Telangana BJP lauds role of RBI, central govt in dealing with Yes Bank crisis

The Telangana Bharatiya Janata Party (BJP) on Saturday lauded the role of RBI and Narendra Modi government in dealing with the crisis in Yes Bank, saying it had saved hard-earned money of depositors.

"BJP commends the RBI and Modi government to have come to the rescue of Yes Bank which was at the brink of collapse, especially to protect the monetary interests of lakhs of common citizens who have saved their hard-earned money in this bank as depositors," a Telangana BJP release said.

It said the BJP is proud that the government has taken up massive banking sector reforms since 2014.

"Our government is currently at its peak of re-organizing and restructuring the banking sector, keeping in view of the ambitious and achievable target of Rs 5 trillion dollar economy set by PM Modi," the release added.

 

The party said Congress has no right to criticise the BJP and accused it of "weak corporate governance and unethical business conduct" during its rule.

"BJP requests all the depositors of Yes Bank in particular and others in general, not to fall prey to rumours of banking system failure being propagated by irresponsible opposition parties like Congress and other political opponents," the release said.

The party said a re-construction package for the bank was underway as assured by the Finance Minister Nirmala Sitharaman and RBI governor Shaktikanta Das.

"Yes Bank depositors do not need to worry about their deposits and the temporary moratorium on their transactions and withdrawals. The normalisation process will commence within the 30-day outer limit set by the government on RBI recommendation," said BJP.

The BJP said the people should feel secure in their regular economic activity with their banks and noted that the RBI and central government were competent to manage "isolated incidents" like the Yes Bank issue.

The RBI had said on Thursday that a moratorium has been imposed on Yes Bank and noted that the bank's financial capability has undergone a steady decline largely due to the inability of the bank to raise capital.