Instead of fighting the fake news headon, the Abhyudaya Co-operative Bank is fighting off the media, as both its Chairman and MD didn’t respond when the Indian Cooperative tried to contact them.
It bears recalling that the social media was flooded with fake news of RBI cancelling the banking licence of the 6th largest UCB in the country, Abhyudaya Cooperative Bank.
A fact-check unit in the Press Information Bureau (PIB) has found in their investigation that the news related to the cancellation of the license of one of the Maharashtra leading banks- Abhyudaya Cooperative Bank is fake and there is no such press release issued by the RBI in this context.
As soon as the fact-check unit concluded their investigation, they shared this through their social media handle. “RBI has not issued any such press release regarding cancellation of license of Abhyudaya Cooperative Bank”, PIB wrote while quoting the content of fake press release.
“A Press Release, dated 25 October 2023, being shared online, alleges that @RBI has canceled the license of Abhyudaya Co-operative Bank Ltd. This Press Release is fake. RBI has not issued any such Press release. For more info visit: http://rbi.org.in”, it further reads.
Ironically, when Indian Cooperative contacted the bank Chairman Sandeep Ghandat for his comment on the above news, he ignored the queries and slammed the phone by saying I am in a meeting. Later on, the efforts to contact Premnath S. Salian, MD of the bank also failed.
Meanwhile, the cooperators associated with the UCB sector said that the bank management should come forward to organize a press conference or issue a press statement to keep faith intact in the minds of depositors.
Even the RSS affiliated cooperative organisation- Sahakar Bharati has reacted to the development. One of its founder members Satish Marathe wrote, “Sahakar Bharati condemns such malicious action of Disruptors. RBI issues Clarification about Abhyudaya CoOp Bank Ltd”.
It is gathered that from the past few years, there is conflict going on between the employees union of the Abhyudaya bank and the present management. The people associated with the bank said that the union may be circulating the wrong news for tarnishing the bank image but it is yet to be confirmed.
It bears recalling that the Abhyudaya Cooperative Bank has been under SAF for the past a few years and is making efforts to come out from the Supervisory Action framework. According to Nafcub, Abhyudaya Cooperative Bank is the sixth largest urban cooperative bank of India.
We are reproducing a few excerpts of the fake press release which reads, “The RBI vide order dated October 25, 2023, has cancelled the license of the Abhyudaya Cooperative Bank Ltd. Mumbai. Consequently, the bank ceases to carry on banking business, with effect from the close of business on October 26, 2023”.
“As per the data submitted by the bank, 99.92 percent of the depositors are not entitled to receive the full amount of their deposits from DICGC”, it further reads. We are attaching below the fake press release for readers’ perusal.
The Indian Cooperative investigation team also found the news of cancellation of license fake on several grounds. If such action is taken by the RBI against any banks, they used to publish an official press release on their official website but no such press release in this connection is issued so far.
