Congress asks Modi to explain 'sinking banks', not divert attention

Topics YES Bank | Rana Kapoor | Congress

Surjewala said India's stock market and the economy has seen "unprecedented crisis" with the stock market falling 2,400 points. Illustration by Binay Sinha

The Congress on Monday demanded that Prime Minister Narendra Modi answer as to who was responsible for the Yes Bank crisis instead of adopting diversionary tactics by raising the sale of a painting by Priyanka Gandhi Vadra to the bank's founder Rana Kapoor for Rs 2 crore.

Congress chief spokesperson Randeep Surjewala also raised the issue of Modi addressing a business conference in Delhi sponsored by Yes Bank after the RBI put a moratorium on money withdrawal from the bank.

"Who is responsible for letting the YES Bank sink and people's earnings go down the drain? Was Modi Government sleeping on the wheel or was it complicit in a deliberate sinking of the YES Bank? Modi Ji, you need to answer instead of diverting the issue," he told reporters.

"Prime Minister, you need to tell the nation what is the BJP's connection to the Yes Bank and its owner," he asked.

He alleged that PM Modi is misleading the people of the country.

"Modi Ji and his 'Godi media' is trying to divert the attention of the country, by attempting to, in a conspiratorial fashion, raise sale of a painting 10 years ago, by Priyanka Gandhi Vadra for a cheque for Rs 2 crore duly disclosed in her ITR and assessed to Income Tax, but, the mute question is, stop the diversion and the smoke screens and befooling people.

"There are simple three issues to be decided and to be told to people. How did YES Bank sink? Who is responsible for letting the YES Bank sink and people's earnings go down the drain? Was Modi Government sleeping on the wheel or was it complicit in a deliberate sinking of the YES Bank? Modi Ji, you need to answer instead of diverting the issue," he told reporters.

Surjewala said India's stock market and the economy has seen "unprecedented crisis" with the stock market falling 2,400 points, in the biggest fall in the stock market history on a single day, wiping out Rs 6 lakh crore of people's earning.

He said the rupee has fallen down to Rs 74.04 against the US dollar which is the "steepest fall" in the history of India.

"We also saw the crude oil prices fall to all-time low or 32 dollars per barrel but, petrol and diesel continue to be sold in India at Rs 74 or 64 per litre.

"We also saw unprecedented hike in insurance premium on scooters, motorcycles and small cars. We also saw first IDBI Bank sink under Modi Ji's regime, then we saw PMC Bank and people's earnings sink then we saw IL&FS sink and now we have seen YES Bank sinking and people losing their entire money," he asked.

"Prime Minister, we humbly request you and urge you, thousands and thousands of crores of money of the ordinary depositor was sunk in IDBI Bank, in PMC Bank in Maharashtra under your nose and under the charge of the BJP Government, in IL&FS and now in YES Bank. You cannot stay mum Modi Ji, for the nation wants to know," he said.

The Congress leader alleged that between March 2014 and March 2019, loans given by Yes Bank went up by from Rs 55,000 crore to a whopping Rs 2,41,000 crore.

"How did the loan book of the bank increase by Rs 2 lakh crore sinking money of people of India and the ordinary depositors. Modi Ji, you need to tell the nation, how did the loan book of the YES Bank rise suddenly after demonetisation?

"In March, 2016 it was Rs 98,000 crore and in March 2018 it became Rs 2,03,000 crore, how did a 100 per cent increase come about and how did the loan book of the bank in five years of the Modi government increase by 334 per cent," he asked.

Surjewala also alleged that Modi was taking certificates approving demonetisation from the same Rana Kapoor of Yes Bank.

"Why did Modi Ji send his seniormost minister Nitin Gadkari Ji to Rana Kapoor's house seeking support for the BJP," he asked as he showed pictures of Gadkari with Kapoor.

"What is the BJP connection to Yes Bank? Do these pictures and the facts not tell enough and the most important as the bank was sinking and as moratorium was being put, why did the BJP government led by Manohar Lal Khattar deposit Rs 1,000 crore of Haryana Vidyut Prasaran Nigam in a sinking bank," he asked.

"Why did the Haryana government deposit another Rs 1,500 crore in a sinking bank? Rs 2,500 crores of Haryana exchequer were put in a bank and were consequently sunk, will be decided later on. The question to be answered is- Did the erstwhile Fadnavis government and its corporation also deposit Rs 1,500 crore?" the Congress spokesperson asked.

Surjewala also asked if it is correct that Rs 18,000 crore were withdrawn from the bank in last 6-8 months and an industrial house from Gujarat and known for proximity to the PM, withdrew all its money from Yes Bank just before the moratorium was imposed.

"Was insider information about sinking of the Bank and also about moratorium to be imposed by RBI, being given by somebody in the Modi government to all these people, so that they could walk away yet Governments money, ordinary depositors money, the life savings of the ordinary depositors, the salary money of the ordinary depositors, the provident fund of the ordinary persons, they all sank? These are the questions that needs to be answered and responsibilities are fixed," he said.



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