The banking regulator Reserve Bank of India has rejected the Bank of Maharashtra’s request of setting down its accumulated losses of Rs 7,360 crore against the balance available in its share premium account and revenue reserve account.
The bank’s board and shareholders gave their nod to setting off accumulated losses of Rs 7,360.29 crore as of March 31, 2019, against the balance available in share premium account and revenue reserve account of the lender 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,” said the bank in a regulatory filing.
Bank of Maharashtra shares closed 2 percent lower at Rs 10.80 on BSE
