RBI allows card networks, wallets to access RTGS, NEFT
Direct access for non-banks to CPS lowers the overall risk in the payments ecosystem.
A day after the troubled Yes Bank allowed inward IMPS and NEFT services for all its customers, the private lender on Wednesday enabled its inward real-time gross settlement (RTGS) services.
The move will allow bank’s customers to make payments towards the bank’s credit card dues and loan obligations from other bank accounts.
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“Inward RTGS services have been enabled. You can make payments towards YES BANK Credit Card dues and loan obligations from other bank accounts,” the bank said in a tweet on Wednesday.
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The service is used for payments of over Rs 2 lakh, while payments below this amount can be made using NEFT. Besides, loan and credit cards repayments to the bank can also be done through IMPS from other bank accounts.
Meanwhile, in ‘moratorium-related FAQs’ posted on its website, the bank has said that services such as online remittances, clearing of cheques and demand drafts as well as outward payment of EMIs will continue to remain under restriction during the moratorium period.
However, any employer having a current account with Yes Bank will be able to transfer salaries to employees.
Yes Bank’s FAQs also stated that outward online remittances, including RTGS and NEFT, are still suspended.
“All clearing activities are suspended as of now.”
“Your EMIs (equated monthly installments) will be honoured up to the prescribed limit, subject to reinstatement of clearing activities,” it said.
The RBI is working out a rescue plan for Yes Bank to keep the bank afloat amidst the situation that the bank has sunk to by offering credit to companies that now face huge liquidity issues and are on the brink of closure.
(With input from agencies)
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