"Lock Le Lo BJP Slogan": Congress Shreds Government Over Yes Bank Crisis

The Congress on Friday hit out at the government over the crisis at Yes Bank, alleging that people "are paying for BJP financial misadventures from their pocket". The opposition party also sought Finance Minister Nirmala Sitharaman's resignation.

The government on Thursday imposed a withdrawal limit of Rs 50,000 for depositors of the beleaguered Yes Bank, sending customers into panic mode.The Reserve Bank of India (RBI) on Thursday appointed an administrator for Yes Bank and limited withdrawals in a rare late-night move to help shore up the country's fourth-largest private bank. 

Attacking the government, Congress spokesperson Jaiveer Shergill tweeted:

"Landscape BJP slogans over past 6 years:
2014: "15 Lac Le Lo" (For very citizen)
2018: "Pakoda Le Lo" (For every unemployed)
2020: "Tala (Lock) Le Lo" (For every Bank & Industry)"

Landscape BJP slogans over past 6 years:

2014: "15Lac Le Lo" (For very citizen)

2018: "Pakoda Le Lo" (For every unemployed)

2020: "Tala (Lock) Le Lo" (For every Bank & Industry)

People of India are paying for BJP financial misadventures from their pocket! #yesbankcrisis

— Jaiveer Shergill (@JaiveerShergill) March 6, 2020

The Congress leader also said the "Pakodanomics of the BJP government"  working towards making the country "the economic shutdown capital of the world".

Bleeding Banks is all Thanks to “Pakodanmics” of BJP Govt which is working towards making India “Economic Shutdown” Capital of the World; How many banks have to go bankrupt?How many more industries will shutdown?How much more unemployment will spread before FM resigns? #YesBank

— Jaiveer Shergill (@JaiveerShergill) March 6, 2020

"No Yes Bank. Modi and his ideas have destroyed India's economy," top Congress leader Rahul Gandhi tweeted.

No Yes Bank.

Modi and his ideas have destroyed India's economy.

#NoBank

— Rahul Gandhi (@RahulGandhi) March 6, 2020

Depositors, who were seen rushing to ATMs to withdraw cash, alleged that Yes Bank did not give any prior information about the withdrawal cap. Many complained that ATMs were out of cash.

"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?" senior Congress leader and former Finance Minister P Chidambaram tweeted.

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?

— P. Chidambaram (@PChidambaram_IN) March 6, 2020

This morning, Yes Bank shares dropped nearly 35% on Friday to their lowest in more than a decade.

The crisis at Yes Bank unfolds months after a much smaller lender, Punjab and Maharashtra Co-operative (PMC) Bank, imposed withdrawal limit following an order from the RBI. The crisis occurred due to a massive loan default by a real estate lender, to whom PMC had exposed a large portion of its credit line.