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UAE: Indian bank to shut Al Ain branch, transfer accounts to Abu Dhabi; slams false information
Customers who wish to close their accounts may do so before March 22 without incurring any charges or penalties
Bank of Baroda, the only Indian financial institution in the UAE, is closing its branch in Al Ain and transferring accounts maintained there to its Abu Dhabi branch.
“Bank of Baroda 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,” a spokesperson from the bank said.
Following the approval, the bank will close its branch in Al Ain on March 22.
“To ensure smooth continuation of services, all accounts currently maintained at the Al Ain branch are being transferred to the bank’s Abu Dhabi branch in UAE,” the spokesperson noted.
The bank’s Abu Dhabi branch is located on Hamdan Street.
Meanwhile, customers who wish to close their accounts at the Al Ain branch may do so before March 22 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 the Al Ain branch. The bank is committed to continue to provide unhindered and uninterrupted services to its customers,” the spokesperson added.
The bank has urged customers not to believe “misleading and false information” being spread on social media platforms with regards to the Al Ain branch.
A social media post with a photo has been in circulation showing huge crowds queueing up at the branch to close their accounts. The post said that people had been closing accounts in the Al Ain branch due to the remarks made during an interview by Bank of Baroda CEO Sanjiv Chadha, where he stated that the bank will continue to lend money to the beleaguered Adani Group.
However, the spokesperson clarified that the decision to shut the branch was taken a year ago, and a notice was issued to customers last month regarding the closure.
Bank of Baroda has been operating in the UAE since 1974. It is the only Indian bank with full-fledged operations in the country.
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