Are Indians queuing up outside Bank of Baroda in UAE to close their accounts to protest more money lending to Adani Group amidst share market bloodbath?

By
JKR Staff
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Prime Minister Narendra Modi’s close friend, Gautam Adani, has continued to fall in the list of the world’s richest businessmen amidst continuing bloodbath in the stock prices of companies owned by the Adani Group. Adani, who was the second richest businessman only a few weeks ago, has now slipped to the 33rd position since Hindenburg Research published a damning report accusing Adani of manipulating shares with the help of shell companies. This brought the loan granted by the government-owned banks to Adani under the scanner. What caused more fury was the decision to lend more money to Adani by another government-owned bank, Bank of Baroda. On Sunday a photo of Indians queueing up outside a Bank of Baroda bank in the UAE went viral. Users sharing the photo claimed that Indians were angry with the Bank of Baroda’s decision to lend more money to Adani and had decided to close their accounts in protest.

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

One user wrote, “Crowds queueing up at Bank of Baroda Al Ain Branch, UAE to close their accounts, after the statement by its CEO, that BoB will still fund Adani companies, after the exposé of Adani’s fraud. There are real consequences to electing criminals to Parliament.”

Another user shared the same image and wrote, “Massive crowds queueing up outside Bank of Baroda …. No not to withdraw or deposit money ….
To close their account with BoB after the Adani scam and the statement by its chief that BoB will still fund Adani Cos…”

Another user wrote, “Crowds at Bank of Baroda Al Ain Branch, UAE, are closing their accounts after the CEO announced that the bank will still fund Adani companies, despite the recent fraud exposé. This highlights the consequences of electing officials with questionable ethics.” #BankOfBaroda #Adani.”

The viral image elicited plenty of reactions amidst the rapidly falling value of the Adani Group shares. Faced with intense social media conversations, Bank of Baroda issued a statement clarifying that the photo in question was indeed real but the motive stated wasn’t.

Also Read: Ramdev faces ridicule as Patanjali faces bloodbath in stock market amidst scandal plaguing Adani Group

It said, “Bank of Baroda had taken a commercial decision to close its Al Ain branch in UAE a year ago and had received approval from the central bank of UAE for the same.”

The bank added that ‘as per the customer notice dated 20.01.2023, the Al Ain branch in UAE is being closed with effect from 22.03.2023.’

“To ensure smooth continuation services, all accounts currently maintained at the Al Ain branch are being transferred to the bank’s Abu Dhabi branch in UAE. Those customers, who wish to close their account/s may do so before 22.03.2023 without incurring any charges or penalties. Customers are accordingly visiting the Al Ain branch to provide the necessary consent/give further instructions with regard to their account/s in Al Ain branch. The bank is committed to continue to provide unhindered and uninterrupted service to its customers.”

The BoB made a plea asking social media users to not ‘believe in misleading and false information being spread on social media.”

Some of India’s prominent opposition political parties have continued to attack the Narendra Modi government on the controversy surrounding the Adani Group. They’ve demanded a thorough investigation into allegations of financial fraud by the Adani Group by a Joint Parliamentary Committee. The government has, so far. rejected the demand.