RBI debunks social media rumours about closure of 9 public sector banks

The Reserve Bank of India (RBI) on Wednesday posted a statement on Twitter saying that social media rumours regarding the closure of some commercial banks are false. "Reports appearing in some sections of social media about RBI closing down certain commercial banks are false," RBI tweeted.

Reports appearing in some sections of social media about RBI closing down certain commercial banks are false.

— ReserveBankOfIndia (@RBI) September 25, 2019

Finance Secretary Rajeev Kumar also rejected the reports and said that the rumours about RBI deciding to close some banks are "mischievous" and that there is "no question of closing any public sector bank". He stressed that PSBs are articles of faith and the Centre is strengthening PSBs with reforms and infusion of capital to better serve its customers

"There are mischievous rumours on social media about RBI closing some banks. No question of closing any public sector bank, which are articles of faith. Rather govt is strengthening PSBs with reforms and infusion of capital to better serve its customers," Kumar said.

Earlier on Wednesday, a message which claims that RBI has decided to shut down nine banks permanently, went viral on social media. The message created panic among public specially in the wake of action taken by RBI on Tuesday against Punjab and Maharashtra Cooperative (PMC) Bank.

RBI released a statement rejecting rumours about closure of nine banks, including Corporation Bank, UCO Bank, IDBI, Bank of Maharashtra, Andhra Bank and Indian Overseas Bank.