Not just Nirav Modi, PM Modi had Yes Bank’s Rana Kapoor posing with him at Davos too

Yes Bank founder Rana Kapoor, arrested by the ED and also being investigated by the CBI, was seen in the same picture along with bank fraudster Nirav Modi posing with Prime Minister Narendra Modi in Davos at the World Economic Forum meet in 2018.

What is ironical is that on March 6, while the PM was delivering a speech at The Economic Times Global Business Summit, an event which had Yes Bank as its main sponsor, talking about his grandiose plans about India’s economy, the Reserve Bank of India had already put a notice on the country’s fourth largest private bank and capped monthly withdrawal limit for account holders at Rs 50,000.

Congress leader and former Union finance minister P Chidambaram on Saturday said the Yes Bank fiasco was caused by "mismanagement" of financial institutions under the BJP government and demanded that the RBI conduct a thorough probe and fix accountability in the matter.

He said it was "bizarre" for State Bank of India to invest Rs 2,450 crore to pick up a 49-per cent stake in the crisis-ridden bank under a government-approved bailout plan.

Yes Bank indulging in loan giving spree "isn't banking but buccaneering", he said.

The fiasco in the private sector lender was caused by "mismanagement of financial institutions under BJP government", the Congress leader said and demanded a thorough probe by the Reserve Bank of India into the crisis.