India is united in the fight against coronavirus. Several businessmen, celebs, conglomerates, and even international companies in India have pledged huge sums to the PM CARES Fund, an emergency relief fund to where people can make monetary contributions to help the government in the fight against coronavirus. Joining the growing list of donors is Yes Bank, a move that has attracted a lot of criticism from netizens.
Yes Bank announced its support to the ongoing efforts to combat coronavirus in India, which has infected more than 4,200 people and claimed over 100 lives. Yes Bank pledged Rs 10 crore to PM CARES Fund towards COVID-19 relief & rehabilitation efforts. Just as the bank made the announcement of its donation on Twitter last Saturday, Twitter had a field day trolling the debt-ridden bank.
Whose money is it, Yes Bank?
Twitter users were quick to call out Yes Bank's decision to donate Rs 10 crore when the bank reported over Rs 18,000 crore loss in the December quarter. Besides the financial mark-ups users produced to question Yes Bank's move, some even trolled the bank. We have picked a few user responses, which summaries the point we are trying to make.
Yes Bank crisis saga
Yes Bank had to be rescued in the hands of various banks and private lenders. The devised rescue plan involved the State Bank of India, the country's largest public lender, taking 49 percent stake in the bank after the central bank placed the lender under a moratorium on March 5. The bank resumed normal operations on March 18. Despite the government-led rescue plan, the bank is still far from stable.