Bank of India tumbles as RBI imposes penalty of Rs 4 crore
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
ank of India is currently trading at Rs. 82.50, down by 2.15 points or 2.54% from its previous closing of Rs. 84.65 on the BSE.
The scrip opened at Rs. 84.65 and has touched a high and low of Rs. 84.70 and Rs. 81.35 respectively. So far 863499 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 101.45 on 19-Feb-2021 and a 52 week low of Rs. 38.00 on 12-Jun-2020.
Last one week high and low of the scrip stood at Rs. 86.95 and Rs. 76.15 respectively. The current market cap of the company is Rs. 26952.69 crore.
The promoters holding in the company stood at 89.10%, while Institutions and Non-Institutions held 5.59% and 5.31% respectively.
Reserve Bank of India (RBI) has imposed penalty of Rs 4 crore on Bank of India for contravention of norms, including one related to ‘Frauds - Classification and Reporting’. RBI’s statutory Inspection for Supervisory Evaluation (ISE) of Bank of India was conducted with reference to its financial position as on March 31, 2019.
The bank had also conducted a review and submitted a Fraud Monitoring Report (FMR) dated January 1, 2019 pertaining to detection of fraud in an account. Examination of the risk assessment report pertaining to the ISE and the FMR revealed non-compliance with/contravention of directions, viz., breach of stipulated transaction limits; delay in transfer of unclaimed balances to DEA Fund; delay in reporting a fraud to RBI and sale of a fraudulent asset.
Bank of India offers wide range of services such as Personal banking, Corporate, Rural, MSME, Retail, NRI services, Cards/ATM etc.
