The National Federation of Urban Cooperative Banks and Credit Societies (NFCUB) has written to cooperative banks which have sub-member arrangements with Yes Bank for RTGS/NEFT, CTS, NACH, IMPS, UPI and NFS transactions, that Yes Bank has given NOC to all the affected banks to open sub-membership arrangement with any other commercial bank of their choice. There are some 109 urban cooperative banks affected by the moratorium placed by the RBI on Yes Bank. Now all these banks can get into similar arrangement with other commercial banks. These banks will have to fill in certain forms, which NAFCUB has sent to all the banks, and upload them to the regional offices of the Reserve Bank of India.
Jyotindra Mehta, chairman of NAFCUB, has written to the chairman/CEOs of the affected banks, explaining the situation created by the moratorium on Yes Bank and how NAFCUB has immediately taken up the matter with RBI for change of sponsor banks. He said there is now no need for the NOC from Yes Bank and the banks only needed to fill in the forms and submit them to the RBI offices concerned. He expects that the affected banks will be able to resume their CTS clearing by Tuesday and the that the Federation is in talks with NPCI to to resolve the issues
relating to RTGS/NEFT transactions and the change of IFSC Code allotted to the affected member UCBs.
