Sitharaman attacks Akhilesh over UPA's banking record

Union Finance Minister Nirmala Sitharaman on Wednesday attacked Samajwadi Party chief Akhilesh Yadav over his remarks on the IDBI Bank stake sale, accusing his party of failing to question the UPA government responsible for "ruining" public sector banks. In a post on X, the minister alleged that the UPA government left public sector banks in a poor state due to "phone banking" and "crony capitalism."
Her attack came in response to Yadav's comment: "Now, all that's left is for the government to sell itself... It seems like the BJP government, seeing its shop about to shut down, has planned to put up a 'Season End Sale' sign and sell everything off before making a quick exit." "Only the govt is left to be sold. It seems the BJP govt has decided to sell everything through
Hitting back, Sitharaman said, "The UPA received support from your party starting in 2004. The UPA left banks in a pathetic condition. It is strange that you are talking about banks now and didn't question your allies then!" "Allies now in the INDI Alliance ruined public sector banks through 'phone banking' and 'crony capitalism'. During the tenure of the UPA govt- backed by your party - IDBI Bank itself extended loans to individuals from whom recovering both the principal and the interest is an exercise we are undertaking," she said. It is the BJP-headed NDA govt under Modi that revitalised the entire banking system, including IDBI Bank, through transparent policies and the infusion of capital, she added.
Due to heavy NPAs, the bank came under RBI's Prompt Corrective Action, and in January 2019, LIC completed the acquisition of a 51 per cent controlling stake in IDBI Bank for approximately Rs 21,624 crore as part of the disinvestment process. The minister also wondered why Yadav was expressing concern now, when the banking sector's position had strengthened under the NDA government, and accused the Congress ally of displaying "false sympathy" and shedding "crocodile tears" over the issue.