STOCK MARKET BSE NSE

Centre brought Yes Bank to brink of bankruptcy, huge loans given to crony capitalists: AAP

Chadha alleged that the money of Yes Bank's account holders was 'stolen' by big capitalists.

Published: 07th March 2020 09:25 PM  |   Last Updated: 07th March 2020 09:25 PM   |  A+A-

Yes Bank customers at Raj Bhavan Road  branch in Hyderabad

Yes Bank customers at Raj Bhavan Road branch in Hyderabad (Photo | Sathya Keerthi)

By PTI

NEW DELHI: The Aam Aadmi Party on Saturday blamed the Centre for bringing Yes Bank to the brink of bankruptcy and alleged that lifelong savings of millions of people disappeared as crony capitalists were given huge loans over the last five years.

It claimed that credit given out by Yes Bank grew nearly five times from 2014, when the BJP came to power at the Centre, to 2019. "Today, millions of people face the risk of losing their lifelong savings."

ALSO READ: Chidambaram blames BJP for Yes Bank fiasco, slams 'bizarre' rescue plan

"The biggest reason behind the disappearance of these savings is that Yes Bank gave loans worth millions of crores of rupees to many big crony capitalists in the last five years and today they are not ready to return the money," AAP MLA and senior leader Raghav Chadha told reporters.

Chadha alleged that the money of Yes Bank's account holders was "stolen" by big capitalists.

"When the BJP government came to power in 2014, the total credit given out by Yes Bank was only Rs 55,000 crore, this increased to Rs 2,40,000 crore by 2019," he said.

"All this credit was given out to crony capitalists during BJP's rule and now we find that this money, which belonged to the poor and middle-class people, has been stolen," he said.

ALSO READ: Bailout time! SBI's Rs 2450-crore Yes Bank parachute is ready

"The Bharatiya Janata Party did not even spare god. Lord Jagannath Trust's Rs 545 crore was deposited in Yes Bank. Along with the money of all the other account holders, this money was also stolen by the big capitalists during the tenure of the BJP," he added.

Chadha alleged that the BJP is "instigating" communal riots to divert people's attention from crucial issues.

"Using the issues of CAA, NRC and NPR, the BJP is instigating riots in the country, and diverting the attention of the country's people from important issues," he said.

"The BJP does not want people to question its government on unemployment, failing banks, and slowdown of our economy," he added.

The Reserve Bank of India (RBI) on Thursday superseded the board of Yes Bank and put a 30-day moratorium, capping the withdrawal limit at Rs 50,000.

The RBI said the restrictions were imposed due to the ailing financial condition of Yes Bank, which had failed to raise capital to keep itself going.

Stay up to date on all the latest Nation news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments(1)

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

  • SKM

    Bullshit.
    20 days ago reply
flipboard facebook twitter whatsapp