Siddaramaiah's comment came in response to the BJP and JD-S criticism of his government's handling of infrastructure in the state.
"Making allegations is easy. Did tragedies like this not occur when they were in power?" he maintained.
This time the Yelahanka locality in Bengaluru received 170 mm of rain, the first time in 125 years.
"We are not evading responsibility as heavy rain has occurred. The government should have the capability to deal with any circumstances and tragedies. We can't express our inability," he said.
More than 1,000 families were shifted from the Kendriya Vihar Apartment and rescue programmes were taking place, he said.
"I had directed the BBMP to clear the stormwater drains. Now also, I have issued directions. We will take loans and set them right. We are taking a Rs 3,000 crore loan for disaster management in Bengaluru," Siddaramaiah said.
Karnataka Deputy Chief Minister D. K. Shivakumar said Bengaluru and Yelahanka have not seen such unprecedented rainfall in the last 120 years.
He announced that Bruhat Bengaluru Mahanagara Palike (BBMP) will provide a compensation of Rs 5 lakh to the families of the two children who drowned in Kengeri Lake.
Additionally, Rs 10,000 compensation will be given to each household affected by flooding.
Temporary housing and food arrangements will be made for those who have lost their homes.
"In many places, individuals have obtained court injunctions to prevent the removal of encroachments on stormwater drains, obstructing work. In an emergency, there is no scope for such delays. The law allows for removal of these encroachments, and I have instructed district officials to proceed immediately without considering any hindrances," he said.