Modi gets online brickbats for attending Yes Bank-sponsored summit
Prime Minister Narendra Modi attended the Economic Times Global Business Summit Friday, in which Yes Bank was one of the sponsors. And given that it took place just a day after the Reserve Bank of India superseded its board and imposed a moratorium on withdrawals, Modi drew flak from a number of social media users.
Though Yes Bank branding was nowhere to be seen on the stage where Modi delivered his address, the bank was widely advertised as the main sponsor of the event beforehand.
Lloyd Mathias, an angel investor, pointed out the “irony” in Modi being the keynote speaker at an event sponsored by a bank on the brink of collapse.
Hard irony for @EconomicTimes reporting the Yes Bank crisis while having #YesBank as presenting sponsor of the 2 day Global Business Summit commencing tomorrow!
The PM as the keynote speaker at an event sponsored by a bank on the brink of collapse will make matters worse #ETGBS pic.twitter.com/cwejAWdFuP
— Lloyd Mathias (@LloydMathias) March 5, 2020
Others, like communications consultant Karthik Srinivasan and economist Rupa Subramanya, echoed the view. Srinivasan said it was “oddly appropriate” that a “now failed bank is the main sponsor of an event” featuring politicians “who are failing the economy”. Subramanya said the PM’s presence was “worrying” because “presumably his government didn’t know the bank was in serious trouble”.
Oddly appropriate that a now-failed bank is the main sponsor of an event featuring 7 politicians who are failing the economy right into the 2nd term after starting with a bang through demonetization. pic.twitter.com/w8IzJnPtqs
— Karthik (@beastoftraal) March 6, 2020
As #YesBank says NO to its customers,PM @narendramodi says YES to YesBank sponsored summit on sustainable growth.What's worrying about Modi's announced presence at the summit is presumably his govt didn't know the bank was in serious trouble, else why would they agree. Clueless. pic.twitter.com/ZyN9tAAWQN
— Rupa Subramanya (@rupasubramanya) March 6, 2020
Yes Bank has been struggling to raise capital for the last few months despite being given many opportunities by the RBI. Eventually, citing a ‘steady decline’ in the bank’s financial position due to its inability to raise capital and withdrawal of deposits and serious governance issues in recent years, RBI placed it under a moratorium and announced a superseding of the board on Thursday.
On Friday, the government and the RBI said that State Bank of India will invest in the bank while announcing a reconstruction plan.
Politics at J.P. Nadda’s son’s wedding reception
The wedding reception of BJP president J.P. Nadda’a son Friday was a gastronomical delight, with thousands gathering at his residence despite the coronavirus scare and heavy rains in the evening.
It was a vegetarian spread, but guests moved from the Japanese food counter to the Lebanese one before moving to desi delicacies. PM Modi, Home Minister Amit Shah, Union ministers, chief ministers and governors were among the dignitaries who came to bless the newlyweds.
But where politicians are around, can politics be far behind? People were seen pointing at former Congress MP Deepender Singh Hooda congratulating Nadda, who was one of the very few opposition leaders at the reception.
Former Madhya Pradesh CM Shivraj Singh Chouhan was in a huddle with Union ministers Piyush Goyal and Narendra Singh Tomar. People were very curious about their huddle, happening in the backdrop of the BJP’s alleged attempt to engineer defections of Congress and other MLAs in a bid to bring down the Kamal Nath government in the state.
Chouhan, BJP MP Prabhat Jha and party leader Narottam Mishra later sat down to eat, only to leave it midway after the arrival of Union minister Dharmendra Pradhan. Chouhan left the dinner table and walked away with Pradhan, while Mishra and BJP MP Rakesh Singh were seen following them.
Supreme Court security not scared of coronavirus
As India gears up to prevent the spread of the novel coronavirus, security at the Supreme Court is yet to come to terms with allowing litigants, lawyers and press from adhering to preventive measures in the overcrowded courtrooms.
The Delhi Police-managed security personnel have made it clear to people intending to enter courtrooms that they cannot wear masks, stating that it is not in line with security protocols. This is regardless of the fact that a courtroom during morning rush hours easily accommodates close to 200 people jostling for space, with some even incessantly coughing and sneezing.
However, on 25 February, just over a week ago, Supreme Court Justice Sanjiv Khanna had attended court wearing a mask, in the wake of swine flu cases among SC judges.