In its second such clarification this year, the Reserve Bank of India has reiterated that any bank placed under Prompt Corrective Action (PCA) framework will not close down and operations directly involving the general public remain unaffected. “The Reserve Bank has clarified that the PCA framework is not intended to constrain normal operations of the banks for the general public,” the central bank said in a statement.
This comes after the Reserve Bank of India came across some misinformed messages circulating in some sections of media, including social media, about closure of some Public Sector Banks in the wake of their being placed under the PCA framework.
In its second such clarification this year, the Reserve Bank of India has reiterated that any bank placed under Prompt Corrective Action (PCA) framework will not close down and operations directly involving the general public remain unaffected. “The Reserve Bank has clarified that the PCA framework is not intended to constrain normal operations of the banks for the general public,” the central bank said in a statement.
This comes after the Reserve Bank of India came across some misinformed messages circulating in some sections of media, including social media, about closure of some Public Sector Banks in the wake of their being placed under the PCA framework.
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