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‘No YES Bank,’ Congress hits out at Centre, accuses BJP of destroying economy

On Thursday, the Reserve Bank of India superseded the board of troubled private sector lender YES Bank and imposed a 30-day moratorium on it ‘in the absence of a credible revival plan’ amid a ‘serious deterioration’ in its financial health.

‘No YES Bank,’ Congress hits out at Centre, accuses BJP of destroying economy

Congress leader Rahul Gandhi. (File Photo: Twitter | @INCIndia)

The Congress on Friday hit out at the Centre over the Yes Bank crisis saying that PM “Modi and his ideas have destroyed India’s economy.” Taking a dig at the BJP-led government over the moratorium placed on Yes Bank, it asked for the resignation of Finance Minister Nirmala Sitharaman.

Congress leader Rahul Gandhi tweeted on the Yes Bank development. He said, “No Yes Bank. Modi and his ideas have destroyed India’s economy.”

On Thursday, the Reserve Bank of India superseded the board of troubled private sector lender YES Bank and imposed a 30-day moratorium on it “in the absence of a credible revival plan” amid a “serious deterioration” in its financial health.

During the moratorium, which came into effect from 6 pm on Thursday, YES Bank will not be allowed to grant or renew any loans, and “incur any liability”, except for payment towards employees’ salaries, rent, taxes and legal expenses, among others.

Withdrawals from the bank have been capped at Rs 50,000 per depositor with few exceptions till April 3.

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).

Meanwhile, Congress spokesperson Jaiveer Shergill also took a dig at the government and tweeted, “Landscape BJP slogans over past 6 years:
2014: “15 Lac Le Lo” (For very citizen)
2018: “Pakoda Le Lo” (For every unemployed)
2020: “Tala (Lock) Le Lo” (For every Bank & Industry).”

He further said, “Bleeding Banks is all Thanks to “Pakodanmics” of BJP Govt which is working towards making India “Economic Shutdown” Capital of the World.”

Distressed and angry customers of the crisis-hit YES Bank trooped outside scores of branches and ATMs in Mumbai, Thane, Pune, Nagpur and other cities on Friday to withdraw money after the RBI imposed curbs on withdrawal apart from other measures late on Thursday.

Panicky customers rushed to the ATMs since late Thursday for withdrawals but many soon became dry, leaving them exasperated, especially in the suburbs and residential areas, and the scene was repeated on Friday morning in commercial areas of south Mumbai, Bandra Kurla Complex, Andheri, Lower Parel, etc.

Given the state of the customers of PMC Bank with around a dozen deaths reported so far, there are few takers for the Yes Bank’s arguments after the sudden developments last night.

The Yes Bank has over 1,000 branches and 1,800-plus ATMs around the country which are under severe stress after the crisis erupted last night.

Besides, customers said certain UPI transactions which are on the Yes Bank PSP are reportedly not going through and all types of accounts are inaccessible even via net-banking, and many fintech players are hit badly.

Senior Congress leader and former Finance Minister P Chidambaram also tweeted taking a swipe at the BJP. He 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?”

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