Bank of Maharashtra can’t settle losses against reserve account: RBIhttps://indianexpress.com/article/business/banking-and-finance/bank-of-maharashtra-cant-settle-losses-against-reserve-account-rbi-6061670/

Bank of Maharashtra can’t settle losses against reserve account: RBI

The bank’s board and shareholders approved setting off accumulated losses of Rs 7,360.29 crore as of March 31, 2019, against the balance lying in share premium account and revenue reserve account of bank as on date of set-off, the bank said.

The RBI has denied permission to Bank of Maharashtra to settle its accumulated losses of Rs 7,360 crore against the balance lying in its share premium account and revenue reserve account.

The bank’s board and shareholders approved setting off accumulated losses of Rs 7,360.29 crore as of March 31, 2019, against the balance lying in share premium account and revenue reserve account of bank as on date of set-off, the bank said.

“We hereby inform that Reserve Bank of India vide its letter dated September 27, 2019 has intimated about its inability to accede to the request made by the bank for setting-off the above accumulated losses against the balance lying in share premium account and revenue reserve account of the bank,” the bank said.