No, people did not queue up to close their accounts in BoB, UAE as it stated to lend money to Adani Group

Claim

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.

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Explanation

The Adani Group is facing a major loss as a result of the Hinderburg report. Meanwhile, Sanjeev Chadha, Chairman of Bank of Baroda has said that if Adani Group meets the bank’s underwriting standards then the bank will lend money and that he is not worried about ups and downs in Adani Group shares.

A photo of a crowd queued up in front of Bank of Baroda is shared with the claim that the crowd queued 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 expose of Adani’s fraud. This claim is viral on Twitter and Facebook. Some of the posts can be seen here and here.

What is the truth?

This article is originally published by Youturn in Tamil.

When searching for the Bank of Baroda, Al Ain Branch on Google Street View as mentioned in the viral posts, we could locate the BoB branch and nearby shop named VIP as seen in the image.

Bank of Baroda’s Twitter page on 26, February 2023 clarified that the bank had taken a commercial decision to close its Al Ain branch in UAE a year ago and has received approval from the Central Bank of UAE for the same. As per the customer notice dated 20.01.2023, the Al Ain branch in UAE is being closed with effect from 22.03.2023. The statement also mentioned that all accounts currently maintained at the Al Ain branch are being transferred to the Bank’s Abu Dhabi branch in UAE. And has asked people not to believe in misleading and false information being spread on social media.

When searching the Bank of Baroda, UAE website, we found a notice dated 20, February 2023 as mentioned in the above statement. This notice also mentions the closure of the Al Ain branch from 23, February 2023.

This picture of BoB became viral after the tweet of a user named Tasil. He tweeted the viral image on 25, February 2023 with the caption “Every day people are out of banks to close account all over the UAE.”

https://twitter.com/ommattasil/status/1629376804371812353?s=46&t=QGTJgg1T8t-MCNNxFHxIbg

Conclusion

It is found that the claim that the crowd queued 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 expose of Adani’s fraud is fake.

Bank of Baroda, Al Ain branch was closed after the information from the bank which resulted in people queuing up to close/transfer their accounts.

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