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Bank of Maharashtra complains of fake news in social media about financials

ANI | October 16, 2019 01:12 PM
The bank's accumulated losses stand at Rs 7,328 crore

Pune (Maharashtra), Oct 16 (ANI): Bank of Maharashtra has lodged a complaint with Pune Police and Cyber Cell against circulation fake news and spreading of rumours about its financial health on WhatsApp, news sites and other social media platforms.

The government-owned bank said it has requested authorities to detect the origin of fake news maligning its image and take stern action against the persons behind the act. The details of news portal and tweeter handle are informed to authorities.

"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 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," it said in a statement.

Figures mentioned in the news on fraud involving the are grossly misleading and incorrect. "Our exposure to the defaulting reality sector companies is meagre and has very little impact on the balance sheet and profitability," said the bank adding it is committed to protect the interest of all stakeholders and has initiated strong steps against the miscreants and panic mongers.

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

Bank of Maharashtra's accumulated losses stand at Rs 7,327.53 crore. It had reported a mounting net loss of Rs 4,784 crore in 2018-19 from Rs 1,146 crore in the previous fiscal year, mainly due to slippages from agriculture loans.

In the financial year ending March 31, the lender's loans and advances totalling Rs 1,448 crore were classified as fraud in terms of Reserve Bank of India (RBI) guidelines.

(ANI)

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