After PhonePe's UPI services were hit due to YES Bank Crisis, the mobile transaction app announced its discontinuation of services with the bank on Saturday.
Now, ICICI Bank will act as a payment service provider in place of YES Bank.
Chief Executive Sameer Nigam thanked ICICI Bank and National Payment of Corporation of India for taking care of things as quickly as possible.
Yes Bank was on Thursday placed under a moratorium, with the RBI capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board.
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The bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.
Around 15 firms, dependant on YES Bank, were impacted after such crisis.
