The bank has said that its financial situation is strong, and rumors are completely baseless.
Amid the coronavirus pandemic, rumors are being circulated on social media that some urban co-operative banks are getting closed and asking the depositors to withdraw their money. It has created a panic among the bank customers who are demanding their money back.
Shamrao Vithal Co-operative Bank has issued a statement back in July that, in recent days, it has come across baseless rumors and clarified that its financial position is robust and will protect the interest of all the stakeholders. Further, it is also in the process of taking legal action against the miscreants for spreading fake news on social media.