Sitharaman's reply to Chidambaram, loans given to YES Bank to UPA corporations throughout its tenure

by Jeremy Spirogis
India's cleanest city for 4th consecutive time

New Delhi: Finance Minister Nirmala Sitharaman on Friday hit again at senior Congress chief and former Finance Minister P. Chidambaram, saying that through the tenure of the United Progressive Alliance (UPA) authorities, 'self-appointed competent medical doctors' solved the disaster of three banks Instead of doing so, his issues had been aggravated. Earlier, Chidambaram mentioned on Yes Bank's disaster that Yes Bank's mortgage account elevated by 5 instances through the BJP rule. Sitharaman blamed Chidambaram for the disaster in Global Trust Bank in July 2014 and the issue at IDBI Bank. IDBI Bank was merged with the nearly-closed United Western Bank in 2006. <! –

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The Congress-led UPA authorities got here to energy in May 2004. Chidambaram was then Finance Minister. Addressing a press convention after the Reserve Bank dissolved the board of administrators of Yes Bank, Sitharaman mentioned that many huge corporations got loans lengthy earlier than 2014 by YES Bank, which was in bother. All these are already public. "I am not violating customer secrecy in this – these include Anil Ambani Group, Essel, DHFL, ILFS, Vodafone among the risky companies which were loaned by Yes Bank."

She mentioned that she is disclosing these names as a result of the opposition events are elevating fingers. Sitharaman additionally mentioned that each one that is public and he or she isn’t violating the privateness of shoppers. The Finance Minister mentioned, "I’ve not come right here to inform outdated tales. Due to the work completed by the federal government in energy throughout 2004-14, there are various severe challenges earlier than the banking system. I’ve purpose accountable them.

Sitharaman additionally questioned Chidambaram's approach of coping with the disaster of two banks throughout UPA 1. He mentioned that at the moment self-appointed competent medical doctors had been in energy who forcibly merged the almost drowned United Western Bank into IDBI in 2006. Sitharaman mentioned that today we face issues in bettering the well being of IDBI. I’m telling you this instance of how self-appointed self-appointed competent medical doctors merged United Western Bank with IDBI.

He mentioned that today IDBI has sat down on account of United Western Bank. This is because of the remedy of those that are talking today.

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