Congress leader Rahul Gandhi on Tuesday took a dig at the Centre over the Reserve Bank of India's (RBI's) recent proposal to allow large corporate houses as promoters of banks.
The former Congress party president mimicked Union Home Minister Amit Shah's phrase "Chronology samajhiye" (Understand the Chronology) in the tweet.
Last year, Shah used "Aap chronology samajhiye (understand the chronology)" to explain the Bharatiya Janata Party's plan to implement a nationwide National Register of Citizens (NRC).
Gandhi wrote, "First, karz maafi for few big companies (First, loan waiver for a few big corporate houses). Next, huge tax cuts for companies. Now, give people's savings directly to banks set up by these same companies". He concluded the tweet with the hashtag "Suit Boot Ki Sarkar". The hashtag was soon trending on Twitter. The phrase had become popular after Rahul Gandhi used the phrase to attack the government in parliament in 2015.
First government owned banks, citizens invested, corporates borrowed, country flourished, now corporates will own banks, citizens will invest, govt & corporates will borrow, owners will file for bankruptcy, citizens and country will lose, be very careful. #SuitBootkiSarkar— Clydeee (@Dsouzaclyde) November 24, 2020
#SuitBootkiSarkar— rkhuria2 (@rkhuria2) November 24, 2020
Corporates are biggest borrowers of money. Now they will use public money to set up Banks and lend money to themselves. If they default in repayment of loans, Govt will use exchequer funds to bail them out.
AA will form a bank called AA Bank Ltd, AA bank will lend to AA owned co's which in turn will default AA Bank of Millions.— BabaYaga (@PotseluySmerti) November 24, 2020
This is the height of Atmanirbhar Bharat.#SuitBootkiSarkar#SuitBootKiCorruptSarkar
Last Saturday, RBI's internal member committee recommended giving banking licences to large corporate or industrial houses after necessary amendments to the Banking Regulation Act, 1949. The suggestion also included that large non-banking finance companies (NBFCs) with asset of over Rs 50,000 crore should be allowed to convert into banks.
Gandhi's jibe at the Centre has come a day after former RBI's Governor Raghuram Rajan and former deputy governor Viral Acharya criticised the Central bank's recommendation to allow Indian corporate houses to set up banks. Both Rajan and Acharya said the proposal was a "bad idea". Besides, S&P Global Ratings said that "contagion risk from corporate defaults would also rise significantly if industrial houses were at the helm of a bank".