Bank of Maharashtra falls as RBI imposes monetary penalty on Bank

Bank Of Maharashtra is currently trading at Rs. 26.95, down by 0.21 points or 0.77% from its previous closing of Rs. 27.16 on the BSE.

bank of maharashtra slips as rbi rejects its proposal to set off rs 7360 crore losses
Bank of Maharashtra

The scrip opened at Rs. 26.91 and has touched a high and low of Rs. 27.29 and Rs. 26.82 respectively. So far 2539876 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 36.25 on 15-Dec-2022 and a 52 week low of Rs. 15.45 on 04-Jul-2022.

Last one week high and low of the scrip stood at Rs. 28.38 and Rs. 26.82 respectively. The current market cap of the company is Rs. 19013.49 crore.

The promoters holding in the company stood at 90.97%, while Institutions and Non-Institutions held 3.59% and 5.44% respectively.

Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1.45 crore on Bank of Maharashtra for contravention of Reserve Bank of India directions on ‘Loans and Advances – Statutory and Other Restrictions’ and ‘Man in the Middle (MiTM) attacks in ATMs (the Advisory)’.

The Penalty has been imposed by RBI on the Bank in exercise of the powers conferred under section 47A (1)(c) read with sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949. Bank has initiated necessary preventive measures / comprehensive actions to avoid such recurrence in future.

Bank of Maharashtra offers several products and services in personal banking such as deposits, savings, personal loans, educational loans, demat services, credit cards, etc. The Bank also offers services to agricultural and SME sectors.