Yes bank slipped and became penny share. Stock Market News.

Yes Bank made penny shares in a shock, dived up to 85%.

New Delhi: Yes Bank's stock became a penny share on Friday. Its value slipped below Rs 10. Yes Bank closed at Rs 36.85 on Thursday and slipped 85 per cent to Rs 5.55 on Friday.

At 11.35 am, the stock was trading at Rs 8.70 with a sharp decline of 76.39 per cent. The BSE Sensex was also down 1,212 points, or 3.15 per cent, at 37,259.

The Reserve Bank of India (RBI) has restricted the withdrawal limit by the customers of Yes Bank to Rs 50,000. Bank customers cannot withdraw more than this amount in a month. Many branches of this bank were closed on Friday. This is the first point since 2004 when the central bank of the country has given such a decision about the private bank. Earlier in July 2004, the government bank, Oriental Bank of Commerce (OBC), came forward to save the private lender Global Trust Bank.

Yes Bank has been constantly struggling with a shortage of funds. It has consistently failed to raise funds. The bank's debt has sunk. The Reserve Bank has appointed Prashant Kumar, Deputy Managing Director and Chief Investment Officer of State Bank of India, as Administrator of Yes Bank.

The Reserve Bank suspended the board of Yes Bank and said that there have been several setbacks in compliance with the corporate governance of the bank. On Thursday, there was news in the market that Yes Bank could be acquired by SBI or LIC.

The Reserve Bank said, "In the absence of proper reform plan and taking into account the interests of the general public and the depositors of the bank, the Reserve Bank has no other option left. Because of this, the central government is implementing a moratorium on Yes Bank."

Yes Giri Gaz on the bank so hard to get stuck in Flipkart, PhonePe and Swiggy.

Yes Bank is also on the list of banks that support UPI payments in Swiggy, so Swiggy has removed the option to order food using the UPI account from the app. Likewise, Flipkart has also eliminated the option to pay using PhonePe.

The Reserve Bank of India (RBI) has placed a postponement motion on Yes Bank on Thursday, after which the Yes Bank customer can now withdraw only Rs 50,000 per month. This sudden news has not only affected the bank account holders but also many third-party apps and fintech startups in India.

One of the most affected apps is PhonePe, which started experiencing complete outage as soon as Yes Bank announced its suspension. Not only this, but the impact of this news has also appeared on food delivery app Swiggy and e-commerce giant Flipkart.

Many phonePe users on social media have complained about the problem of non-transaction. In a tweet posted late Thursday night, PhonePay confirmed the outage, calling it "undetermined maintenance activity."

However, Sameer Nigam, founder and chief executive officer of PhonePay, confirmed on Friday that this issue is due to an update from Yes Bank.

PhonePay is one of the many startups that have Yes Bank as an acquisition bank or payment service provider (PSP). Swiggy also has YES Bank in the list of banks that support UPI payments, so Swiggy has opted out of ordering food using the UPI account from the app.

Likewise, Flipkart has also eliminated the option to pay using PhonePay. Payment Gateway RazorPay also uses Yes Bank in its backend. The company has stated that payment gateway services are currently unaffected, while some other gateway services may be affected by the news of Yes Bank.

Companies like Airtel Payments Bank and CRED have made it clear on social media how this news will affect their operations.

Yes Bank is one of the leading private banks in India providing many solutions to power startups. In November last year, the Mumbai-based bank launched Yes Fintech developer platform as an API sandbox with more than 50 virtual APIs, to allow startups and individual developers to test banking integration for their app.

In addition to the impact of this news on third-party apps and payment platforms, Yes Bank's own app and NetBanking services have also been impacted and access to them is currently discontinued. This means that if you have a YES bank account, you will not be able to transfer your funds to any other bank. Apart from this, you will not be able to use NetBanking to make payments anywhere. No need to panic though, hopefully, the situation should return to normal soon.

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