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Yes Bank crisis: FM Nirmala Sitharaman blames Congress

Mar 7, 2020, 9:52 AM IST

New Delhi: Finance minister Nirmala Sitharaman put the blame on the Congress regime for Yes Bank crisis. She said that the Indian banking system has had severe challenges, thanks to the way the government, which existed between 2004- 2014, had handled the matter, said Nirmala Sitharaman. “Yes Bank lent money to some of the very stressed corporations like Anil Ambani Group, Essel, Dewan Housing Finance Corporation (DHFL), Infrastructure Leasing and Financial Services Limited (IL&FS), and Vodafone,” Sitharaman further said. The Reserve Bank of India (RBI) placed Yes Bank Ltd under moratorium and restricted deposit withdrawals to Rs 50,000 on March 5. It is said that SBI is likely to take over the bank.

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