Your money is safe-IBA

Indian Banks’ Association clarifies in a press release about the reports of rumors circulated in some segments of social media messages based on misinformed communications and spreading false information about the adverse financial strength and future of some of public sector Banks arising out of Prompt Corrective Action framework (PCA) of RBI.

It is clarified by IBA that these rumors are baseless. RBI has initiated prompt corrective action in respect of public sector Banks where certain thresholds on capital and asset quality are breached .The PCA framework of RBI is in existence from 2002 .The corrective measures under PCA will help improve overall performance of these Banks. IBA assures general public and depositors that there is no cause for fear or panic and they should not fall prey to false reports and their money is safe.

Attention of general public and depositors is also invited to RBI clarification through their press release on 5th June 2017 in this regard for more informed view of the matter.

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