Bank of India Fined Rs 4,27,600 by RBI Over Soiled Note Remittance Issues
Bank of India has been penalized by the Reserve Bank of India (RBI) following issues detected during soiled note remittances for the Nagpur Currency Chest. The penalty was imposed for the handling of mutilated, counterfeit, and shortage notes.The monetary penalty levied against the bank is Rs 4,27,600/- (Rupees Four lakh Twenty Seven Thousand Six hundred Only).
Bank of India received the direction regarding this action from the Reserve Bank of India on July 9, 2026. The imposition of the fine relates to the violation involving mutilated, counterfeit, and shortages of notes discovered in the soiled note remittances conducted for the Nagpur Currency Chest.
Regarding the impact of the penalty, the bank stated that the monetary amount imposed by the RBI has no material effect on its financial operations or any other activities.
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