New Delhi: Congress chief and former finance minister P Chidambaram on Saturday accused the Center of "mismanagement" of monetary establishments within the BJP authorities as YES Bank's scenario crumbled. He has demanded that the RBI conduct a radical investigation into the matter and repair accountability. He mentioned that taking 49 per cent stake within the troubled Yes Bank by SBI by investing Rs 2,450 crore is a weird case.
"There should be a thorough investigation into the matter and accountability should be fixed," he instructed reporters. He questioned that when the mortgage disbursement development of different banks grew on the charge of 9 %, then Yes Bank's mortgage disbursement would enhance by 35 %. But why no RBI official paid any consideration. <! –
Chidambaram mentioned that Yes Bank was not banking, however was engaged in distributing debt by preserving guidelines and rules.
He mentioned that the mortgage disbursement of Yes Bank was allowed to extend manifold from March 2014 to March 2019. Chidambaram mentioned, "How YES Bank's loan disbursement increased from Rs 55,633 crore in March 2014 to Rs 2,41,499 crore in March 2019". He mentioned that I used to be not the Finance Minister in March 2019. He mentioned, "… instantly after two years of demonetisation, there was a rise in 2016-17 and 2017-18. Is nobody or the federal government accountable in RBI?
Chidambaram mentioned that whoever takes over the duty of the financial institution, ought to make sure that the depositors' cash is secure and each depositor is assured about his personal cash because the depositors don’t have any fault. The former finance minister mentioned, "After March 2014, which committee or particular person accepted the brand new mortgage? Why did the RBI and the federal government not know that Yes Bank was within the race for lending? It shouldn’t be banking however disbursing debt by preserving guidelines and rules. Didn't the RBI and the federal government verify the checking account on the finish of yearly? ''
Chidambaram additionally requested why nothing had modified after the Yes Bank CEO was changed and the brand new CEO was appointed in January 2019 and the appointment of the previous RBI Deputy Governor on the board of Yes Bank in May 2019? He mentioned, "Why did YES Bank not wake up when it lost its first quarter in January-March 2019?" Mismanagement of monetary establishments in authorities is a matter that can stay within the public sector and might be discussed extensively.
He mentioned, "The management of the economy does not assess the finance minister or any former finance minister or any newspaper, but the market in the best way." It is noteworthy that RBI has banned Yes Bank for 30 days. And the withdrawal restrict has been elevated to Rs 50,000.