Bansal had assumed the post after the demise of veteran leader Ahmed Patel on November 25, 2020. Senior leader Ambika Soni had strongly backed his name then.
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Prior to Patel, the post was held by Motilal Vora for a long time.
It is said that Bansal fell out of favour of the party leadership following allegations of financial irregularities against him. The Congress leadership apparently had been apprised of it, eventually leading to his removal.
The Congress leadership had taken a serious view of the allegations as the party was already grappling with its worst financial crisis.
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After being ousted of power in 2014, the grand old party has been struggling to fill its coffers.
In fact, several Congress candidates had admitted to a severe funds crunch during the 2014 Lok Sabha elections as well.
The crisis is widely blamed on corporate houses moving away from the Congress.