The statement of Rahul Gandhi came hours after the Reserve Bank of India placed Yes bank under Moratorium and capped the withdrawal limit at 50,000 rupees.
New Delhi| Congress MP Rahul Gandhi sought to slam Prime Minister Narendra Modi on the Yes Bank Crisis. Taking it to Twitter, Rahul Gandhi said, “No Yes Bank. Modi and his ideas have destroyed India’s economy.” He shared his post with a hashtag #NoBank.
His statement came hours after Reserve Bank of India placed the debt-laden bank under Moratorium. It also capped the withdrawal limit at 50,000 rupees.
RBI has in consultation with the Central Govt, superseded the Board of Directors of Yes Bank Ltd for a period of 30 days owing to a serious deterioration in the financial position of Bank. Prashant Kumar, ex-DMD & CFO of SBI appointed as the administrator.
No Yes Bank.
Modi and his ideas have destroyed India’s economy.
— Rahul Gandhi (@RahulGandhi) March 6, 2020
The RBI in its notice said, “The financial position of Yes Bank Ltd. (the bank) has undergone a steady decline largely due to the inability of the bank to raise capital to address potential loan losses and resultant downgrades, triggering invocation of bond covenants by investors, and withdrawal of deposits. The bank has also experienced serious governance issues and practices in recent years which have led to a steady decline of the bank.”
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