Fact Check: Will Central Bank Close Its 600 Branches By March 2023? Here’s The Truth

Recently, a post has surfaced on social media claiming that the government-owned Central Bank of India will close its 600 branches by March 2023.

A Facebook user shared the post in Hindi that translates to, “Central Bank of India will close 600 branches by March 2023.”

(Original: सेंट्रल बैंक ऑफ इंडिया मार्च 2023 तक 600 ब्रांच बंद करने जा रही है)

The same claim is also doing rounds on Twitter.

FACT CHECK

NewsMobile fact-checked the viral claim and found it to be false.

On performing relevant keyword searches, we found a tweet by the official handle of the Central Bank of India.

In response to the viral claim, the Central Bank of India had clarified that as of now, the bank did not make any decision to shut down these many of its branches during the fiscal year 2022-23.

The notice also said, “However, it is a routine exercise for every Bank to re-align/shift/merge/close/open branches on regular basis to achieve corporate business objectives.”

According to a Reuters report, CBI has not yet decided on a possible extensive branch closure plan this fiscal year after reports suggested that it has planned to shut some branches to improve its financial health.

As per the report, the central bank scrutiny dates back to 2017 as part of a clampdown after some state-run lenders were found to be in breach of rules on regulatory capital, bad loans and leverage ratios.

Therefore, with the above information, it can be claimed that the viral claim is false.

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