Business

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)

Have something to say? Post your comment
Must Read
Punjab Governor greets people on Parkash Utsav of Sri Guru Nanak Dev Ji
Punjab Governor greets people on Parkash Utsav of Sri Guru Nanak Dev Ji
Awareness meeting Organized By D.C Tarn Taran on Stubble Burn
Awareness meeting Organized By D.C Tarn Taran on Stubble Burn
District Level Programs begins to celebrate Guru Nanak Dev Ji Parkash Purb
District Level Programs begins to celebrate Guru Nanak Dev Ji Parkash Purb
4 major issues drowned Education sector of Punjab: Dr. Anshu Kataria
4 major issues drowned Education sector of Punjab: Dr. Anshu Kataria
People welcome 'Cavalcade of Universal Oneness' with open arms
People welcome 'Cavalcade of Universal Oneness' with open arms
Motorcyclist dies on collision with truck
Motorcyclist dies on collision with truck
Students of Aryans Institute of Nursing visits Old age home & Handicapped Institute
Students of Aryans Institute of Nursing visits Old age home & Handicapped Institute
Cheema appeals PM Modi for construction of NH connecting Sultanpur Lodhi with Ludhiana-Amritsar
Cheema appeals PM Modi for construction of NH connecting Sultanpur Lodhi with Ludhiana-Amritsar
Installation of new Solar Power Plant at GMCH Sec.32 to reduce electricity bill by approximately Rs.36 lakhs annually
Installation of new Solar Power Plant at GMCH Sec.32 to reduce electricity bill by approximately Rs.36 lakhs annually
Punjab government to dedicate all the events of November 9 to Babe Nanaki
Punjab government to dedicate all the events of November 9 to Babe Nanaki
Chandigarh Air quality going down after Dussehra & Diwali reported by CPCC (Chandigarh Pollution Control Board)
Chandigarh Air quality going down after Dussehra & Diwali reported by CPCC (Chandigarh Pollution Control Board)
CT Schools mark 550th Birth Anniversary of Guru Nanak
CT Schools mark 550th Birth Anniversary of Guru Nanak