Yes Bank crisis: "Modi and his ideas have destroyed India’s economy", says Rahul Gandhi

Yes Bank Crisis: Soon after the shares of Yes Bank crashed on Friday, Congress leader Rahul Gandhi blamed Prime Minister Narendra Modi and his ideas for destroying India's economy. He took to Twitter and wrote: "No Yes Bank. Modi and his ideas have destroyed India’s economy." The crisis came a day after the Reserve Bank of India (RBI) stated that it was superseding the board of troubled private sector lender with an immediate effect.

What RBI Governor Shaktikanta Das said?

The RBI Governor Shaktikanta Das was quoted by news agency ANI as saying: "The 30 days which we have given is the outer limit, you will see very swift action from the RBI to put in place a scheme to revive Yes Bank." Adding, Shaktikanta stated that "A market-based resolution of the problem, a bank laid, investor laid resolution of the problem is always preferable. You have to give time to the bank, management to take the steps they need to take and they tried, RBI intervened when we found it was not working out."

"It shows complete regulatory failure"

Congress leader P Chidambaram stated that it showed a complete regulatory failure. "I wonder if this is the end or will there be more in the line. Yet, the government keeps absolutely silent. Let's see what depositors of Yes Bank do, I think they are as worried as depositors of PMC Bank. Let's see what unfolds now," he said. Also Read | Punjab: 25 suspected coronavirus cases in Kapurthala Talking about the Yes Bank crisis, the Chief Economic Advisor Krishnaswamy Subramanian said that he wants to assure all depositors that their funds will remain safe, and there is no need to panic. -PTC News