Modi government destroying regulatory mechanism, says Yechury

Sitaram Yechury
Sitaram Yechury

New Delhi, June 30: CPI-M leader Sitaram Yechury on Saturday hit out at the Narendra Modi government over the approval given by the IRDAI to LICs plan to acquire 51 per cent stake in debt-ridden IDBI Bank and alleged that it was “destroying regulatory mechanism and practising cronyism of the worst kind”.

Taking to Twitter, Yechury said LIC’s money is public money and accused the Centre of bailing out rich defaulters by diverting people’s money.

“Bailing out rich defaulters, by diverting peoples’ money. LIC is public money. Why no recovery of loans from rich defaulters? Cronyism of the worst kind by this Modi government. Rich can loot and scoot, the common Indian will pay back their loans,” Yechury tweeted.

The Communist Party of India-Marxist leader further said “LIC is not supposed to be in banking. It is being forced by suddenly changing rules. Regulatory mechanism being destroyed by Modi government so that defaulters don’t have to repay. What is going on?”.

The media reported on Saturday that the Insurance Regulatory and Development Authority of India (IRDAI) had approved the plan of Life Insurance Corportation of India to acquire 51 per cent stake in the public sector bank IDBI.


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