Several companies use Yes Banks’ application programme interface for connecting with the Unified Payments Interface platform. The APIs interlink the third-party companies’ payment page on the mobile application or website with Yes Banks’ back-end system that connected to the UPI payments platform.

Around 21 of the 38 live third-party application providers are using bank APIs provided by Yes Bank for UPI payments, according to the NPCI’s website. These include from Swiggy, Hungrybox, MakeMyTrip, Udaan, PVR Cinemas, Myntra, Flipkart, Airtel to financial firms like PhonePe and Angelbroking, to name a few. Other companies that could be affected by the moratorium include BharatPe, POS players like Paynearby and neo-bank Niyo, amongst others.

BloombergQuint has reached out to the companies named above for comments on whether they are facing issues with processing UPI payments and other payments and when services would be restored. Their comments are awaited.

BharatPe has said that it will be replacing existing QR codes, that were tied to Yes Bank’s network till date but are now inactive, with QR Codes powered by ICICI bank within the next two days.

A senior executive with a cash management company’s said that ATMs were operational till early morning, after which it seems NPCI and or the bank decided to take them offline. It is likely that they were not able to enforce the Rs 50,000 limit as there was overlap between the branch withdrawal and ATMs.

The government and the RBI are working together to resolve the issue, Finance Minister Nirmala Sitharaman said in the parliament today.

Senior official at NPCI, speaking on conditions of anonymity, says that Yes Bank's point of sale terminals, debit cards and credit cards have been disconnected as of now.

The NPCI is currently working on a resolution process and should be able to sort the situation out, soon, he added.

Radhika Gupta, Edelweiss AMC

• If you have an SIP for Rs 60,000, that will fail beyond Rs 50,000.
• My recommendation is they now change their auto debit mandate for SIPs when they need to. If they have smaller SIPs, they will go through as long as you have sufficient balance in your account.
• At one level, money is coming out of your account, but at some point SIPs will fail because of the Rs 50,000 limit.
• As AMCs we have to be proactive and reach out to those who have linked Yes Bank accounts in some form to encourage them to change their bank account quickly.
• If someone wants redemption, they need to call us, we will facilitate a change in bank account.
• If you have a second bank account, give us the details, we will do it as quickly as possible.

Vijai Mantri, JRL Money

• People are concerned if we will see more Yes Bank kind of situations in mutual fund schemes.
• Though our exposure to Yes Bank has become zero, we see a further downside to these funds.
• It is very prudent now that people have at least two bank accounts and at least one of them be a large public sector lender.