News

'No Yes Bank’: Rahul Gandhi accuses the Centre of ‘destroying’ the economy

PTI New Delhi | Updated on March 06, 2020 Published on March 06, 2020

Congress leader Rahul Gandhi   -  PTI

Former Finance Minister P Chidambaram tweets: First, it was PMC Bank. Now it is YES Bank. Is the government concerned at all?

“No Yes Bank,” Congress leader Rahul Gandhi said on Friday, taking a dig at the BJP-led government over the moratorium placed on Yes Bank, and alleged that Prime Minister Narendra Modi and his “ideas” had destroyed the country’s economy.

“No Yes Bank. Modi and his ideas have destroyed India’s economy,” the former Congress chief said in a tweet.

 

Yes Bank was placed under a moratorium on Thursday, with the Reserve Bank of India (RBI) capping deposit withdrawals at the bank at Rs 50,000 per account for a month and superseding its board. The 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 during the period.

 

For the next month, Yes Bank will be led by RBI-appointed administrator Prashant Kumar, a former chief financial officer of the State Bank of India (SBI).

No remorse, regret or plan, says Congress

Senior Congress leader P Chidambaram also hit out at the government, saying its “ability to govern and regulate financial institutions stands exposed”.

“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?,” the former Finance Minister said in a tweet.

He also wondered if the BJP-led government would confirm that YES Bank’s loan book had grown under its watch from ₹55,000 crore in FY 2014 to ₹2,41,000 core in FY 2019.

“When overall bank credit during the above period grew by about 10 per cent, how did YES Bank’s loan book grow by about 35 per cent?,” Chidambaram asked.

The Congress party also tweeted from its Twitter handle, saying the customers of Yes Bank were going to face tough times ahead due to the withdrawal limits. “BJP has successfully managed to sink the economy without any remorse, regret or even a plan to put it back on track,” it said.

Published on March 06, 2020

A letter from the Editor


Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Sincerely,

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.