Mumbai. The Reserve Bank on Tuesday assured the general public that the Indian banking system is safe and stable and there is no need to panic based on rumors.
The RBI statement came on a day when the Nifty Bank index rose by 1.30 per cent and the negative news in the sector began amid a deepening crisis on Punjab and Maharashtra Cooperative Bank (PMC).
There are rumors in some places about some banks, including cooperative banks, causing concern among depositors. The Reserve Bank said in a tweet, RBI wants to assure the general public that the Indian banking system is safe and stable and there is no need to panic on the basis of such rumors. Bank stocks fell on both the Sensex and Nifty indices on Tuesday amid concerns over tensions in the financial system.