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"Bank of Maharashtra's Sitabuldi Branch Incurs Rs 400 Crore Damage in Nagpur Floods on September 23"
Published On : 2023-11-02T09:43:47+0530 [ IST ] |
Author : Amit_Rahangdale
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"Bank of Maharashtra's Sitabuldi Branch Incurs Rs 400 Crore Damage in Nagpur Floods on September 23"
India / Nagpur :
Nagpur: The floods in Nagpur on September 23 significantly affected homes and trapped residents in the Nag river's hinterland and also has inundated the zonal office of Bank of Maharashtra (BoM) in Sitabuldi, causing significant harm to the currency vault. Due to the floods several hundred crores of rupees in cash have been soaked, broken, and rendered unusable, suggested Times Of India. According to TOl's modern record wherein they quoted a supply, the bank lost approximately Rs four hundred crore in paper foreign money that was deemed worthless. The financial institution changed into inaugurated with the aid of then-Chief Minister Vasantrao Naik in 1967. Situated simply 50 meters from the Nag river, it took over 24 hours to absolutely dispose of the water from the bank premises. Following the flooding incident on September 23, it turned into pronounced to the RBI, which right away dispatched an inspection crew to acquire the damaged notes and replenish the currency vault, in step with reputable resources. The RBI officials carefully rely and experiment the notes, removing those who can not be reissued. Subsequently, a clean remittance is made to the bank as according to trendy technique. However, if there may be a shortfall within the balance, the bank may be required to make up the difference.
Severe Flooding: The floods that engulfed Nagpur on September 23 had been especially excessive, causing tremendous harm to diverse houses and infrastructure.
Financial Loss: The Bank of Maharashtra's Sitabuldi branch incurred a dazzling monetary loss of Rs 400 crore because of the flood's impact.
Infrastructure Damage: The department's infrastructure, statistics, and belongings were drastically affected, necessitating good sized recuperation efforts.
Operational Challenges: The flood harm has posed operational demanding situations for the bank, impacting its capability to serve clients.
Insurance and Recovery: The bank is in all likelihood to engage in insurance claims and recovery efforts to deal with the economic losses sustained.
Community Impact: Natural failures like those have broader community implications, and the metropolis of Nagpur maintains its efforts to recover and rebuild.
Tags : Flood Damage , Rs 400 Crore , Sitabuldi Branch , September 23 , Bank of Maharashtra , Nagpur ,
Summary : The Bank of Maharashtra's Sitabuldi department in Nagpur suffered severe harm amounting to Rs four hundred crore for the duration of the devastating floods that happened on September 23.
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