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Yes Bank Crisis: P Chidambaram dubs rescue plan as 'Bizarre'

Speed News Desk | Updated on: 7 March 2020, 17:01 IST

Senior Congress leader P Chidambaram on Saturday stated that the State Bank of India’s rescue plan for the crisis hit Yes Bank was ‘bizarre’, hitting out at the BJP government over a huge oversight failure that permitted a 35% per year jump in its loan book since 2014.

"The SBI plan of purchasing a bank with zero net value at Rs 10 per share is bizarre. I don't get the impression that SBI was a volunteer in the rescue act. Just as LIC wasn't for IDBI. These are command performances," Mr Chidambaram said.

Giving a rough idea about a restructuring plan for Yes Bank after restrictions inforced by the Reserve Bank of India, Union Finance Minister Nirmala Sitharaman on Friday hit out at opposition criticism, emphasizing that the crisis emanated on Congress’ watch. She also poured scorns on P Chidambaram stating "self-appointed competent doctor" and questioned his track record.

Earlier, the former finance minister hit back at her, saying, "Sometimes when I listen to the Finance Minister, I feel the UPA is still in power, I am still the finance minister and she is the opposition."

Blaming the BJP government at the centre, P Chidambaram said, "Obviously if you mismanage, you will lurch from one crisis to another."

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First published: 7 March 2020, 17:01 IST