Tuesday, August 9, 2022

P Chidambaram calls Yes Bank crisis a fiasco, says SBI role not voluntary

Former Finance Minister P Chidambaram, 2 days after the RBI suspended Yes Bank’s managing boad and put a Rs 50,000 withdrawal in a Month limit for bank customers, addressed a press conference and launched a sacathing attack against Finance Minister Nirmala Sitharaman in the Narendra Modi government. Senior Congress leader, who is also a Economic expert, raised several questions after the State Bank of India’s (SBI) stepped in to help the Yes Bank. Chidambram said, in his view, the SBI is being commanded and forced to rescue the Yes Bank.
Talking to the media, Chidambaram said like the LIC was not a volunteer in IDBI Bank’s rescue, SBI is not volunteering for the Yes Bank. All this seems to be planned and command performances, said the former Finance Minister.
Mocking the Narendra Modi government over mismanagement of financial institutions, Chidambaram added that the Yes Bank crisis is a fiasco.
Quoting sensex’s poor performance on Friday, he further said that the best judge to economy or financial crisis is the stock market. Notably, the SBI’s share price went down by Rs 18 and the Yes Bank’s stake fell from Rs 36.8 to Rs 16.
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Earlier today, the SBI, in a statement, said its management board has given a green signal to buy Yes Bank’s up to 49 per cent stakes. SBI Chairperson Rajnish Kumar told the media that SBI would be investing a minimum of Rs 2,400 crore to buy the Yes Bank’s shares and rescue the investors.

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