on the brink of closure.

The facility for inward RTGS has been allowed on the request of customers who saw that payment delays towards their EMI obligation on loans would attract penalties.

Before the latest payment easing, the bank allowed its customers to use ATMs to withdraw their money within the Rs 50,000 cap. IANS

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