The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs. 4,19,550 on Bank of India. The penalty was imposed due to deficiencies related to mutilated notes and inadequate CCTV coverage detected in the Chandrapur currency chest. According to an official statement on December 4, 2025, this penalty will not materially impact the bank’s financial operations.
Monetary Penalty Details
Bank of India has been subjected to a monetary penalty by the Reserve Bank of India (RBI). The penalty amount totals Rs. 4,19,550 (Rupees Four Lakhs Nineteen Thousand Five Hundred Fifty Only).
Reason for the Penalty
The penalty stems from the detection of mutilated notes and inadequate CCTV coverage. The issues were discovered in the Chandrapur currency chest.
Date of Order Receipt
The bank received the official communication regarding the penalty on December 3, 2025.
Impact Assessment
Bank of India has assessed that the imposition of this monetary penalty by the RBI will have no material impact on its financial operations or other activities.
Source: BSE