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Indian central bank shoots down rumors about bank closures

The Reserve Bank of India shot down speculation that it will close certain commercial banks, saying reports about the matter in social media "are false," Press Trust of India reported Sept. 25.

There has been speculation on various social media platforms that the central bank will permanently close down nine banks and that the public should withdraw their money from those banks.

The rumors spread after the RBI placed restrictions on withdrawals in Punjab & Maharashtra Cooperative Bank. Most of the banks being mentioned are those that have been merged or are in the process of being merged.