RBI tells public ‘no need to panic’ as mid-sized bank fails
Central bank seeks to quell fears of a second round of trouble after collapse of PMC Bank
The Reserve Bank of India has told the public there is “no need to panic” despite the abrupt collapse of a mid-sized bank in late September.
The RBI said in a short statement on October 1 that there were rumours circulating “about certain banks, including co-operative 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 central bank said.
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