Fact Check: Is Central Bank of India shutting down 600 branches?

Social media users are claiming that the government-owned Central Bank of India is planning to close 600 of its branches by the end of March 2023.

By Sabya Singh  Published on  13 May 2022 7:00 AM GMT
Fact Check: Is Central  Bank of India shutting down 600 branches?

Hyderabad: Social media users are claiming that the government-owned Central Bank of India is planning to close 600 of its branches by the end of March 2023.

NewsMeter received the claim on WhatsApp to verify it.


Fact Check

The claim is false.

NewsMeter searched whether the state-owned Central Bank of India has made any such announcement of shutting down its branches by the end of March 2023. We found that the 'Reuters news website has published an article reporting similar information on May 5, 2022.

It reported that the Central Bank of India is planning to shut down 13% of its branches by the end of March 2023 to improve its financial health.

Responding to the rumors spreading about the closure of their branches, the Central Bank of India has issued a clarification on all of its social media handles on 08 May 2022. Central Bank of India clarified that as of now they did not make any decision to shut down a large number of its branches during the fiscal year 2022-23.

However, the Central Bank of India emphasized that they would follow routine exercises like every bank to re-align/ shift/ merge/ close/ open branches on regular basis to achieve corporate business objectives. Reuters too had published an article reporting this clarification issued by the Central Bank of India.

Hence, the claim is false.

Claim Review:The government-owned Central Bank of India is planning to shut down 600 of its branches by the end of March 2023.
Claimed By:Social Media Users
Claim Reviewed By:Newsmeter
Claim Source:Social Media
Claim Fact Check:False
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