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@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
(announced on 6th Mar 2020). I do not agree to writing off Perp AT1 bond, Basel III compliant of Yes bank. I demand my money back as I have not done anything wrong. I have a long list of obligations to meet for my family. In the past, I have also invested in AAA rated DHFL
secure NCDs. My retired father has also invested in these DHFL NCDs. There also our money is stuck. For a tax paying honest citizen, what are you people leaving as a choice? I can't put my money in debt mutual funds, I can't put money in bonds, FD interest rates are going south
every other month and I dont have any pension as I was not a Govt. servant. If these bonds were so risky, why did RBI allow them to be sold to gullible retail investors. Ultimately it is all retail investors who are impacted by these bonds becoming zero.
As retail people may have bought these bonds or may have invested in debt mutual funds. Please do whatever it takes but do not writeoff these bonds. Maybe SBI can pay Rs. 20 for each Yes bank share instead of Rs. 10 Or Tier II bond holders can get the writeoff
Or people who have less bonds should be paid their money (as they are probably retail investors and donot have an appetite for enormous loss). You people are learned and hope will take an informed decision.
Thanks for listening.
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