Bank of Maharashtra

Bank of Maharashtra

Ek Parivaar, Ek Bank (One family, one bank)
Company type	Public
Traded as	BSE:  532525 NSE:  MAHABANK
Industry	Banking Financial services
Founded	16 September 1935;89 years ago (1935-09-16)
Headquarters	1501, Lokmangal, Shivajinagar, Pune, Maharashtra India
Number of locations	2508 Branches
Key people	Nidhu Saxena (MD & CEO) Asheesh Pandey (Executive Director) Rohit Rishi (Executive Director)
Products	Consumer banking Corporate banking Finance and insurance Investment banking Mortgage loans Private banking Private equity Savings Securities Asset management Wealth management Credit cards
Revenue	₹18,178.73 crore (US$2.1 billion) (2023) [1]
Operating income	₹6,099 crore (US$700 million) (2023) [1]
Net income	₹2,602 crore (US$300 million) (2023) [1]
Total assets	₹267,651 crore (US$31 billion) (2023) [1]
Total equity	₹21,000 crore (US$2.4 billion) (2023) [1]
Owner	Government of India
Number of employees	13,499(2024) [1]
Capital ratio	18% (2023) [1]
Website	bankofmaharashtra.in

Bank of Maharashtra (BoM), established in 1935 and headquartered in Pune, Maharashtra, is one of India's leading public sector banks. Fondly referred to as 'Mahabank' by over 30 million customers, it has a legacy of 90 years, serving the financial needs of individuals, businesses and the government. Guided by its motto, ‘One Family. One Bank’, the institution has expanded significantly since its nationalization in July 1969. Today, Bank of Maharashtra operates across all 28 states and 7 union territories, solidifying its position as a leading Pan-Indian banking institution with a vast and comprehensive national presence. For the year ending March 31, 2024, the Bank of Maharashtra reported a total business of ₹ 4,74,411 crore, with net a profit of ₹ 4,055 crore. As per quarter ended on September 30, 2024, the bank reported a total business of ₹ 4,93,793 crore, with a net profit of ₹ 1,327 crore. For more details of the bank's financial results, visit the official financial results page on the Bank of Maharashtra website here.

The leadership team of Bank of Maharashtra is led by Shri Nidhu Saxena, serving as the managing director and CEO, with Shri Rohit Rishi and Shri Asheesh Pandey holding positions as executive directors. These top executives play a key role in steering the bank towards achieving its financial and operational goals. For more detailed information, you can visit the bank's official Board of Directors page.

Administrative Offices and Branches

Bank of Maharashtra has a widespread presence with its administrative offices and branch networks across India. The bank's headquarters is located in Pune, Maharashtra, which oversees its national operations. As of September 2024, Bank of Maharashtra operates with 50 zonal offices across the country, with a broad network of more than 2,500 branches spanning key locations in India. These offices are critical for the regional administration of the bank's operations, ensuring efficient management and delivery of services to customers. The branches of Bank of Maharashtra are strategically placed in various regions, ensuring accessibility and a comprehensive banking experience for customers. The bank has continuously expanded its network, especially focusing on underbanked regions to ensure financial inclusion. This network includes rural and semi-urban areas, where the bank is committed to offering banking services to individuals, businesses, and farmers.

Branch Network

Bank of Maharashtra boasts a vast and ever-expanding branch network across India. As of September 2024, it operates more than 2,500 branches and over 2,200 ATMs, with an increasing number in both urban and rural areas. The bank has strategically placed branches in Tier 2 and Tier 3 cities, ensuring access to banking services for smaller towns and villages. In addition to conventional banking services, many branches offer specialized services like agricultural finance, home and corporate finance. The bank continues to strengthen its branch network as part of its commitment to reach a wider audience, offering personalized banking services to every Indian citizen.

History

Maharashtra has been a hub of commercial activity for more than nine decades, supported by its dynamic trade networks and resource-rich landscape. Banking activity was also started in this region quite early. Historically speaking, the ‘Bank of Bombay’ established in 1840 was the first commercial bank in Maharashtra. However, the first commercial bank set up in Maharashtra outside Mumbai was ‘The Poona Bank’ established in 1889 at Pune, followed by the ‘Deccan Bank’ in 1890 and the ‘Bombay Banking Company’ in 1898. The Swadeshi movement of the first decade of the 20th Century played a significant role in the emergence of multiple commercial banks. Outbreak of the First World War leading to the Great Depression took a heavy toll on banks in India. Between 1914 and 1935, as many as 380 banks failed in the country out of which 54 were based in Bombay province. The impact of these failures was felt more in Maharashtra region because certain banks known for a long time were also closed down. The effects of great depression started fading and new enterprises began emerging with new hopes in all spheres of economy including banking.

