PhonePe suffers outage after RBI moratorium

Users of fintech platform PhonePe have complained that they are unable to make transactions after the RBI placed a moratorium on Yes Bank on Thursday. Several users transact with PhonePe’ UPI and wallet services.

The Reserve Bank of India (RBI) on Thursday placed Yes Bank under moratorium and restricted withdrawals to Rs 50,000, as the central bank assumed control of the troubled private sector lender.

Users transacting on PhonePe received the following messages:

We are temporarily unavailable.
We are going through an unscheduled maintenance activity. We apologize for any inconvenience this may cause.
We’ll be back soon.