Fact Check: Did RBI allow Bank of China to open branches in India? Here’s the truth

Multiple posts have been doing the rounds on social media, with claims that the Reserve Bank of India (RBI) has allowed the Bank of China – one of China’s biggest commercial banks – to open branches in India.

This information was being circulated amidst the Indo-China border tensions at the Line of Actual Control.

(Archived post)

The information was further being attributed to articles from The Economic Times, Financial Express, etc.

FACT CHECK

NewsMobile fact-checked the above post and found it to be misleading.

We ran a Google search to locate some of these articles, related to the above information, and found that while these articles did exist, they were dated June 2018.

Economic Times published the PTI article on July 4, 2018.

Further, upon a thorough search, we did not find any similar articles dated for this year.

We also checked if there were any Bank of China branches in India, and found an article in The Hindu which was dated June 2019. It mentions that Bank of China had opened its first branch in Mumbai in 2019.

Hence, the information being circulated is old and is re-surfacing at a critical time, when news like this can mislead people immensely.

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