No banks are going to be shut down: RBI shoots down rumours

After rumours of various commercial banks being shut down started doing rounds on social media, the Reserve Bank of India cleared the air and asked the people to disregard such messages

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After the Reserve Bank of India (RBI) announced the suspension of commercial activities for the Punjab and Maharashtra Co-Operative (PMC) Bank, the people in the country were seen in a state of panic. However, instead of being reasonable, some netizens took social media to spread 'mischevious' and baseless rumours.

The message states that the RBI will be axing the activities of some commercial banks after shutting down PMC bank. However, upon realising the gravity of the situation, the apex bank intervened and clarified that none of the commercial banks is going to be closed.

Meanwhile, speaking about the same, finance secretary Rajeev Kumar said that the government is putting efforts to strengthen the Public Sector Banks and therefore, the rumours were baseless and 'mischievous'

The message asks you to remove your money from the nine banks it claims the Reserve Bank will shut down soon. The message names IDBI, Bank of Maharashtra, UCO Bank, Andhra Bank, Indian Overseas Bank, Central Bank of India, Dena Bank, Corporation Bank, and United Bank of India.

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