Congress chief Rahul Gandhi investigated at the Center on Tuesday the Reserve Bank of India’s (RBI) recent proposal to allow large corporations to promote banks.
The former Congress party chairman imitated Union Home Secretary Amit Shah’s phrase “Samajhiye Timeline” (Understanding Timeline) in the tweet.
Last year, Shah used the “Aap samajhiye (understanding the timeline) timeline” to explain the Bharatiya Janata Party’s plan to implement a nationwide National Citizens Registry (NRC).
Gandhi wrote: “First, karz maafi for a few large companies (first, loan waiver for a few large companies). Then there are huge tax cuts for businesses. Now give people’s savings directly to the banks created by these same companies ”. He concluded the tweet with the hashtag “Suit Boot Ki Sarkar”. The hashtag was soon all the rage on Twitter. The phrase became popular after Rahul Gandhi used it to attack the government in parliament in 2015.
– Moni singh (@ Moni7790432) November 24, 2020
First government owned banks, invested citizens, borrowed businesses, prosperous country, now businesses will own banks, citizens will invest, government and businesses will borrow, owners will file for bankruptcy, citizens and country will lose, be very careful. #SuitBootkiSarkar
– Clydeee (@Dsouzaclyde) November 24, 2020
Businesses are the biggest borrowers of money. From now on, they will use public money to create banks and lend each other money. If they fail to repay the loans, the government will use the treasury funds to bail them out.
– rkhuria2 (@ rkhuria2) November 24, 2020
AA will form a bank called AA Bank Ltd, the AA bank will lend to companies owned by AA which in turn will default to AA Bank of Millions.
It is the height of Atmanirbhar Bharat.#SuitBootkiSarkar#SuitBootKiCorruptSarkar
– BabaYaga (@PotseluySmerti) November 24, 2020
Last Saturday, the RBI’s Internal Membership Committee recommended granting banking licenses to large corporations or industrial firms after necessary changes to the 1949 Banking Regulation Act. be allowed to convert to banks.
Gandhi’s imprint at the Center came a day after former RBI Governor Raghuram Rajan and former Deputy Governor Viral Acharya criticized the central bank’s recommendation to allow Indian companies to set up banks. Rajan and Acharya both said the proposal was a “bad idea”. In addition, S&P Global Ratings said that “the risk of contagion from corporate defaults would also increase significantly if industrial companies were to run a bank.”