Bank of Maharashtra slips after RBI imposes penalty for non-compliance

Bank of Maharashtra fell 1.08% to Rs 23 after the Reserve Bank of India (RBI) imposed a monetary penalty of Rs 2 crore on the state-owned bank.

The RBI has imposed the said penalty for non-compliance with certain provisions of the central bank's frauds classification and reporting direction.

"Bank has taken necessary preventive measure / comprehensive actions to avoid such recurrence in the future," Bank of Maharashtra said in a BSE filing made after market hours yesterday.

Bank of Maharashtra is a public sector bank in India. The Government of India held 93.33% stake in Bank of Maharashtra as on 31 December 2020.

 

The bank's net profit jumped 14.07% to Rs 154 crore on a 3.41% rise in total income to Rs 3,577 crore in Q3 FY21 over Q3 FY20.

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