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Tuesday, September 22, 2020

‘Your Yes Man had blamed you’: Tripura CM hits out at Rahul over Yes Bank crisis

Chief Minister Biplab Deb cited a news article where former Reserve Bank of India (RBI) Governor Raghuram Rajan is quoted as saying most bad loans came from the United Progressive Alliance (UPA)

By: Express Web Desk | Agartala | Updated: March 6, 2020 8:58:17 pm
yes bank crisis, yes bank rbi bad loans, banking crisis, rahul gandhi, tripura chief minister biplab deb, “Stop playing Yes No. See your Yes man had blamed you for the banking crisis and NPAs” (File/Express photo by Abhishek Saha)

Tripura Chief Minister Biplab Kumar Deb Friday hit out at Congress leader Rahul Gandhi over his tweet on Yes Bank crisis, saying the banking crisis happened during the UPA government.

Replying to Gandhi’s tweet where he accused Prime Minister Narendra Modi of destroying the nation’s economy, Deb cited a news article where former Reserve Bank of India (RBI) Governor Raghuram Rajan is quoted as saying most bad loans came from the United Progressive Alliance (UPA) and wrote, “Stop playing Yes No. See your Yes man had blamed you for the banking crisis and NPAs”.

“No Yes Bank. Modi and his ideas have destroyed India’s economy,” Rahul Gandhi wrote on his official Twitter handle on Friday.

On Thursday, the RBI superseded the board of directors of troubled Yes Bank for a period of 30 days “owing to serious deterioration in the financial position” of the bank and capped deposit withdrawals at Rs 50,000 per depositor. “This has been done to quickly restore depositors’ confidence in the bank, including by putting in place a scheme for reconstruction or amalgamation,” the central bank had said.

The RBI had directed Yes Bank, the fifth largest private bank, that it should not grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment or otherwise enter into any compromise or agreement and transfer or dispose of any of its properties or assets. However, it will be able to pay salaries to its over 20,000 employees, the central bank had said.

The financial position of Yes Bank has undergone a steady decline largely due to the bank’s inability to raise capital to address potential loan losses and resultant downgrades, triggering invocation of bond covenants by investors and withdrawal of deposits, the RBI had said.

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