Home / Fake News / Its a Fake News:9 Government banks closing from 31st July

Its a Fake News:9 Government banks closing from 31st July

Different viral messages about 9 government banks closing are as below

  1. RBI has ordered that from July 31, UCO Bank, Corporation Bank, IDBI, Bank of Maharashtra, Andhra Bank, IOB, Central Bank of India, Dena Bank and United Bank of India will be closed.
  2. Reserve Bank of India (RBI) is going to shut down 9 government banks in July due to “excess loans not recovered”. Those people who have accounts in these banks should withdraw their money immediately, the message warns. People are panicking and want their money to be safe. According to the viral message if an account holder does not withdraw his/her money, it can get seized.
  3. A different messages being actively shared in Facebook also claims that 9 banks have been ordered to shut down by the Supreme Court of India.

These is other message on the same topic:

Nine Banks will be closed permanently by Reserve Bank of India. If any body having transactions in it please kindly withdraw it. Watch the video below??

1. IDBI BankIts a Fake News: Nine Banks will be closed permanently by Reserve Bank of India
2. UCO Bank
3. Indian Overseas Bank
4. Bank Of Maharashtra
5. Central Bank Of India
6. Dena Bank
7. United Bank Of India
8. Corporation Bank
9. Andhra Bank

Why is it fake News?
After UCO Bank and IDBI Bank, at least 10 more public sector banks (PSBs) are facing regulatory action, or prompt corrective action (PCA), of the Reserve Bank of India (RBI) in the face of worsening financial ratios. PCA is an aggresive and interventionist step by the RBI that force the banks to clean up their NPAs.

Click here to view fake news on Rs 500 notes.

RBI has also issued a clarification on PCA through a press release on 5th June, 2017: https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=40668

So please dont believe and forward this message.

Click here to view more fake news.

 

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