'No Yes Bank,' says Rahul Gandhi, accuses govt of 'destroying' economy

The Congress on Friday slammed the government over the moratorium placed on Yes Bank, saying the difference between a "doctor" and a "quack" can be seen in Manmohan Singh's financial management in the UPA era and the economic "collapse" under Prime Minister Narendra Modi's watch.

"No Yes Bank," Congress leader Rahul Gandhi said, taking a dig at the BJP-led government over the moratorium, and alleged that Prime Minister Narendra Modi and his "ideas" had destroyed the country's economy.

Yes Bank was placed under a moratorium on Thursday, with the Reserve Bank of India (RBI) capping deposit withdrawals at the bank at Rs 50,000 per account for a month and superseding its board.

The bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment during the period.

Congress leader Priyanka Gandhi Vadra said in a tweet, "The policies of the BJP government have ruined the Indian economy - Yes. Will the Indian economy reach the target of USD five trillion in this poor state of economy - No." "BJP government's doing, Yes to destruction, No to progress," the Congress general secretary said.

Senior Congress leader P Chidambaram also hit out at the government, saying its "ability to govern and regulate financial institutions stands exposed".

"I understand FM has made a statement blaming the UPA. That's normal for a government living in ignorance," he said.

"BJP has been in power for six years. Their ability to govern and regulate financial institutions stands exposed. First, it was PMC Bank. Now it is YES Bank. Is the government concerned at all? Can it shirk its responsibility? Is there a third bank in the line?," the former finance minister said in a tweet.

He also wondered if the BJP-led government would confirm that YES Bank's loan book had grown under its watch from Rs 55,000 crore in FY 2014 to Rs 2,41,000 core in FY 2019.

"When overall bank credit during the above period grew by about 10 per cent, how did YES BANK's loan book grow by about 35 per cent?" Chidambaram asked.

Who knows, Finance Minister Sitharaman may blame the UPA for the miraculous jump between 2014 and 2019, he said.

He also asked if the SBI is exploring investment opportunity in YES Bank.

"Why should SBI invest in YES Bank?" he asked.

Later, at a press conference, Congress spokesperson Pawan Khera slammed the government for "economic mismanagement".

"Over the last six years, we witnessed that Modi and his government have broken the back of Indian economy. Not just that, they made it virtually impossible for the common man and woman on the street to lead a dignified life, to be able to withdraw their own money from their own bank account," he said.

"You want to see the difference between a doctor and a quack? See the ten years of financial management of Dr. Manmohan Singh during the UPA government and see the total collapse of our economy under Shri Modi's watch in the last six years," he said.

India stayed afloat during the global financial crisis in 2008, but today there is a financial crisis which is 'made-in-India' and it is having a ripple-effect across the world, he said.

"That is the difference between a doctor and a quack," he added.