RBI Imposes Monetary Penalty on Bank of India Over Note Remittance Violations
Bank of India has faced a monetary penalty imposed by the Reserve Bank of India (RBI) concerning issues identified during the soiled note remittances from the Nagpur Currency Chest. The total fine levied against the bank stands at Rs. 4,27,600/-.The penalty was issued in relation to the detection of mutilated, counterfeit, and shortages of notes within the remittance process. Bank of India confirmed the details of the action taken by the RBI and provided insights into the impact of the penalty on its operations.
Details regarding the disciplinary action include:
| Nature of Action | Details |
|---|---|
| Regulatory Authority | Reserve Bank of India (RBI) |
| Monetary Penalty | Rs. 4,27,600/- (Rupees Four Lakh Twenty Seven Thousand Six Hundred Only) |
| Date of Direction Receipt | July 9, 2026 |
| Violation Details | Imposition of Penalty for the mutilated, counterfeit and shortages of notes detected in soiled note remittances of Nagpur Currency Chest |
Bank of India stated that the monetary penalty imposed by the RBI will not have a material impact on the financial operations or other activities of the bank.
BANKINDIA Stock Price Movement
Bank of India shares surged in post-market trading today, settling at ₹144.90 after climbing 4.53% throughout the session. The stock finished near its intraday high of ₹146.90, with a total traded volume reaching 14.18 million shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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