Fact-Check: RBI NOT Going to Penalise People For Holding Accounts in Two Banks

There is no evidence to prove that this statement stands true.

Information on certain websites and social media platforms about a new regulation by the Reserve Bank of India (RBI) is circulating on social media platforms.

• The statement, attributed to RBI Governor Shaktikanta Das, says that strict penalties will be imposed on people holding two accounts in two separate banks.

Examples of few websites are Pangi Ghatidanika Patrika, SarkarieJob, YojanaUpdates, YouTube channel Anshu Educational Platform and Facebook page Nishkarsh Bharat.

(Archives of social media posts can be found here and here.)

Is this true?: This claim is false.

• There is no proof of such a statement made by Das or any information by the RBI on such a regulation.

• Early in July, the RBI governor had urged bank heads to take action against ‘Mule Accounts.’ However, no such penalty on holding two accounts was discussed.

What we found: We ran a relevant keyword search using the words in the posts and website articles. However, we did not find any credible information to support the claims.

• We also checked the social media accounts of the RBI and the governor, however, it also did not have this information.

• News reports by Mint and Financial Express from 3 July stated that the Das had met with bank heads to discuss action on ‘mule accounts.’

• He stressed the importance of lenders implementing strong cybersecurity measures and urged them to properly handle risks associated with third-party relationships.

What are Mule Accounts?: 

• They are used in the money-laundering process as they receive funds from illegal activities and then transfer them to different locations.

• The RBI, National Payments Corporation of India, and the Ministry of Home Affairs are collaboratively teaming up with financial institutions and technology security firms to combat such bank accounts.

Conclusion: A fake statement attributed to the RBI governor is being shared on the internet.

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