BJP govt's ability to govern and regulate financial institutions stands exposed: Chidambaram on Yes Bank crisis
New Delhi/UNI: Responding to the government's decision to put a moratorium on the limit of withdrawals from the Yes Bank till April 3, senior Congress leader and former Finance Minister P Chidambaram on Friday said that the ability of the BJP government to govern and regulate financial institutions have been exposed.
In a post on social media,Chidambaram 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?'
The RBI on Thursday put a moratorium on the withdrawals from the Yes Bank.
The Reserve Bank of India on Thursday imposed a moratorium on Yes Bank, restricting the withdrawal of deposits to Rs 50,000 for a period till April 3, 2020.
Any withdrawal over the amount will require the permission of the RBI.
The moratorium is applicable from 1800 hrs on March 5 to April 3, 2020.
The RBI also said that it is superseding the board of the YES Bank with immediate effect.
Former State Bank of India CFO Prashant Kumar has been appointed the administrator.
As per a notification by the RBI, Yes Bank will not be allowed to pay depositors a sum exceeding Rs 50,000/- lying in any savings, current or any other deposit account.
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