Top
Begin typing your search above and press return to search.
exit_to_app
DEEP READ
Who can save Congress from redundancy?
access_time 2021-05-10T12:53:37+05:30
Iran and the revival of JCPOA
access_time 2021-04-23T13:21:09+05:30
A model mosque in Gujarat
access_time 2021-04-12T17:13:34+05:30
Towards a digital emergency?
access_time 2021-02-27T14:50:41+05:30
The slaughter of democracy in Puducherry
access_time 2021-02-24T11:27:21+05:30
Populist Fascism
access_time 2021-01-31T17:19:29+05:30
exit_to_app
Homechevron_rightBusinesschevron_rightNo need to panic,...

No need to panic, Indian banking system safe: RBI

text_fields
bookmark_border
No need to panic, Indian banking system safe: RBI
cancel

Mumbai:  The Reserve Bank on Tuesday assured the general public that the Indian banking system is safe and stable and there is no need for panic based on rumours.

The RBI statement came on a day when the Nifty Bank index tanked by 1.30 per cent in intra-day trade amid a barrage of negative news from the sector, including a deepening crisis at the Punjab and Maharashtra Co-operative Bank (PMC).

"There are rumours in some locations about certain banks including cooperative banks, resulting in anxiety among the depositors. RBI 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," the Reserve Bank said in a tweet.

Bank stocks lost heavily on both the Sensex and Nifty indices on Tuesday over concerns regarding stress in the financial system.

Shares of private sector lender Yes Bank plummeted over 22 per cent, while RBL, IndusInd Bank, SBI, IDFC First and PNB fell up to 5 per cent on the NSE.

Show Full Article
TAGS:
News Summary - No need to panic, Indian banking system safe: RBI
Next Story