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Yes Bank enables IMPS, NEFT services

Yes Bank has enabled inward Immediate Payment Service (IMPS) and National Electronic Funds Transfer (NEFT) services. People can now use other bank accounts to send payments towards Yes Bank credit card dues and loan obligations through IMPS and NEFT.

The development comes as the Reserve Bank of India (RBI) superseded Yes Bank’s board and put a withdrawal cap of Rs 50,000 from its accounts with few exceptions. Last week, the central bank suspended the board of directors at India’s fourth-largest private bank and imposed the withdrawal limit on account holders till April 3 citing its poor financial health due to bad loans.

Yes Bank is engaged in providing banking services, including corporate and institutional banking, financial markets, investment banking, corporate finance, branch banking, business and transaction banking, and wealth management.

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