Bank of Maharashtra tumbles as RBI imposes monetary penalty of Rs 2 crore
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Bank of Maharashtra is currently trading at Rs. 23.20, down by 0.90 points or 3.73% from its previous closing of Rs. 24.10 on the BSE.
The scrip opened at Rs. 25.10 and has touched a high and low of Rs. 25.10 and Rs. 22.85 respectively. So far 1103167 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 27.73 on 19-Feb-2021 and a 52 week low of Rs. 7.71 on 13-Mar-2020.
Last one week high and low of the scrip stood at Rs. 25.83 and Rs. 20.60 respectively. The current market cap of the company is Rs. 15285.17 crore.
The promoters holding in the company stood at 93.33%, while Institutions and Non-Institutions held 3.60% and 3.07% respectively.
Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 2 crore on Bank of Maharashtra for non-compliance with certain direction on fraud classification and reporting. This penalty has been imposed in exercise of powers vested in the RBI under the Banking Regulation Act, 1949. The bank also violated the RBI directions on Concurrent Audit System in Commercial Banks, disclosure of customer complaints and unreconciled balances on account of ATM transactions, and Micro, Small and Medium Enterprises (MSME) Sector - Restructuring of Advances.
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.
