Mumbai, October 1: The Reserve Bank of India on Tuesday quashed rumour mongering regarding the closure of Banks -- public or private sector -- and stated that Indian Banking system is safe and stable. The following statement arrived after rumours spread in some locations about certain banks, including cooperative banks, which resulted in anxiety among bank depositors. PMC Bank Board Superseded by RBI, Toll-Free Number Released For Customers' Grievances.

Making the clarification, RBI informed the account holders of banks and said. "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 the Indian banking system is safe and stable and there is no need to panic on the basis of such rumours."

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Earlier on Monday, RBI issued a notification wherein it said that it had superseded the Board of Punjab and Maharashtra Cooperative Bank or PMC Bank where loan irregularities were found. It also appointed Jai Bhagwan Bhoria as the administrator of the PMC Bank, after the PMC Bank suspended MD Joy Thomas. He had also reportedly admitted to the RBI that the bank's actual exposure to the bankrupt HDIL is over Rs 6,500 crore, much above the regulatory limits.

(The above story first appeared on LatestLY on Oct 01, 2019 04:21 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).