Shamrao Vithal Co-operative Bank is getting closed.

The bank has said that its financial situation is strong, and rumors are completely baseless.

The bank has said that its financial situation is strong, and rumors are completely baseless.Shamrao Vithal Cooperative Bank was founded in 1906, which has a presence in 10 states. The bank has underlined that in the next five years, it intends to double the growth in all the major parameters. The business per employee increased to Rs 1084 Crore as on March 31, 2019, registering a gain of 9.18% YOY.

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.