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RBI Assures Public of Banking Sector Stability, Urges Public to Keep Calm
October 07, 2019
Nifty Bank index dropped a sudden 1.3 per cent this Tuesday, worsening the hail of negative rumours about the banking sector in India. This is amid the deepening crisis at the Punjab and Maharashtra Co-operative Bank (PMC).
Bank stocks plummeted across the board on both Sensex and Nifty indices, with Yes Bank losing a whopping 22 per cent and most others’ shares tanking by 5 per cent on the NSE.
Speculations rose to a level that required RBI’s assurance about the stability of India’s Banking System. Their tweet urged people not to panic purely on the basis of rumours.
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