-
Hey there! Welcome to TFC! View fewer ads on the website just by signing up on TF Community.
Yes Bank Eclectic ( Visa Infinite ) Debit Card
- Thread starter jetesh
- Start date
If I were you I won’t even go near to YES, if I am an already a customer, I will run away from them..
But that’s me
Sinking ship, it will be only the case of death by thousand cuts,, very pessimistic view from my side
I won’t say it will disappear as quite a few of the larger banks had chipped in for its survival..
But it will be like a patient on ventilator, neither dead nor alive.. choice is yours
It will be almost a miracle if it can resurrect from the ashes and they say miracles won’t happen frequently
Last edited:
See nothing happens short term..I am talking about long term. Don’t loose sleep on this. Don’t have high hopes and don’t put all eggs in one basket
dvader
TF Ace
The pessimism is justified. Now let me give you a ground report. I visited my branch and my RM was talking to another guy about how he just gave a 70L loan to a guy to buy A BMW X7 (1.22 Cr Ex Show). Now in a metro city that's business as usual. I am from a tier 2 city. This BMW X7 was first in the city and therein lies the problem, the guy must have gone through 5 banks before coming to Yes. YesBank won't be an issue as far as retail depositors are considered cuz RBI. It might cease to exist as a separate entity and merge with another private bank. Either way, systemic changes are needed at this point. SBI still has a major shareholding that imparts some trust or maybe RBI officials are avoiding it deliberately cuz that's gonna send a huge red flag.
Also, there is/was the concern of AT1 bonds that would have made them bankrupt (I don't know why there wasn't much buzz on this). Bombay High Court ordered YesBank to pay off ~8000 Crores to inverters of AT1 bonds (I think this was the biggest misselling in decades). These bonds were sold as an alternative to FDs. Yesbank said and I quote "As safe as a house". RBI in its reconstruction scheme wiped out the entire ~8000Cr cuz they were neither savings deposits nor FD nor equity. Even equity investors were saved in the RBI reconstruction scheme but these bonds though they were technically FDs were F*#@ed. Not a single rupee was spared. People challenged this in the Bombay High Court and won in 2022/23 (correct the date if anyone is a lawyer). YesBank would have been f*##d if this happened. RBI + YesBank jointly appealed this in the Supreme Court and the Finance Ministry is lobbying to reverse the HC judgement
economictimes.indiatimes.com
And just for trivia, you would be surprised who is representing YesBank to turn the HC judgment to pay the retail investors (mostly retirees and normal citizens) Kapil Cibbal. This M*#*$er also represents designated Criminal Lalu Yadav in SC/HC.
I wouldn't go anywhere near someone being represented by Kapil Cibal.
In short, do not I repeat do not under any circumstance, I am repeating it again under any circumstance invest your money with any bank (PSU, nonPSU doesn't matter, F*#*k them all) selling a new scheme or bond cuz you gonna get railed no matter what.
Also, there is/was the concern of AT1 bonds that would have made them bankrupt (I don't know why there wasn't much buzz on this). Bombay High Court ordered YesBank to pay off ~8000 Crores to inverters of AT1 bonds (I think this was the biggest misselling in decades). These bonds were sold as an alternative to FDs. Yesbank said and I quote "As safe as a house". RBI in its reconstruction scheme wiped out the entire ~8000Cr cuz they were neither savings deposits nor FD nor equity. Even equity investors were saved in the RBI reconstruction scheme but these bonds though they were technically FDs were F*#@ed. Not a single rupee was spared. People challenged this in the Bombay High Court and won in 2022/23 (correct the date if anyone is a lawyer). YesBank would have been f*##d if this happened. RBI + YesBank jointly appealed this in the Supreme Court and the Finance Ministry is lobbying to reverse the HC judgement
Finance Ministry moves Supreme Court against HC order quashing Yes Bank's AT-1 bonds write-off
A bench led by Chief Justice DY Chandrachud admitted the governments appeal and tagged it along with similar appeals filed by RBI and Yes Bank, It also posted the matter for further hearing on October 16. The apex court had in March extended the stay granted by the HC on January 20.
And just for trivia, you would be surprised who is representing YesBank to turn the HC judgment to pay the retail investors (mostly retirees and normal citizens) Kapil Cibbal. This M*#*$er also represents designated Criminal Lalu Yadav in SC/HC.
I wouldn't go anywhere near someone being represented by Kapil Cibal.
In short, do not I repeat do not under any circumstance, I am repeating it again under any circumstance invest your money with any bank (PSU, nonPSU doesn't matter, F*#*k them all) selling a new scheme or bond cuz you gonna get railed no matter what.
Your argument lost sense due to a personal attack on someone.The pessimism is justified. Now let me give you a ground report. I visited my branch and my RM was talking to another guy about how he just gave a 70L loan to a guy to buy A BMW X7 (1.22 Cr Ex Show). Now in a metro city that's business as usual. I am from a tier 2 city. This BMW X7 was first in the city and therein lies the problem, the guy must have gone through 5 banks before coming to Yes. YesBank won't be an issue as far as retail depositors are considered cuz RBI. It might cease to exist as a separate entity and merge with another private bank. Either way, systemic changes are needed at this point. SBI still has a major shareholding that imparts some trust or maybe RBI officials are avoiding it deliberately cuz that's gonna send a huge red flag.
