Yes Bank resumes operations, online services crash

New Delhi: Yes Bank resumed full-fledged banking operations on Wednesday. However, there were initial glitches with customers complaining of problems in using online banking services and the mobile app.

The 13-day moratorium on the crisis-hit bank ended at 6 p.m. and under the reconstruction scheme, online services were to resume thereafter, while the offline services and the bank branches would start operations on Thursday morning.

However, customers have complained of the mobile app crashing down as soon as the moratorium was lifted.

“Even the payees added to my mobile app have gone missing and it shows error,” said Delhi-based Pranay Bhardwaj who has been a Yes Bank customer for over 11 years. The Yes Bank net bank site also showed “unable to process”, he said.

In tweet, Yes Bank said that “Our banking services are now operational. You can now experience the full suite of our services. Thank you for your patience and co-operation. #YESforYOU @RBI @FinMinIndia.”

Our banking services are now operational. You can now experience the full suite of our services. Thank you for your patience and co-operation. #YESforYOU @RBI @FinMinIndia

— YES BANK (@YESBANK) March 18, 2020

People also expressed the inconvenience faced on social media. A twitter user with the handle @veerahinjal displayed her anger and said that the app has crashed and the banks customers are being “fooled”.

“@YESBANK the app has crashed within minutes! You are fooling & robbing customers! @RBI this was your plan to revive the bank!” said the twitter user.

Another Twitter user with the handle @MNausha90194412 asked Yes Bank when its services on Google Pay and PhonePe work.

On Tuesday, the bank’s administrator Prashant Kumar had assured the depositors by saying that Yes Bank has emerged a stronger entity.

“There is no need to worry about safety of deposits in the bank. The bank has emerged stronger with the equity support of domestic banks and quick action by the RBI and the government. So when normal banking services resume tomorrow, customers can expect to get much better experience,” Prashant Kumar, Yes Bank administrator and the next MD and CEO of the bank’s newly-constituted board.

Responding to questions whether there would be a flurry of withdrawals from the depositors once normal banking services resume on Wednesday, he said that Yes Bank has sufficient funding lines available with it and based on analytics and positive vibes generated by the restructuring scheme, there would not be a flurry of withdrawals.

“Even during moratorium period, only one-third of depositors withdrew their savings to the extent of Rs 50,000 while the remaining did not withdraw at all. In fact, in last four days, Yes Bank has seen more inflows than outflow,” Kumar said.

IANS