RBI initiates Prompt Corrective Action Against Bank Of Maharashtra

Bank of Maharashtra on last Saturday informed the bourses that Reserve Bank of India (RBI) vide its letter dated June 15, 2017, has initiated Prompt Corrective Action against it due to high net NPA.

The bank further added that the action by RBI will contribute in improving internal controls and improvement in asset quality, profitability and efficiency.

Bank of Maharashtra on Monday was trading lower by 3.5% at Rs 29.75 per share at 0927 hours IST on BSE. It touched a high of Rs 30.50 and a low of Rs 29.60 in the morning session.

The stock has underperformed BSE Small-cap and BSE Bankex over a period of one year. Its closest peers are Andhra Bank and J&K Bank.

Bank of Maharashtra provides banking products and services. The company offers various deposit products, including savings deposits, current deposits, and term deposits.

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