After Yes Bank was placed under moratorium by RBI, Paytm reached out to PhonePe and invited them to join hands with the electronic payments giant.
Paytm on Friday tweeted saying: "Dear @PhonePe, Inviting you to @PaytmBank #UPI platform. It already has huge adoption and can seamlessly scale manifold to handle your business. Let’s get you back up, fast!"
But later, PhonePe rejected Paytm's offer of joining hands. Replying to Paytm, PhonePe tweeted: "Dear @PaytmBank, Inviting you to consider that if your #UPI platform was so 'seamlessly scalable', we'd have called you ourselves. No point getting back up faster, if we have to desert our long term partners when they're down. Form is temporary, class is permanent."
This came a day after RBI imposed moratorium on Yes Bank. PhonePe, one of the country's largest digital payment platforms, is dependent on YES Bank to process its transactions.
Even PhonePe's chief executive Sameer Nigam tweeted on Friday saying that the company regrets the long outage and the entire team was working to fix it.
Yes Bank placed under a moratorium Thursday evening, with the RBI capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board. YES 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.
