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The Reserve Bank of India has vetoed Bank of Maharashtra’s proposal to set off accumulated losses using the balance in its share premium account. The bank, which received the nod from its board and shareholders for the proposal to set off the accumulated losses aggregating to ₹2,543.66 crore as of March 31, 2018, against the balance in the share premium account, moved the RBI for final approval. Shareholders will closely monitor how the bank pursues the matter further.
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