Adani who was ranked the world’s second richest businessman slipped a few ranks after the Hindenburg report. This report accused Adani to manipulate its stock with the help of shell companies. According to a recent report Bank of Baroda had agreed to continue to lend money to Adani Groups.
In the backdrop of this, an image is circulating on social media where a long queue of people can be seen outside the Bank of Baroda. It was claimed that these people from UAE were unhappy with the bank’s decision to provide loans to Adani Groups and came to the bank to close their accounts in protest.
However, Fact Crescendo found the claim to be misleading. Although it is true that a branch of the Bank of Baroda in UAE is closing down but the incident has no connection with Adani.
What’s The Claim?
Sharing the image, social media users are claiming that after the bank’s decision to continue providing loans to Adani Groups, people of the United Arab Emirates are standing in a long queue outside the Bank of Baroda to close their accounts. This is an image of Al Ain city.
Fact Check-
A keyword search on Google led us to a news report by Times of India on 27 February 2023. According to the report, Bank of Baroda will close its Al Ain branch in the United Arab Emirates. This will be effective from 22 March 2023.
According to the bank, this is a commercial decision that was taken last year to rationalize the branch network. Al Ain’s Bank of Baroda branch is transferring the accounts of customers to the Abu Dhabi branch. It also left an option open for customers to close their accounts if they are willing to do so. The bank also clarified that the images of people standing in the queue at the bank are circulating with false and misleading claims on social media.
We also found a notice released by Al Ain’s Bank of Baroda branch in which it was notified that the branch will be closing its operation from 22 March 2023. It had made alternative arrangements by transferring the accounts of the customers to the Abu Dhabi branch. The IBAN and account details of the customers will remain the same. The bank’s ATMs will remain operational in the region.
The same statement was also tweeted by the bank. In addition, the bank requested people not believe in misleading and false information viral on social media.
Conclusion:
Fact Crescendo found that the image of people standing outside the Bank of Baroda in Al Ain, UAE is viral with a misleading claim. Although, it is true that the bank is closing its branch in Al Ain but the decision was taken last year and has no connection with recent loan approval by the bank to Adani Groups.
Title:Are customers queued outside the Bank of Baroda to close their accounts in protest of loan approval to Adani? Know the truth.
Fact Check By: Siddharth Sahu
Result: Misleading
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