mid day editorial: Don't fall prey to fake news on social media

Social media is buzzing with a message that says that the government is proposing a bill by which if a bank, if in financial difficulties, can ask depositors to take a hit

Social media is buzzing with a message that says that the government is proposing a bill by which if a bank, if in financial difficulties, can ask depositors to take a hit. This official sounding message, which is setting Twitter and WhatsApp on fire goes on to state that the Finance Ministry has got a bill approved by the Cabinet called "The Financial Resolution and Deposit Insurance (FRDI) Bill, 2017" and this has now been referred to a Joint Parliamentary Committee before getting it passed in the Parliament.

The messages go on, Your savings account balance of R15 lakh, can be reduced to R1 lakh, which is mandatory by law. Or they can convert your savings account balance of R15 lakh to a Fixed Deposit (FD), repayable after 5 years, giving you of 5 per cent annual interest. In a nutshell, they are now trying to shift the responsibility of rescuing the "sinking banks" from the government to the Suppliers and Depositors of the Bank.

Citizens are being urged to sign a petition on a website slamming the move. The petition begins on a note saying: Our hard earned savings may be in danger. The money you deposit in your bank might be at risk. Exclamations pepper the petition taking the cadence even higher. This is a fake message. It is bogus. Credibility? Zilch. It has started off galloping at so much speed that readers seem to be in a complete tizzy, with this fake news floating around. In a world, where rumours fly around with wild abandon and take on a life and strife of their own, we need to be more responsible on social media.'

Check the source of messages. If you happen to get a forward, do not fall prey to everything on social media. When truth, reason and common sense become the casualty, so does your peace of mind. Look before you leap, and wait before you tweet or re-tweet.

Catch up on all the latest Mumbai, National and International news here

Download the new mid-day Android and iOS apps to get updates on all the latest and trending stories on the go

"Exciting news! Mid-day is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest news!" Click here!