The Reserve Bank of India (RBI) has levied a monetary penalty of Rs. 1,85,300/- on the Bank of India concerning its Kanpur Currency Chest. The penalty was imposed following an order dated March 11, 2026. The action relates to the imposition of a penalty for issues involving the shortage, counterfeit, and mutilated notes found during the remittance of soiled notes. The Bank confirms that this financial impact is not material to its overall operations.
Regulatory Disclosure of Penalty
In accordance with regulatory requirements, Bank of India has disclosed an action taken by the Reserve Bank of India (RBI). The regulatory authority issued an order on March 11, 2026, which was received by the Bank on the same day.
Details of Penalty Imposed
The RBI imposed a specific monetary penalty of Rs. 1,85,300/- (Rupees One Lakh Eighty Five Thousand Three Hundred Only). This action was specifically directed at the Bank’s Kanpur Currency Chest.
Violation Context
The details of the violation cited for the penalty involved the Imposition of Penalty on Shortage, Counterfeit and Mutilated Notes in Soiled Note Remittance.
Impact Assessment
Bank of India has assessed the financial consequences of this regulatory action. The Bank confirms that the monetary penalty imposed by the RBI has no material impact on the financial operation or other activities of the Bank.
Source: BSE
