Bank of India has faced monetary penalties imposed by the Reserve Bank of India (RBI) totaling Rs. 1,86,750 and Rs. 1,22,000. These penalties stem from the detection of mutilated and shortage of notes during inspections of soiled note remittances at two currency chests. The bank has stated that it is taking necessary measures to prevent such occurrences and that these penalties will not materially impact its financial operations.
RBI Levies Penalties
The Reserve Bank of India (RBI) has imposed monetary penalties on Bank of India due to irregularities found in the handling of soiled notes. The penalties are for Rs. 1,86,750 (Rupees One Lakh Eighty Six Thousand Seven Hundred Fifty Only) and Rs. 1,22,000 (Rupees One Lakh Twenty Two Thousand only).
Reasons for Penalties
The penalties were levied following the detection of mutilated and shortage of notes in soiled note remittances. These issues were identified during inspections at the Bankura Currency Chest and the Berhampore Currency Chest.
Bank’s Response
Bank of India has stated that it has taken necessary preventive measures to avoid recurrence of such instances. The bank also clarified that the monetary penalties imposed by RBI will not have a material impact on the financial operation or other activities of the Bank.
Key Dates
The date of receipt of direction from RBI regarding these penalties is 25.09.2025.
Source: BSE
