The Congress on Friday hit out at the government over the crisis at Yes Bank, alleging that people "are paying for BJP financial misadventures from their pocket".
The government on Thursday imposed a withdrawal limit of Rs 50,000 for depositors of the beleaguered Yes Bank, sending customers into panic mode.The Reserve Bank of India (RBI) on Thursday appointed an administrator for Yes Bank and limited withdrawals in a rare late-night move to help shore up the country's fourth-largest private bank.
Attacking the government, Congress spokesperson Jaiveer Shergill tweeted:
"Landscape BJP slogans over past 6 years:
2014: "15Lac Le Lo" (For very citizen)
2018: "Pakoda Le Lo" (For every unemployed)
2020: "Tala (Lock) Le Lo" (For every Bank & Industry)"
The Congress leader also said the "Pakodanomics of the BJP government" working towards making the country "the economic shutdown capital of the world".
Depositors, who were seen rushing to ATMs to withdraw cash, alleged that Yes Bank did not give any prior information about the withdrawal cap. Many complained that ATMs were out of cash.
"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?" senior Congress leader and former Finance Minister P Chidambaram tweeted.
This morning, Yes Bank shares dropped nearly 35% on Friday to their lowest in more than a decade.
The crisis at Yes Bank unfolds months after a much smaller lender, Punjab and Maharashtra Co-operative (PMC) Bank, imposed withdrawal limit following an order from the RBI. The crisis occurred due to a massive loan default by a real estate lender, to whom PMC had exposed a large portion of its credit line.