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There has been misinformation circulating on social media suggesting that individuals with more than one bank account will be penalized. The Press Information Bureau (PIB) has clarified that this claim is false. In an official tweet, PIB warned the public about such baseless rumors and confirmed that the Reserve Bank of India (RBI) has not issued any such rule.

What’s the Truth?

• There is no penalty for maintaining multiple bank accounts.
• Individuals are free to open and maintain accounts in multiple banks based on their convenience and needs.

Precautions to Follow

1. Avoid Believing Rumors:
   Be cautious of misinformation spreading on social media.

2. Rely on Official Sources:
   Always verify claims through the official websites of RBI or PIB.

3. Report Suspicious Messages:
   If you come across misleading information, report it to PIB Fact Check for verification.

Banking Tips and Updates

1. Cybersecurity Measures:

   • Use only official banking apps or websites for transactions.
   • Never share OTPs, passwords, or sensitive banking details with anyone.
   • Be vigilant about phishing emails or fraudulent calls.

2. Changes in Banking Rules:

   • RBI has issued new guidelines for exchanging old or damaged currency notes at nearby banks.

3. Expansion of Digital Payments:

   • UPI payments are now reaching small merchants and rural areas.
   • Cashback and discounts on digital payments are making it more popular.

4. Improved PF and Pension Services:

   • EPFO has simplified online services like e-nomination, passbook checking, and pension claims, allowing users to manage them from home.

5. Beware of Misinformation:

   • Always verify viral financial information through PIB Fact Check.
   • Access official updates via the RBI and other government portals.

Stay informed and rely only on verified sources for financial updates to avoid unnecessary confusion.