Yes Bank takeover causes chaos for fintech startups

tech.economictimes.indiatimes.com

The Reserve Bank of India took over operations at the troubled bank, disruption has included APIs and channel for payment settlements. A slew of companies have had to migrate to bring service back to customers.

"Several leading UPI players saw their operations crippled due to the withdrawal restrictions placed on Yes Bank by the regulators. Most notably, services of Walmart backed PhonePe was down temporarily as CEO and founder Sameer Nigam took to Twitter to explain the cause of the outage as moratorium placed "on our partner bank (Yes Bank)" by the RBI."

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