New Delhi: The government’s bailout plan for the crisis-hit Yes Bank was “Bizarre “said former Union Finance Minister P. Chidambaram. Speaking to the media on Saturday, he targeted the BJP-led administration over a massive oversight failure that allowed a 35 per cent per year jump in its loan book since 2014.

He also said that the plan appears to be that SBI (State Bank of India) will invest Rs 2,450 crore to pick up a 49 per cent stake in the restructured capital of the bank at a price of not less than Rs 10 per share, face value     Rs 2. This is bizarre when the net worth of the bank is zero. Chidambaram said that SBI was a volunteer in the rescue act, just as LIC for IDBI bank. These are command performances, he added.

Finance Minister Nirmala Sitaraman lashed out at opposition criticism on Friday, claiming that the crisis originated on congress watch. After restructuring plan for Yes Bank after RBI imposed restrictions. Chidambaram said that Finance Minister Nirmala Sitaraman is thinking that the UPA is in power, she is in opposition. “The loan book was allowed to grow despite RBI and government supervision at a rate of 35 per cent per year. Please also notice the spike in 2016-17 and 2017-18 – the two years immediately following demonetisation,” Mr Chidambaram added.

“The Yes Bank fiasco is only part of the mismanagement of the financial institutions under the watch of the BJP government,” he added.