Bank closure fake news: RBI blasts social media rumours on 9 public sector banks

Bank closure: The Reserve Bank of India (RBI) has slammed all social media rumours in regard to the closure of the nine Public Sector Banks that include Corporation Bank, IDBI Bank, UCO Bank, Andhra Bank, Indian Overseas Bank, Central Bank of India, Dena Bank and United Bank of India. The RBI issued a statement citing none of the Public Sector Banks are going to be closed and all such reports are deemed to be fake and manufactured.

Such rumors of public sector bank closure got further fuel on Tuesday when the RBI barred the Punjab and Maharashtra Co-operative Bank from any transaction in coming six months. After the RBI decision on the PMC Bank, the social media went into overdrive over another nine banks in line for closure that panicked the bank customers, which have put their hard-earned in the government banks.

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The Government has recently decided to merge some of the operational government banks that haven't gone down well among the bank workers and their affiliated worker's association. They even decided to go on strike over the merger of banks but later on decided to postpone the idea of going on strike. 

Such developments in the Indian banking sector was enough to fuel social media rumours that eventually forced RBI to come forward and rebut the same officially.