Yes Bank has overnight become a No Bank. The pun perfectly sums up the mess in the Indian banking sector. Rahul Gandhi was quick to use it to attack the government’s cluelessness. Media houses followed suit using it left, right and centre. So much so that it has already become a distasteful cliché, one created possibly in the shortest period of time.
“No Yes Bank. Modi and his ideas have destroyed India’s economy,” Rahul Gandhi tweeted, refusing to let go of another opportunity to have a dig at the Prime Minister.
The scenes around Yes Bank branches and ATMs are desperate. Depositors have been besieging branches and ATMs from Friday morning, as the RBI imposed a Rs 50,000 cap on withdrawals. Wailing customers seeking to withdraw their life’s savings meant for treatment of family members, marriage of wards, admission to higher education institutions, house building present a monotonous, yet heart-renting picture: similar to the one witnessed during Narendra Modi’s ill-advised and misdirected demonetisation, a blunder of Himalayan proportions.