RBI assures Indian banking system safe and stable

PMC Bank debacle triggers rumours against other banks 

MUMBAI: The Reserve Bank of India (RBI) has sent out strong message to the public stating that the Indian banking system is safe and stable and there is no need to panic on fast spreading rumours.

The unsavoury developments took place at Punjab & Maharashtra Cooperative (PMC) Bank had required RBI last week to restrict withdrawal of money by the bank’s account holders to Rs1000, which was subsequently raised to Rs10,000.

The PMC Bank has been kept on several other restrictions too including lending and other related things until otherwise instructed. The PMC Bank’s debacle has triggered rumours involving other couple of cooperative banks with the rumour mongers calling upon the account holders there to withdraw their money at the earliest.

It is in this context RBI came forward to clarify on the safety and stability of the Indian banking system. “There are rumours in some locations about certain banks including cooperative banks, resulting in anxiety among the depositors,” RBI said.

RBI said it would like to assure the general public that Indian banking system is safe and stable and there is no need to panic on the basis of such rumours.

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