“No Yes Bank. Modi and his ideas have destroyed India’s economy,” the previous Congress chief stated in a tweet.
No Yes Bank. Modi and his concepts have destroyed India’s economy. #NoBank
— Rahul Gandhi (@RahulGandhi) 1583476220000
Yes Bank was positioned underneath a moratorium on Thursday, with the Reserve Bank of India (RBI) capping deposit withdrawals on the financial institution at Rs 50,000 per account for a month and superseding its board.
The financial institution will be unable to grant or renew any mortgage or advance, make any funding, incur any legal responsibility or comply with disburse any cost through the interval.
For the following month, Yes Bank might be led by RBI-appointed administrator Prashant Kumar, a former chief monetary officer of the State Bank of India (SBI).
Senior Congress chief P Chidambaram additionally hit out on 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 previous finance minister stated in a tweet.
He additionally puzzled if the BJP-led government would affirm that YES Bank’s mortgage e-book had grown underneath its watch from Rs 55,000 crore in FY 2014 to Rs 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 requested.
The Congress occasion additionally tweeted from its Twitter deal with, saying the shoppers of Yes Bank had been going to face robust occasions forward as a result of 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 stated.