Bank of Maharashtra.
Bank of Maharashtra.

RBI says no to Bank of Maharashtra proposal on setting off Rs7,360 cr losses

  • Bank of Maharashtra’s board and shareholders approved setting off accumulated losses of Rs7,360.29 crore as of March 31, 2019
  • Bank of Maharashtra shares closed 2% down at Rs10.80 on BSE

NEW DELHI : State-run Bank of Maharashtra on Wednesday said the Reserve Bank has denied permission to settle its accumulated losses of Rs7,360 crore against the balance lying in its share premium account and revenue reserve account.

The bank's board and shareholders approved setting off accumulated losses of Rs7,360.29 crore as of March 31, 2019, against the balance lying in share premium account and revenue reserve account of bank as on date of set-off.

"We hereby inform that RBI wide its letter dated 27 September 2019 has intimated about its inability to accede to the request made by bank for setting-off the above accumulated losses against the balance lying in share premium account and revenue reserve account of bank," the bank said in a regulatory filing.

Bank of Maharashtra shares closed 2% down at Rs10.80 on BSE.

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