Rumors of closure of other banks with PMC, Is this Center’s move to recover from recession?

Thousands of customers of Punjab and Maharashtra Bank are wandering to get their own money deposited in this bank. Yesterday, Reserve Bank of India accused the Board of Directors of Maharashtra’s Shivajirao Bhosle Cooperative Bank alliged scam of 300 crores. The entire board of directors has been dismissed, which has caused its customers to wander here and there for there own money.

With this, there are constant rumors about the closure of many national bank, cooperative banks and local-level Pathpedhi on social media. Now the question arises that, is the RBI really in the mood to take action on cooperative banks or other banks? Or is it just an attempt to salvage the country going through a severe recession. because the silence of the Center and the RBI on this whole issue is raising many questions.

It is to be known that just 10 days ago, the Reserve Bank of India has completely stopped the transaction of PMC Bank without giving any prior notice to the customers, so that thousands of account holders of this bank started wandering, to get their money back. Neither the Reserve Bank nor the Central Government is giving any assurance to return the money of PMC customers.

The Finance Minister of India Nirmala Sitharaman, who visited Mumbai recently, did not give any positive assurance to the account holders of this bank. Poor account holders of this bank are sometimes seen agitating in Mumbai and sometimes taking out a front in Thane. The same rumors are circulating on the social media about the closure of many nationalized banks and co-operative banks in the country.

The finance ministry is also sitting silent with the RBI in this regard. While the situation of the account holders of PMC bank is causing confusion in the account holders of other banks also continuously, according to the sources of many banks, due to the action on PMC bank, there is also a situation of confusion in the account holders of other banks and for this reason the last eight- In ten days, the percentage of money withdrawal from other banks is also increasing continuously.

Economics says that unless there is no loud transaction in any country’s economy, then there will be a natural slowdown in that country’s economy. In any market, when people have no money to spend, then the condition of the economy is bound to worsen. Unemployment figures across the country have broken their 45 year old record. If people do not have money, how will they come in the market? In such a situation, it is very easy to bring money in the market to create confusion in the account holders of various banks. And these people withdraw money from the bank and put it in the market.

In the meeting held with the International Monetary Fund 2 days before the World Bank officials decleared about India’s growth rate, which has been reduced to just 6 percent as compared to 6.7 percent in the year 2018-19. Recently Nobel prize lwinner in economics and of Indian origin Abhijeet Banerjee last week. has said publicly that the Indian economy is continuously weakening and no such policy is expected for the future with the RBI. See coming that is likely to improve the economy.

Nobel prize lwinner Abhijit Banerjee made various economic plans for the Congress in the last Lok Sabha election, hence his view can be viewed with suspicion but Dr. Parakala Prabhakar, husband of the country’s Finance Minister Nirmala Sitharaman, also expressed deep concern over the country’s economy. According to his article, even if the central government denies the bad condition of the economy But its clear from the data that many sectors are undergoing a major crisis. According to him, unemployment in the country has reached an upper level of 45 years, GDP growth in the first quarter of this financial year has reached a 6-year low of 5%.

On the one hand, these economics pundits are telling the truth about the country’s economy going bad, on the other hand there is a situation of confusion among account holders of various banks due to rumors of closure of various banks on social media. And there is a clear message from these rumors, that perhaps these tactics are being adopted to overcome the tremendous economic slowdown in the country. In which people take out money deposited in their banks and spend it in the market.