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Cong blames govt for 'rotten state of affairs' in UTI

The Congress on Wednesday blamed the finance ministry and the government for the 'rotten state of affairs' in the Unit Trust of India and suggested that to restore the trust in the premier financial organisation units of small investors should be allowed to be 'redeemed'.

Expressing shock over the sudden collapse of the US-64 of UTI for the second time in two years, party spokesman S Jaipal Reddy told reporters the government should explain "how the crony capitalism, that is being practised by the coalition", has led to the erosion of financial base of UTI.

Emphasising that US-64 has never come under cloud before NDA took over, he said: "It is India's biggest public financial institution. It is very important that the trust in UTI is sustained."

Asked if there was any design behind the sudden decision of the UTI, he said "no design is required in an inefficient administration".

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