Published 10:47 IST, March 11th 2020
Congress sees scam in RBI's Yes Bank bailout; mum on Vadra art sale to 'tainted promoter'
Congress spokesperson Manish Tewari on Wednesday took a jibe at the Reserve Bank of India over the Yes Bank crisis by calling RBI's bailout package a scam
- India News
- 3 min read
Congress spokesperson Manish Tewari on Wednesday took a jibe at the Reserve Bank of India over the Yes Bank crisis. Taking to Twitter Tewari called RBI's 'bailout package' for Yes Bank a scam. He also mentioned that because of the RBI's decision of letting State Bank of India reconstruct Yes Bank, it is putting SBI at greater risk.
Yes Bank crisis
Yes Bank which has been facing a crisis as it accumulated many bad loans in 2018 by lending to corporate defaulters such as DHFL, Jet Airways and Cafe Coffee day, was put on a moratorium by RBI for a period of 30 days, capping its withdrawals at Rs 50,000. The RBI has also announced ‘Yes Bank Ltd. Reconstruction Scheme, 2020’ altering the authorised capital to Rs 5,000 crores and 2,400 equity shares standing at Rs 10 each. Moreover, SBI which leads the consortium of banks investing in the 'reconstructed bank' will not reduce its holding below 26% before the completion of three years.
ED probe into Rana Kapoor
As per reports, the Enforcement Directorate is investigating the case of alleged kickbacks of Rs 600 crore received by a shell company controlled by the Yes Bank founder and his two daughters. Media reports suggest that the shell company Doit Urban Ventures received kickbacks from Dewan Housing Financial Corporation Ltd (DHFL) for loans worth Rs 4,450 crore granted by Yes Bank. He is in ED's custody after his arrest on Sunday till March 11. CBI too has registered a case against Kapoor, with a lookout notice against all Kapoor family members.
Tewari, in his criticism, however, made no mention of the painting of Rajiv Gandhi that Rana Kapoor bought from Priyanka Vadra for an alleged Rs 2 crore, which has been seized by the ED, and of which Kapoor has said that he was 'pressurised' into buying.
Updated 10:47 IST, March 11th 2020