Yes Bank partially restores IMPS and NEFT services
IMPS is an instant payment inter-bank electronic funds transfer system that is available 365 days a year.
Crisis-ridden lender Yes Bank on Tuesday said that it has partially restarted its NEFT and Immediate Payment Service, or IMPS. “Inward IMPS/NEFT services have now been enabled,” Yes Bank said in a tweet. “You can make payments towards YES BANK Credit Card dues and loan obligations from other bank accounts. Thank you for your cooperation.”
IMPS is an instant payment inter-bank electronic funds transfer system. It offers inter-bank electronic fund transfer service through mobile phones. Unlike NEFT or RTGS, the system is available all 365 days of the year, including on bank holidays in India.
Last week, the lender had announced that customers can make ATM withdrawals even at other banks’ ATMs using its debit cards.
However, cheque clearing services are not yet available, Yes Bank said according to Mint. “Yes Bank clearing is currently suspended & DD/Cheque will not get presented in clearing by other Banks till further instructions or till reinstatement of clearing activities,” the bank said.
The Reserve Bank of India had last week taken control of Yes Bank, after the lender – which is laden with bad debts – failed to raise the capital it needs to stay above mandated regulatory requirements. Placing Yes Bank under a 30-day moratorium, the central bank had imposed a limit of Rs 50,000 on withdrawals to protect depositors.
The Central Bureau of Investigation on Monday issued a lookout circular against Yes Bank founder Rana Kapoor and his family, who are accused of receiving Rs 600 crore in kickbacks from Dewan Housing and Finance Limited. The investigative agency also issued lookout circulars against DHFL promoter Kapil Wadhawan and his brother Dheeraj Wadhawan.
According to the case filed by the agency, Yes Bank invested around Rs 3,700 crore in DHFL around the same time it granted a Rs 600-crore loan to a company called DoIT Urban Ventures Private Limited, owned by Rana Kapoor’s three daughters Roshni Kapoor, Rakhee Kapoor Tandon, and Radha Kapoor. The CBI has alleged that Rana Kapoor, in criminal conspiracy with Kapil Wadhawan and others, had invested in DHFL through Yes Bank to gain undue benefits for himself and his family.