After the moratorium imposed by RBI on YES Bank on Thursday, March 5, the bank capped the withdrawal limit for its customers. The situation grew over a majority of Indian digital payments players dependent on YES Bank including Paytm, Flipkart’s PhonePe, BharatPe and many more. All digital payments providers came up with respective measures to suppress the impact of the situation for their customers, out of which one was by Paytm that actually got a stiff response from its arch-rival PhonePe.
Paytm amid YES Bank obstruction on March 6 through its @PaytmBank Twitter handle offered a UPI (Unified Payment Interface) solution to PhonePe by tagging its Twitter handle @PhonePe_ .
PhonePe being offended by the tweet and considering the UPI solution not stable or scaleable enough, came up with its take saying that if such kind of a UPI solution was scalable enough then PhonePe would itself have provided the same to its customers.
Replying to PhonePe, Paytm sarcastically commented,
YES Bank Moratorium – in summary
According to RBI, the moratorium is a reconstruction procedure for YES Bank in order to help the financial entity surpass through the steady decline in its financial position. The moratorium was imposed on March 5 capping the withdrawal limit for YES Bank customers to INR 50,000 per bank account and for all types of bank account till April 3, 2020. YES Bank is now being led by a former chief officer of SBI Bank as appointed by RBI.