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Yes Bank netbanking services down as account holders rush to transfer funds

Yes Bank customers trying to access its netbanking services are having a harrowing time since last night as thousands of customers of the crisis-ridden bank are struggling to transfer funds or even check their account balance. Ever since the Reserve Bank of India (RBI) placed a moratorium on Yes Bank and capped withdrawals at ₹50,000 per account for a month, online banking services of the private lender have been hit.

Those using UPI services to transfer funds were affected too.

“Dear customer, due to heavy traffic on our NetBanking, we are temporarily unable to process your request. Please try again later or use the YES mobile app to carry out your transactions,” reads a message flashed on the bank’s online banking page said. As a result, most Yes Bank customers failed to make online fund transfers after the withdrawal cap was imposed from 6 pm yesterday.

Yes Bank netbanking services are affected since the moratorium was imposed by RBI.

“Hi, we regret the inconvenience caused. We are facing intermittent issues on Net Banking. Request you to please try after some time,” Yes Bank said on Twitter.

Those trying ATMs were unlucky too as either the cash dispensing machines ran out of cash or had long queues.

“It was shocking that the RBI put a limit of ₹50,000. I have tried to take out cash from ATMs but they were blocked by Yes Bank. NEFT transactions were also not taking place. I came here at 7 am to withdraw money,” Yogesh Sharma, a Yes Bank customer at Fort Branch in Mumbai told ANI.

“I will think about continuing my account with Yes Bank. I had an account with Yes Bank for two years,” he said.

Another customer said: “It was shocking. I think RBI took the decision to make Yes Bank strong and structured. I believe RBI will protect depositors’ money.”

Flipkart-owned digital payments platform PhonePe was affected too as it is dependent on Yes Bank to process its transactions. PhonePe hopes its app to be live in a few hours.

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