23 C
Dubai
Friday, March 29, 2024
spot_img

Are Indians queuing outside UAE Bank of Baroda to close accounts in protest of more loans to Adani Group amid stock market carnage?

[ad_1]

Gautam Adani, a close friend of Prime Minister Narendra Modi, continues to slide down the list of the world’s richest businessmen amid the continued bloodbath in the share prices of Adani Group companies. Adani, the second-richest businessman a few weeks ago, has slipped to No. 33 since Hindenburg Research released a report accusing Adani of manipulating its stock with the help of shell companies. This has put loans issued by government-owned banks to Adani under scans. Adding to the anger was the decision of another state-owned bank, the Bank of Baroda, to lend more to Adani. A photo of Indians queuing outside Bank of Baroda in the United Arab Emirates went viral on Sunday. The user who shared the photo said Indians were outraged by Bank of Baroda’s decision to lend more to Adani and decided to close the account in protest.

Gautam Adani
The photos in question were taken from Bank of Baroda’s Al Ain branch in the UAE.

One user wrote: “Crowds line up in UAE to close accounts after Adani fraud was exposed, CEO of UAE Bank Baroda Al Ain issued a statement saying BoB would still fund Adani. Parliament has real consequences.”



Another user shared the same image and wrote: “Large crowd queuing outside Bank of Baroda…. No, don’t withdraw or deposit money….
Closing their account with BoB after the Adani scam and its principals stated that BoB will still fund Adani Cos…”



Another user wrote, “Crowds at Emirates Bank of Baroda’s Al Ain branch are closing accounts after the CEO announced the bank would still fund Adani despite recent incidents of fraud. This highlights the election Consequences for ethically questionable officials.” #BankOfBaroda #Adani. “



The viral image sparked widespread repercussions amid a swift drop in Adani Group’s share price. In the face of heated discussions on social media, Bank of Baroda issued a statement clarifying that the photos in question were indeed genuine, but that the stated motives were not.

Also read: Ramdev faces jeers as Patanjali faces stock market carnage amid scandal plaguing Adani Group

“One year ago, Bank of Baroda took the commercial decision to close its branch in Al Ain, UAE, which has been approved by the Central Bank of the UAE,” it said.

“According to a customer notification dated January 20, 2023, the Al Ain branch in the UAE will be closed from March 22, 2023,” the bank added.

“To ensure a smooth continuation of services, all accounts currently maintained at the Al Ain branch will be transferred to the bank’s Abu Dhabi branch in the UAE. Those customers who wish to close their accounts can do so by March 22, 2023 , without incurring any fees or penalties. Customers are therefore visiting the Al Ain branch to provide the necessary consent/further clarification regarding their accounts with the Al Ain branch. The bank is committed to continuing to provide its customers with unhindered and uninterrupted service.”

The Bank of England called on social media users not to “believe misleading and false information spread on social media”.

Some of India’s prominent opposition parties continue to attack Narendra Modi’s government over the controversy surrounding the Adani Group. They asked the joint parliamentary committee to conduct a thorough investigation into allegations of financial fraud by the Adani group. So far, the government has. The request was declined.



[ad_2]

Source link

Related Articles

UAE Youth: Advocating for Responsible Social Media Usage Post-Florida Ban

UAE: Empowering Parents with Social Media Guidelines for Children Post-Florida Ban Amidst global concerns over the influence of social media on young minds, a recent...

E-Visas for GCC Countries – Your Comprehensive Guide

E-Visas for GCC Countries with Clarity and Ease As the implementation of the unified tourist permit among GCC countries progresses, residents of these nations can...

Sharjah Refutes False Allegations on Azan Alterations, Empowering Truth

Sharjah Refutes False Claims Regarding Azan Alterations In the United Arab Emirates (UAE), stringent measures are in place to combat the dissemination of rumors and...

UAE Strengthens Health Protocols: Influenza Vaccination Compulsory for Umrah and Haj Pilgrims

UAE Takes Bold Step: Influenza Vaccination Mandatory for Umrah and Haj Pilgrims The United Arab Emirates (UAE) has taken a significant stride in safeguarding public...

Dubai Salik’s Toll Gates with Complimentary Hours and Avoid Balance Depletion

Dubai Salik's Toll-Free Hours and Avoid Account Depletion Dubai's implementation of the Salik toll gates in 2007 marked a significant step in the emirate's efforts...

Latest Articles