Small businesses deserve fair banking! @YESBANK unfairly charged our family-run export business ₹5+ lakh in penalties despite submitting all required documents. They keep blaming different teams while refusing refunds.
Here's the full breakdown:
Anushka Fragrancia, a small family-run business that exports industrial fragrances, is facing unfair financial strain due to Yes Bank’s inefficiency. According to RBI rules, we must submit export documents within 21 days of shipment. We did this in 2020, but Yes Bank rejected them without any clear reason. Despite multiple follow-ups, we never got an explanation, so we had to move on.
Then in August 2024, Yes Bank suddenly started charging us ₹59,000 every month as a penalty for missing documents—documents we had already submitted. Even after resubmitting them multiple times, they kept rejecting them without proper reasoning. After two months of constant follow-ups, they finally told us why, but by then, we had already paid lakhs in penalties.
When we asked for refund, they refused, saying they can't process any refund until all documents were cleared. We have already paid over ₹5 lakh, yet they refuse to return our money. They are not even putting the amount on hold and are expecting us to pay every month. Worse, their forex team blames the branch, and the branch blames the forex team, leaving us stuck in an endless loop.
We submitted documents for 57 transactions, and most were cleared, yet some remain pending due to Yes Bank’s slow processing. On top of the ₹59,000 penalty, we are also forced to pay ₹1,000 per transaction clearance, adding even more financial stress. Their lack of accountability, endless delays, and refusal to take responsibility are unacceptable.
How can small businesses trust banks that operate this way? I urge @RBI , @nsitharaman, @FinMinIndia to step in and ensure fair treatment for businesses. Small business owners like us can’t afford to pay such huge amounts out of pocket. We have salaries to pay, families to sustain, and businesses to run—not to make financial institutions richer at our expense.
Till date, no one at @YESBANK has taken accountability. How am I supposed to keep paying?
I need @YESBANK Bank should refund the amount since the delay was caused by their own inefficiency.
@EconomicTimes, @timesofindia, @livemint, @CNBCTV18News, @TheKenWeb, @FinancialXpress, @moneycontrolcom, @consumercourtin, @ceo_psb, @mygovindia
#SmallBusiness #SME #ExportBusiness #FinancialBurden #UnfairCharges #YesBankIssues #BankingReform #Entrepreneurship #RBIRegulations #BusinessTransparency #CustomerRights #FairBanking #BusinessStruggles #LateFeeScam #SupportSmallBusinesses #BankingScam #BusinessSurvival #ConsumerRights #StopUnfairBanking
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