PhonePe says services resumed; now partners ICICI Bank

A day after its UPI services were impacted due to an exclusive reliance on the beleaguered Yes Bank, financial app PhonePe on Saturday announced a resumption in services

It has connected to the second-largest private sector lender ICICI Bank to act as a payment service provider in place of Yes Bank to make it possible. Its chief executive Sameer Nigam thanked ICICI Bank and the National Payments Corporation of India for making the transition possible in quick time

After being put under a moratorium, Yes Bank was put under severe restrictions including caps on payments, which impacted its ability to settle transactions on behalf of partners like PhonePe. At last count, there were 15 firms that were dependent on Yes Bank for the services and may be impacted in different measures.