Also, there is/was the concern of AT1 bonds that would have made them bankrupt (I don't know why there wasn't much buzz on this). Bombay High Court ordered YesBank to pay off ~8000 Crores to inverters of AT1 bonds (I think this was the biggest misselling in decades). These bonds were sold as an alternative to FDs. Yesbank said and I quote "As safe as a house". RBI in its reconstruction scheme wiped out the entire ~8000Cr cuz they were neither savings deposits nor FD nor equity. Even equity investors were saved in the RBI reconstruction scheme but these bonds though they were technically FDs were F*#@ed. Not a single rupee was spared. People challenged this in the Bombay High Court and won in 2022/23 (correct the date if anyone is a lawyer). YesBank would have been f*##d if this happened. RBI + YesBank jointly appealed this in the Supreme Court and the Finance Ministry is lobbying to reverse the HC judgement
Finance Ministry moves Supreme Court against HC order quashing Yes Bank's AT-1 bonds write-off
A bench led by Chief Justice DY Chandrachud admitted the governments appeal and tagged it along with similar appeals filed by RBI and Yes Bank, It also posted the matter for further hearing on October 16. The apex court had in March extended the stay granted by the HC on January 20.
And just for trivia, you would be surprised who is representing YesBank to turn the HC judgment to pay the retail investors (mostly retirees and normal citizens) Kapil Cibbal. This M*#*$er also represents designated Criminal Lalu Yadav in SC/HC.
I wouldn't go anywhere near someone being represented by Kapil Cibal.
In short, do not I repeat do not under any circumstance, I am repeating it again under any circumstance invest your money with any bank (PSU, nonPSU doesn't matter, F*#*k them all) selling a new scheme or bond cuz you gonna get railed no matter what.
Why is anyone representing an entity be an issue to you? or do you make your financial decisions by looking at a company's lawyer
The case is decided on merits and not who is arguing
and the AT1 bonds were introduced with the sole objective of eating up the Investor's money in case they suffer loss. That's why they are more riskier than conventional FDs.The pessimism is justified. Now let me give you a ground report. I visited my branch and my RM was talking to another guy about how he just gave a 70L loan to a guy to buy A BMW X7 (1.22 Cr Ex Show). Now in a metro city that's business as usual. I am from a tier 2 city. This BMW X7 was first in the city and therein lies the problem, the guy must have gone through 5 banks before coming to Yes. YesBank won't be an issue as far as retail depositors are considered cuz RBI. It might cease to exist as a separate entity and merge with another private bank. Either way, systemic changes are needed at this point. SBI still has a major shareholding that imparts some trust or maybe RBI officials are avoiding it deliberately cuz that's gonna send a huge red flag.
Also, there is/was the concern of AT1 bonds that would have made them bankrupt (I don't know why there wasn't much buzz on this). Bombay High Court ordered YesBank to pay off ~8000 Crores to inverters of AT1 bonds (I think this was the biggest misselling in decades). These bonds were sold as an alternative to FDs. Yesbank said and I quote "As safe as a house". RBI in its reconstruction scheme wiped out the entire ~8000Cr cuz they were neither savings deposits nor FD nor equity. Even equity investors were saved in the RBI reconstruction scheme but these bonds though they were technically FDs were F*#@ed. Not a single rupee was spared. People challenged this in the Bombay High Court and won in 2022/23 (correct the date if anyone is a lawyer). YesBank would have been f*##d if this happened. RBI + YesBank jointly appealed this in the Supreme Court and the Finance Ministry is lobbying to reverse the HC judgement
Finance Ministry moves Supreme Court against HC order quashing Yes Bank's AT-1 bonds write-off
A bench led by Chief Justice DY Chandrachud admitted the governments appeal and tagged it along with similar appeals filed by RBI and Yes Bank, It also posted the matter for further hearing on October 16. The apex court had in March extended the stay granted by the HC on January 20.
And just for trivia, you would be surprised who is representing YesBank to turn the HC judgment to pay the retail investors (mostly retirees and normal citizens) Kapil Cibbal. This M*#*$er also represents designated Criminal Lalu Yadav in SC/HC.
I wouldn't go anywhere near someone being represented by Kapil Cibal.
In short, do not I repeat do not under any circumstance, I am repeating it again under any circumstance invest your money with any bank (PSU, nonPSU doesn't matter, F*#*k them all) selling a new scheme or bond cuz you gonna get railed no matter what.
Now it is for the courts to decide whether Yes Bank sold these Bonds without disclosing the risks or not
when you have the finance ministry lobbying for a decision it is pretty clear whether AT1 bonds were mis sold or not
theda
TF Premier
Just a khurafati thought. If yes bank closes few days before my yes bank credit card bill generation do I still have to pay the bill? 😀
Last edited:
yes
otherwise you will be reported as an NPA post 90 days
Similar threads
