P. Chidambaram.
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It is only part of mismanagement of banks under BJP government watch, says ex-Finance Minister
The government and the RBI didn’t trouble to check out the balance sheet of the Yes Bank, former Financing Minister P. Chidambaram said pointing out to the uncommon development in the loan book at the rate of 35%a year in between March 2014 to March 2019.
The loan book registered registered a spike specifically in 2016-17 and 2017-18, the two years immediately following demonetisation, he said including that the RBI and the government both ought to be made accountable.
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It was not banking but buccaneering, Mr. Chidambaram said. “Did nobody in the RBI and the federal government read the balance sheet of the bank at the end of every year? Why did nothing modification after the CEO was replaced and a brand-new CEO appointed in January 2019?”
He questioned the fact that the financial health of the bank didn’t improve even after a previous Deputy Governor of the RBI was appointed to the Board of the bank in Might 2019.
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