No closure of 9 commercial banks: RBI rejects rumours on social media

Scheduled Commercial Banks witness drop in Bank Gross NPA Ratio in 2019: RBI Report

Banking regulator the Reserve Bank of India (RBI) has clarified in an official communiqué that there will be no closure of any commercial bank, as circulated across social media.


A message, which says that the apex bank is planning to shut nine banks permanently, went viral on social media, creating panic among the public in an already chaotic situation surrounding the sudden action against Punjab and Maharashtra Cooperative (PMC) Bank on Tuesday.

In its statement, the central bank, however, rejected rumours about closure of nine banks namely Corporation Bank, UCO Bank, IDBI, Bank of Maharashtra, Andhra Bank and Indian Overseas Bank.

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

“The rumours on bank closure are mischievous and there is no question of closing any public sector bank,” said Finance Secretary Rajiv Kumar.

“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 government is strengthening PSBs with reforms and infusion of capital to better serve its customers,” Kumar said.

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