Reserve Bank of India (RBI) has denied permission to settle Bank of Maharashtra’s accumulated losses of Rs 7,360 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 Rs 7,360.29 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.
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.