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Rahul Gandhi, P Chidambaram blame PM Modi for Yes Bank crisis

On Thursday, the Reserve Bank of India put Yes Bank under moratorium and capped a withdrawal limit of Rs 50,000

twitter-logoBusinessToday.In | March 6, 2020 | Updated 18:17 IST
Rahul Gandhi, P Chidambaram blame PM Modi for Yes Bank crisis
Rahul Gandhi and P Chidambaram

Rahul Gandhi has blamed Prime Minister Narendra Modi for the Yes Bank crisis. On Thursday, the Reserve Bank of India put Yes Bank under moratorium and capped a withdrawal limit of Rs 50,000.

Rahul took to Twitter to express his opinion on the matter.

The BJP was quick to respond to the attack. Amit Malviya, the BJP IT-Cell Chief, responded to Gandhi's tweet and blamed the Congress-led UPA for the crisis. He specifically blamed former Finance Minister P Chidambaram for the crisis. 

In his reply, Malviya attached a video post of Samajwadi Party leader Amar Singh, whom Malviya introduced as a former Congress ally. In the video, Amar Singh says that non-performing assets (NPAs) of banks piled up due to the policies adopted by Congress leader P Chidamabaram when he was India's finance minister.

Earlier, Chidambaram had also blamed the Modi government for the Yes Bank crisis. He had said that the NDA's governing ability stood exposed in the wake of the Yes Bank crisis, which has come just months after the PMC Bank. Chidambaran even went as far ahead to suggest that more banks may soon follow suit. RBI has said that putting Yes Bank under moratorium was necessary because of a serious deterioration in Yes Bank's financial position and that it would swiftly work on a revival plan. Yes Bank, which had given a lot of bad loans, was struggling to raise the capital it needed to stay afloat.

Also Read: Yes Bank customers unable to withdraw cash at ATMs or make online transfer

Also Read:  'Yes Bank depositors' money is safe': CEA Subramanian

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