If govt can look into Yes Bank, then why not PMC, PEN urban or Rupee Bank: AIBEA
Aurangabad/UNI: All India Bank Employees Association (AIBEA) on Friday asked the government that if it can look into financial crisis of Yes Bank, then why not of PMC, PEN urban or Rupee Bank.
"If SBI can bail out Yes Bank then why not PMC, PEN urban or Rupee Bank. What sin depositors of those banks have committed?" AIBEA joint secretary Devidas Tuljapurkar questioned.
Private sector bank Yes Bank has been placed under moratorium till April 3 by the government after severe deterioration of its financial position.
The association demanded holding the management of Yes Bank accountable for financial mess and putting them behind bars.
AIBEA in a statement said that RBI, with its action of moratorium, has created panic for the depositors and everybody contemplating as to why the apex bank did not intervene earlier.
On the background, revival of FRDI Bill will lead to insecurity with the bank depositors and adversely affect on rate of savings which may have far reaching effect on economy, it said.
This is utter failure of new liberal policies on which government should rethink, it added.
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