BJP using money from LIC, nationalised banks to benefit cronies: Mamata

West Bengal Chief Minister Mamata Banerjee on Thursday alleged that the BJP was using people’s money deposited with the Life Insurance Corporation (LIC) and nationalised banks to benefit cronies of the party.

Speaking at a function in Purba Bardhaman district, the Trinamool Congress supremo lashed out at the BJP-led Centre over the Union budget, claiming that income tax concessions are nothing but a jugglery of words.

“If this government stays for long, all banks will be closed. Life Insurance (Corporation) will be wound up. The way LIC shares are being sold... the way LIC’s and banks’ money - which belong to the people - are being used for the benefit of the party and some famous people close to the party, you don’t know whether you will get your money from banks or insurance companies,” she said.

She was apparently referring to the investment of SBI and LIC in the Adani Group, the shares of which have crashed following a report by US-based research group Hindenburg alleging financial irregularities by the Group.

Describing the Union budget as "full of lies", Banerjee alleged that the Centre was making tall claims with an eye on the 2024 general elections.

Without elaborating, the chief minister also claimed that the BJP-led central government was in doldrums after the share market “witnessed a massive crash following the presentation of the budget”.

“Telephone calls were made to some people asking them to pump in several thousand crores of rupees to those whose shares are making losses,” Banerjee alleged.

On the Union budget, she said in the previous income tax structure, exemptions of about one and a half lakh rupees were available in multiple investment sectors.

"But as per the new tax scheme, these deductions will not be available now... So, at the end of the day, is it profitable (to shift to the new tax regime) or is it a loss?,” the TMC chief said.

Referring to the student unrest in Visva Bharati, Banerjee alleged that the students were tortured by the authorities and she "will always stand by them".

"There is a move to block recruitments, but all youths of Bengal will get jobs. Everyone will be given jobs as per the rules. Nobody has to beg for it," she said.