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HomeFact CheckFact Check: Bank Of Baroda Customers Shutting Accounts Over Bank’s Stand On...

Fact Check: Bank Of Baroda Customers Shutting Accounts Over Bank’s Stand On Adani? No, Here’s  What We Found

Authors

Pankaj Menon is a fact-checker based out of Delhi who enjoys ‘digital sleuthing’ and calling out misinformation. He has completed his MA in International Relations from Madras University and has worked with organisations like NDTV, Times Now and Deccan Chronicle online in the past.

Claim
Customers queue outside Bank of Baroda in UAE to close their account, over its stance on continuing to fund Adani group

Fact
Account holders are closing their accounts due to the shutting down of the Al Ain branch. The move has no link to the bank’s stand on continuing to lend to Adani group

The statement by the Bank of Baroda CEO, Sanjiv Chadha, to continue to lend to the Adani group despite reports of a crisis following the Hindenburg report, has become a talking point on social media. In this context, an image going viral that shows a group of people queueing up outside a Bank of Baroda branch. Users sharing the claim alleging that the image showed account holders queueing outside the bank to shut their accounts owing to the decision.

“Bank of Baroda- Al Ain Branch, UAE Massive crowds queueing up outside Bank of Baroda. No not to withdraw or deposit money. To close their account with BoB after the Adani scam and the statement by its chief that BoB will still fund Adani Cos,” the caption being shared with the image reads.

The video is being shared by many verified handles. 

 The image is also being shared widely on other platforms such as Facebook.

Fact check/Verification

To begin verifying the claim, Newschecker began by conducting a keyword search on the words ‘Bank Of Baroda’ & ‘Al Ain branch’, which led us to several reports that clarified that the development was unrelated to the Adani rout.

We found a report published by MoneyControl titled “BoB clarifies decision to close Al Ain branch in UAE was taken last year; refutes social media rumors”. The article reads, “The lender had taken the decision to close this branch last year, it said. “To ensure the smooth continuation of services, all accounts currently maintained at the Al Ain branch are being transferred to the Bank’s Abu Dhabi branch in UAE,” BOB said in its official statement.”

“The bank appealed to the public not to believe in ‘misleading and false information’ being spread on social media,” the article noted.

Another report by ANI titled “Bank of Baroda clarifies decision to close Al Ain branch in UAE taken a year ago; refutes social media rumors”. The article recounts similar details as the Money Control report. 

We took a cue from these reports and looked up the website and social media channels of Bank Of Baroda and found a statement by the bank detailing the same, and clarifying that the social media posts were baseless. 

“The Bank of Baroda had taken a commercial decision to close its Al Ain branch in UAE a year ago and has received approval from the Central Bank of UAE for the same. As per the customer notice dated 20.01.2023, the Al Ain branch in UAE is being closed with effect from 20.03.2023,” the statement by the bank read. “Customers are accordingly visiting the Al Ain branch to provide the necessary consent/give further instructions with regard to their account/s in Al Ain branch… Please don’t believe in misleading and false information being spread on social media,” the statement by the bank, issued on February 26, 2023, read. 

Conclusion

The claim, that account holders are “queuing up to close their accounts with Bank of Baroda after a statement by its chief that it will still fund Adani Companies”, is false. The bank has clarified that the account holders were lining up to close their accounts as the operations of the Al Ain branch were being stopped. The bank also clarified that the decision to end operations in the Al Ain branch was taken a year ago.

Result: False

Our Sources

Report published by Money Control on February 27, 2023
Report published by ANI on February 27, 2023
Statement by Bank Of Baroda posted on Twitter, on February 26, 2023


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Authors

Pankaj Menon is a fact-checker based out of Delhi who enjoys ‘digital sleuthing’ and calling out misinformation. He has completed his MA in International Relations from Madras University and has worked with organisations like NDTV, Times Now and Deccan Chronicle online in the past.

Pankaj Menon
Pankaj Menon
Pankaj Menon is a fact-checker based out of Delhi who enjoys ‘digital sleuthing’ and calling out misinformation. He has completed his MA in International Relations from Madras University and has worked with organisations like NDTV, Times Now and Deccan Chronicle online in the past.

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