Wednesday, October 16, 2019

BoM files complaint against spreading rumours


PUNE: Bank of Maharashtra has lodged a complaint with Pune Police and Cyber
Cell against circulating fake news and spreading of rumours about Bank’s financial health on
WhatsApp, news site and other social media platforms.

This complaint is filed against maligning the image of Bank of Maharashtra in various social media
platforms. The details of news portal and tweeter handle are informed to authorities. Bank of
Maharashtra said it has requested the authorities to detect the origin of the fake news and take stern
action against the persons behind this act.

The Bank is well capitalized 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. The news appearing in social media is not correct and inferences are drawn without knowing the facts.

While the Bank 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 & unchanged.
Drawing a similarity of the conditions of BoM with some other bank that have faced action from RBI
based on reality sector fraud is out stretched and false.

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.

The Bank is committed to protect the interest of all its valued stakeholders and has initiated strong
steps against the miscreants & panic mongers. 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.


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