Yes Bank Crisis Affects Tech Companies PhonePe, Swiggy, Flipkart

After the restrictions by the Reserve Bank Of India(RBI) to Yes Bank customers, the major tech companies like PhonePe, Swiggy, Flipkart are facing a serious problem.

On Thursday, RBI issued guidelines that account holders from the Yes Bank cannot withdrawals above Rs. 50,000 per account for a month. Now, the affectation is not only limited to the investors and account holders of the bank but also the big tech companies like Swiggy, Flipkart. For making the payments all across the country, UPI is now a very popular medium, and Yes Bank is one of the biggest players to provide UPI solutions to big tech companies like Swiggy, Flipkart, and PhonePe.

The founder and CEO of PhonePay Sameer Nigam Twitted on the morning that they are sorry for the inconvenience as their partner bank (Yes Bank) was placed under moratorium by RBI.
The popular online food delivery platform Swiggy has removed the UPI option from its platform. Similar to that, the e-commerce giant Flipkart also removed the UPI option from its platform.

Not only these big tech firms, but there are also numerous big names on the list who were using UPI solutions from Yes Bank like; Angel Broking, MakeMyTrip, Swiggy, RedBus, Flipkart, Airtel, RedBus, Myntra, Udaan, and many more.
Although after 28 hours of outage, the transaction in PhonePe again started.