Discover and read the best of Twitter Threads about #Yesbankcrisis

Most recents (7)

THREAD:
Why is the existing PMNRF.gov.in not used & a personal brand named fund PM-CARES being used?
Sec 46 of the Disaster Management Act, 2005, statutorily mandates the creation of the “National Disaster Response Fund”
Has this been operationalised?
#ModiMadeDisaster
There is also a PM National Relief Fund. Why do we need a new “PM-CARES” fund? To get a catchy abbreviation? 🤐😳🙈
Let's dig in:

PMNRF has receipt generation, in existance for ages.

PM-CARES attempts at profiting out of disaster.
READ to understand:
#ModiMadeDisaster
A study by "Cashless Consumer" reveals AACTP4637 Q is the PAN of PMNRF.
PMNRF also allows people to download receipts.
PM-CARES DOESN'T HAVE NEITHER.
It didn't give a PAN for claiming 100% 80G exemption.
Remember, if there is no PAN, u can't claim IT exemption.
#ModiMadeDisaster
Read 9 tweets
Why is pmnrf.gov.in not used and a personal branding named fund being used for this? PMNRF has receipt generation, in existance for ages. PM-CARES attempts at profiting out of disaster. #DisasterPayments
But there is more. pmnrf.gov.in/en masks PAN of the fund to XXXXXX 637Q. What is the need for masking a PAN of a fund? Privacy for PM fund?
#CashlessConsumer studied #DisasterPayments and AACTP 4637 Q is the PAN of PMNRF. PMNRF also allows people to download receipts. PM-CARES doesn't have neither, didn't give a PAN for claiming 80G exemption.

docs.google.com/spreadsheets/d…
Read 24 tweets
#Yesbankcrisis

2004 -

✅ Rana Kapoor & Ashok Kapur started the bank in 2004
✅ Their wives were sisters too
✅ Ashok was moderate, Rana was an aggresive businessman

2008 -

✅ Ashok of them died in 26/11 attack
✅ But it was Ashok, because of whom the duo got a license to run
a bank
✅ Yet, now Rana was at the helm.
✅ Ashok's wife wanted her daughter on the board. Both fought it out in court for long time

✅ Rana started giving out loans like freebies
✅ People were envious that he always got his money back, even from those..
..who didn't give anyone else's money

✅ Rana was running the bank to ground with losses, but he charged a 'fee' with every loan, that kep his fillings look profitable

2018

✅ RBI started to realise something wasn't right at Yes Bank
✅ Many companies like CCD, HDFL, JET...
Read 8 tweets
Thread on #yesbankcrisis. I wrote this because, as usual, there were people, who are talking of growth of loans post 2014. In order to provide a perspective, developed this note and hopefully separate the chaff from Wheat.
#YesBank in 2016. Look at the low % of NPA
As can be seen the growth on key parameters – Deposits, Advances, Net Interest Income have been very good. Probably too good and probably reflecting on the asset quality that is paying such a price. Between 2017-18 and the next fiscal is the more-than doubling of NPA as a %.
Read 20 tweets
@rbi @DasShaktikanta @rkumar1958 #yesbank @yesbank @nsitharaman #yesbankcrisis @pk63 @pmoindia @FinMinIndia #yesbank_AT1_RetailInvestor @sanjeevsanyal

My input on RBI proposal for reconstruction of Yes Bank

I am holder of 1(one) Perp AT1 bond, Basel III compliant of Yes bank.
To me it is a very big money (INR. 10 lakhs). I am in no position to lose this money and the interest thereof. I am a 55 yr old early retiree who is looking to get regular income from FDs, bonds and mutual funds. I am risk averse so I do not like to buy shares.
I was sold these bonds by YES bank senior staff and they convinced me it was a very safe debt option (I was told Bank's AA means AAA as no bank gets AAA rating). As a holder of this AT1 bond of YES bank, I vehemently reject the draft scheme of reconstruction of YES bank
Read 10 tweets
SBI Chairman Rajnish Kumar addresses the media on the draft resolution plan released by RBI for #YesBank. #BQLive

Live blog: bit.ly/3aDXNCX twitter.com/i/broadcasts/1…
RBI's draft scheme is already in public domain: SBI's Rajnish Kumar
#yesbankcrisis

Watch Live: bit.ly/3czvcRn
Live blog: bit.ly/3aDXNCX
We will be making an initial investment of Rs 2,450 crore: SBI's Rajnish Kumar
#yesbankcrisis

Watch Live: bit.ly/3czvcRn
Live blog: bit.ly/3aDXNCX
Read 13 tweets
A Retelling of the #yesbankcrisis in tweets

The year is 2003. RBI issues a new banking license & Yes Bank is born. Meanwhile, Ashok Kapur & Rana Kapoor take charge. The former, calm & Composed. The latter Brash & Aggressive. The Yin & the Yang. They make perfect partners
Tragedy strikes

Ashok Kapur passes away in the 2008 Mumbai terrorist attacks. Rana Kapoor tries to consolidate power. Ashok Kapur's wife stages a boardroom battle. Rana Kapoor refuses to relent. He eventually comes out on top
The Rana Kapoor Era Begins

Aggressive growth is the mantra. The bank tries to find as many corporates who are desperate for a loan and makes them pay top dollar each time they borrow.

More loans, more fee, more interest, more everything. Life's great
Read 15 tweets

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