NEW DELHI: BJP and Congress were engaged in a war of words on Friday over the ongoing crisis in Yes Bank.
While the former Congress president blamed the Modi government for destroying India's economy, the BJP retorted with a video of Samajwadi Party leader Amar Singh where he is seen accusing former finance minister in the UPA government, P Chidambaram for the mess in the Indian banking system.
"No Yes Bank. Modi and his ideas have destroyed India’s economy," the former Congress president tweeted under the hashtag "NoBank".
In response, BJP's Amit Malviya tweeted a video of Amar Singh, saying that it was Chidambaram who is responsible for the current mess in India's banking system.
"No Rahul, it is P Chidambaram, your former finance minister, who is responsible for the mess India’s banks and economy are in... Don’t take my word for it. Listen to your former ally," he tweeted along with a video of Singh.
In the video, Singh alleged that the NPA crisis in the banking system is due to unregulated distribution of money to various industrialists during the UPA II government where Chidambaram was the finance minister.
Earlier, Chidambaram termed Yes Bank crisis as a completely "regulatory failure" and said there is no need to panic as the RBI placed restrictions on the bank.
"It shows completely regulatory failure and I wonder if this is the end or there will be more in the line. Yet the government keeps absolute silence. PMC bank depositors are agitating every day before RBI offices in Mumbai. But the government did not respond," Chidambaram told reporters here.
"Let's see what depositors of Yes Bank do. I think they are as worried as depositors of PMC Bank. Let's see what unfolds now. Obviously, there is no need to panic," he said.
RBI on Thursday said a "moratorium" has been imposed on Yes Bank stressing that the bank's financial capability has undergone a steady decline largely due to the inability of the bank to raise capital.
During the period of moratorium, the Yes Bank Limited shall not, without the permission in writing of the Reserve Bank of India, make, in the aggregate, payment to a depositor of a sum exceeding Rs. 50,000 lying to his credit, in any savings, current or any other deposit account.
(With inputs from agencies)
While the former Congress president blamed the Modi government for destroying India's economy, the BJP retorted with a video of Samajwadi Party leader Amar Singh where he is seen accusing former finance minister in the UPA government, P Chidambaram for the mess in the Indian banking system.
"No Yes Bank. Modi and his ideas have destroyed India’s economy," the former Congress president tweeted under the hashtag "NoBank".
No Yes Bank. Modi and his ideas have destroyed India’s economy. #NoBank
— Rahul Gandhi (@RahulGandhi) 1583476220000In response, BJP's Amit Malviya tweeted a video of Amar Singh, saying that it was Chidambaram who is responsible for the current mess in India's banking system.
"No Rahul, it is P Chidambaram, your former finance minister, who is responsible for the mess India’s banks and economy are in... Don’t take my word for it. Listen to your former ally," he tweeted along with a video of Singh.
No Rahul, it is P Chidambaram, your former finance minister, who is responsible for the mess India’s banks and econ… https://t.co/BsXdPMvhnX
— Amit Malviya (@amitmalviya) 1583476623000In the video, Singh alleged that the NPA crisis in the banking system is due to unregulated distribution of money to various industrialists during the UPA II government where Chidambaram was the finance minister.
Earlier, Chidambaram termed Yes Bank crisis as a completely "regulatory failure" and said there is no need to panic as the RBI placed restrictions on the bank.
"It shows completely regulatory failure and I wonder if this is the end or there will be more in the line. Yet the government keeps absolute silence. PMC bank depositors are agitating every day before RBI offices in Mumbai. But the government did not respond," Chidambaram told reporters here.
"Let's see what depositors of Yes Bank do. I think they are as worried as depositors of PMC Bank. Let's see what unfolds now. Obviously, there is no need to panic," he said.
RBI on Thursday said a "moratorium" has been imposed on Yes Bank stressing that the bank's financial capability has undergone a steady decline largely due to the inability of the bank to raise capital.
During the period of moratorium, the Yes Bank Limited shall not, without the permission in writing of the Reserve Bank of India, make, in the aggregate, payment to a depositor of a sum exceeding Rs. 50,000 lying to his credit, in any savings, current or any other deposit account.
(With inputs from agencies)
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