Bank of Maharashtra files complaint against fake news

Amid rumours of poor financial health, Bank of Maharashtra on September 15 lodged a complaint with Pune police and cyber cell against the circulation of fake news and spreading of rumours on WhatsApp and a news portal.

During its BSE filling, the bank said that the news is hampering it’s image across various social media platforms.

The details of the news portal and Twitter handle are also informed to authorities, the filing said.

It said the bank has asked the authorities to investigate the genesis of fake news and take stringent action against the persons behind this act.

“The bank is well capitalised and having a strong loyal customer base of more than 27 million customers and it is growing from strength to strength. The published wrong information about Bank of Maharashtra is misguiding the public in general with an ulterior motive,” it said.

The news appearing in social media is not correct and inferences are drawn without knowing the facts, it added.

While the bank has approached the Reserve Bank of India for a mere accounting adjustment of losses against its reserves, by not doing so the financials of the bank will remain sound and unchanged, the filing said.

“Drawing a similarity of the conditions of BoM with some other banks that have faced action from RBI based on realty sector fraud is outstretched and false,” it said.

“Figures mentioned in the news on fraud involving BoM is grossly misleading/incorrect. Our exposure to the defaulting reality sector companies is meagre and has very little impact on the bank’s balance sheet and profitability,” it said.

“The bank appeals to its trusted patrons to be cautious of misguiding/ false information circulating against it and assures that its financial position continues to be absolutely safe and sound,” it added.

Last week, private lender Yes Bank also filed a similar complaint against rumours of its poor financial health spreading across social media.


The Banking & Finance Post is an initiative of Elets Technomedia Pvt Ltd, existing since 2003.
Now, Elets' YouTube channel, a treasure of premier innovation-oriented knowledge-conferences and awards, is also active. To Subscribe Free, Click Here.

Get a chance to meet the Who's who of the NBFCs and Insurance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.