RBI Shutting Down 9 Commercial Banks in India: Fact Check


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RBI Shutting Down 9 Commercial Banks in India

Story:

Central bank/RBI is shutting down 9 commercial banks in India.

Other Versions

Nine banks will be closed permanently by Reserve Bank of India. If anybody having transactions in it please withdraw it.
The names of the banks are Corporation Bank, UCO Bank, IDBI, Bank of Maharashtra, Andhra Bank, Indian Overseas Bank, Central Bank of India, Dena Bank and United Bank of India.
9 banks going to be close if u guys have any account in this banks so please immediately safe ur cash and forward this msg to all.

Order by Supreme Court (Sic)

Fact Check:

A message in wide circulation on social media and other platforms claims the Reserve Bank of India, RBI is Shutting Down 9 Commercial, Public Sector Banks. It lists the 9 banks and appeals to public to withdraw their money from them immediately. The message – presented as a Supreme Court order – also asks readers to forward it to everyone. No, the claims are not true – RBI is not shutting down the banks.

RBI Not Shutting Down the Banks

The claims in question are doing rounds heavily through WhatsApp, Facebook and Twitter among others. However, there are no credible reports about any such Supreme Court order about RBI closing the commercial, public sector banks. Responding to the claims, the Reserve Bank of India posted a message on Twitter calling the messages fake.

On the other hand, Finance secretary Rajiv Kumar said the rumors are mischievous in nature. He said there is no question of closing the public sector banks, which are articles of faith among people. He also clarified the government is strengthening the public sector banks with reforms and infusion of capital to better serve the customers.

Merger of Banks

The claims in question garnered significance because earlier in late August 2019, Government of India announced about merger of 10 public sector banks into four bigger banks. While some banks are already merged, others are in the process of being merged.

Note, the same rumor circulated online earlier in year 2017 also, when RBI issued a press release clarifying the misinformation about closure of some public sector banks.

Hoax or Fact:

Hoax.


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Prashanth Damarla
Debunker

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