Bank of Maharashtra files complaint against fake news on its finances

The Bank of Maharashtra stated that it had filed a complaint at the Pune Police's Cyber Cell because of reports about the bank's ill health were being spread on online platforms such as Whatsapp and Twitter.

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Complaint lodged to deal with culprits

In a press release, the bank said, "Bank of Maharashtra has lodged a complaint with Pune Police 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 the news portal and Twitter 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's statement went on to assure the customers and the general public that the bank had sound financial health. It said, "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 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."

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Approach to RBI not related

The Bank had recently approached the Reserve Bank of India and it stated it was in relation to readjustment of losses and had nothing to do with the overall financial health. The bank stated, "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 outstretched 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 proactive approach of the bank comes after various banks have come under financial scrutiny and also because of the merger of various public sector banks. 

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