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Government Confirms No Plans of Closing any PSBs
December 27, 2017
Putting an end to a widely-circulated rumor that said that the government may shut down some of the public-sector banks (PSBs), the Reserve Bank of India (RBI), as well as the union government, cleared the air by confirming that there are no such plans.
The rumor had stemmed from the government’s recent bringing of a few banks under the prompt corrective action (PCA) framework.
The RBI clarified that PCA is a supervisory tool that helps the banks to take corrective measures and improve their financial health.
