Rahul Gandhi slams PM Modi for destroying India's economy (Photo Credit: File Photo - PTI Image)
A day after the Reserve Bank of India (RBI) placed restrictions on Yes Bank, Congress leader Rahul Gandhi on Friday slammed Prime Minister Narendra Modi and said that his ideas destroyed the country’s economy.
In a tweet, Rahul Gandhi said, "No Yes Bank' tweets Rahul Gandhi, says Modi and his ideas destroyed India’s economy."
No Yes Bank.— Rahul Gandhi (@RahulGandhi) March 6, 2020
Modi and his ideas have destroyed India’s economy.
On the other hand, former Finance Minister and senior Congress leader P Chidambaram said, "BJP has been in power for six years. Their ability to govern and regulate financial institutions stands exposed. First, it was PMC Bank. Now it is YES Bank. Is the government concerned at all? Can it shirk its responsibility? Is there a third bank in the line?"
BJP has been in power for six years. Their ability to govern and regulate financial institutions stands exposed— P. Chidambaram (@PChidambaram_IN) March 6, 2020
First, it was PMC Bank. Now it is YES Bank. Is the government concerned at all? Can it shirk its responsibility?
Is there a third bank in the line?
Earlier today, the Congress party said, "The supersession of #YesBank Board by RBI & limit on withdrawals has once again raised very serious questions on the well being of our financial sector. The govt has completely failed to address any problems in our economy. Who is to be held accountable?"
On Friday, the RBI superseded the board of Yes Bank with immediate effect and capped withdrawals at Rs 50,000 per account till further orders. In a statement, the central bank stated that a moratorium has been imposed on Yes Bank for 30 days. Notably, Yes Bank has been grappling with mounting bad loans.
Under the moratorium, Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment. However, RBI assured Yes Bank depositors that their interest will be fully protected and that there is no need to panic.
It is worth mentioning here that the move comes at least six months after the RBI superseded the city-based cooperative lender PMC Bank after a large scam was unearthed.