How Yes Bank's relationship managers sold its AT1 bonds to retail investors
A small portion of the estimated ₹10,000 crore AT1 bonds issued by the bank are also held by individual investors
Many of the investors are guilty of believing that the bonds are as safe as FDs and will give better returns
Harish, a 65-year-old retired human resource manager, and his wife Saroj, woke up on 6 March to a rude shock. About a third of the Delhi-based couple’s retirement kitty had vanished as Yes Bank was placed under administration by the Reserve Bank of India (RBI) and its perpetual debt (AT1 bonds) became worthless. The couple had been sold AT1 bonds by their relationship manager at Yes Bank in Dwarka, Delhi.