YES Bank crisis: PhonePe comes to a halt, but staff keeps it up and running

Payments firm came to a halt after RBI superseded YES Bank's board

On Thursday evening, PhonePe employees were looking forward to the weekend, but then they were caught by surprise when the Reserve Bank of India (RBI) placed YES Bank under moratorium.

PhonePe and its users were hit the hardest as YES Bank is the Walmart-owned payments platform’s exclusive UPI (unified payments interface) partner and the PhonePe app had to be shut down.

After a gruelling 24 hours, the PhonePe team, led by chief technology officer Rahul Chari and CEO Sameer Nigam, has fully restored UPI on the payment platform. The app is up and running again with all payment instruments enabled.

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