RBI denies rumours of bank closures

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Published: September 26, 2019 1:54:42 AM

It also asked people to withdraw their money if anybody was having transactions with Corporation Bank, UCO Bank, IDBI, Bank of Maharashtra, Andhra Bank, Indian Overseas Bank, Central Bank of India, Dena Bank and United Bank of India.

This came after the RBI restricted the operations of Punjab & Maharashtra Co-operative Bank on Tuesday. This came after the RBI restricted the operations of Punjab & Maharashtra Co-operative Bank on Tuesday.

The Reserve Bank of India (RBI) on Wednesday invalidated rumours on social media claiming the central bank would shut certain commercial banks. “Reports appearing in some sections of social media about RBI closing down certain commercial banks are false,” the central bank said.

The report on the internet claimed that nine banks would be closed permanently by the RBI. It also asked people to withdraw their money if anybody was having transactions with Corporation Bank, UCO Bank, IDBI, Bank of Maharashtra, Andhra Bank, Indian Overseas Bank, Central Bank of India, Dena Bank and United Bank of India.

This came after the RBI restricted the operations of Punjab & Maharashtra Co-operative Bank on Tuesday. Finance secretary Rajiv Kumar called the rumours about the RBI closing some banks mischievous. “No question of closing any public sector banks (PSB), which are articles of faith. Rather Government is strengthening PSBs with reforms and infusion of capital to better serve its customers,” he tweeted.

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