YES Bank fallout: Retirees stare at a gaping hole in their savings

Investors include armed force veterans, govt employees, IT sector staff

Retired employees who had directly invested in additional tier-1 (AT-1) bonds of YES Bank are staring at the possibility of their life savings being wiped out with the bank deciding to write down AT-1 bonds as part of the reconstruction scheme.

"The complete write-off of our investments is akin to a lifetime punishment as we had kept this money aside after paying all taxes to run our lives in old age. YES Bank's relationship managers (RMs) aggressively sold these bonds to saving account holders like me in order to meet their own targets, when I clearly showed my preference for