Need felt for an Independent Bank for Maharashtra

The Mahratta Chamber of Commerce (MCC) was established in Poona in 1934 and its Founder Secretary Shri A. R. Bhat was a great visionary. Shri Bhat initiated for a comprehensive review of banking services available in the region through a special issue of Kesari newspaper released in the memory of Lokmanya Tilak within a few months of establishment of MCC. He ensured that his friend, Shri V. P. Varde, considered a doyen of the co-operative movement, wrote an article on the necessity of a separate bank for Maharashtra, thus launching a public discussion on the subject. While there was no noticeable response to the article of Shri Varde, Shri A. R. Bhat kept on discussing the subject with leaders in Trade and Industry. Shri Bhat ensured that Mahratta Chamber and its Directors took up the issue and held a Conference on Business and Industry in Poona on behalf of the MCC in February1935. Shri Bhat pushed the proposal for formation of a bank and succeeded in getting the following resolution adopted by the conference: “For providing capital to the trade and industry in Maharashtra, it is essential to establish a Joint Stock commercial bank. The Mahratta Chamber is, therefore, requested to make all the necessary enquiries in that behalf and take appropriate steps for floating such a bank. The business community in Maharashtra is urged to support such an effort.” The MCC formed a sub-committee consisting of Sarvashri V. G. Kale, D. K. Sathe, N. G. Pawar, G. D. Apte and A. R. Bhat to work out the details. The first meeting of the committee was held on 19th May 1935 in the conference room of the Kesari Mahratta office and besides the committee members, prominent personalities from the city like Shri Babasaheb Kamat, the then President of the MCC, J. S. Karandikar, Rajabhau Godbole, Govindrao Pandit, Damuanna Potdar, S. R. Sardesai, Baburao Gokhale and N. N. Kshirsagar among others participated in deliberations. Another meeting of the sub committee with wider public representation was followed on 27th May 1935 in the meeting hall of Kesari Mahratta office and decisions on matters like the number of Directors on the Board of the proposed bank (maximum to be 11 members), amount of each share (to be ₹ 50/-) and primary condition for becoming a Director (to hold a minimum of 500 shares) were taken. The Bank was formally registered under the Indian Companies Act, on the auspicious day of 16th September 1935. The first Board of Directors of The Bank of Maharashtra Ltd was constituted with following members: 1. Prof. V. G. Kale, an ex-member of Indian Tariff Board, a reputed economist and educationist. 2. Shri D. K. Sathe, a businessman, a prominent social worker who had experience of Co-operative banking. 3. Shri V. P. Varde, a leading figure in the co-operative movement and who provided major impetus to the move. 4. Shri S. G. (alias Annasaheb) Marathe of M/s. V. R. Ranade and Sons. 5. Shri N. G. Pawar, Engineer and Contractor 6. Shri V. T. Ranade, of M/s. V. R. Ranade and Sons, a leading firm of Engineers and Contractors. 7. Shri Raghunathrao Sohoni, a leading merchant who had initially moved the resolution for formation of the Bank for Maharashtra. 8. Shri M. R. Joshi, a leading paper merchant from Pune. 9. Shri B. M. Gupte, Chairman of the Poona Central Co-operative Bank. 10. Shri Shet Furdoonji Pudumji of Deccan Mills (joined the Board a few days after registering the Bank).

Prospectus of the Bank (Issue on 21–10–1935)

“This bank is intended to carry out commercial banking of all kinds. For the past many years Maharashtra has had no Joint Stock Commercial bank of its own and it is with a view to meet the long felt want in that respect that this new banking institution has been brought into existence. Various problems relating to Indian Banking have been recently under discussion and a number of Commissions and Committees have reported on these. The interest in them has been further stimulated by the establishment of the Reserve Bank of India and the immediate necessity of organizing and developing banking facilities on sound lines is being widely felt. Systematic arrangements for financing of trade, provision of working capital for small and medium-size industries and close association of indigenous bankers with Joint Stock Companies and the Reserve Bank of India are admitted to be the need of the hour and banking institution conducted on sound lines that will play its proper part in this extensive field in Maharashtra has been recognized as an urgent necessity. Outside a few of Indian States today there is not a single large scale Joint Stock bank in the vast territory covering Marathi speaking districts from Ratnagiri in the West to Nagpur in the East and from Khandesh in the North to the borders of Karnataka in the South. Apart from Shroffs and Sowkars who carry on commercial mixed type of banking and according to traditional practice, the banking organization of Maharashtra consists at present of branches of Joint Stock companies which have their head offices in Bombay and elsewhere and cooperative credit institutions. Branches of outside banks working in Maharashtra districts have so far catered for the banking requirements of the public in their own way but they cannot obviously be a substitute for banking institution started and conducted with an avowed object of promoting thrift, encouraging banking habits and developing trade and industry amongst the people of Maharashtra. The co-operative banks have rendered useful services in a limited sphere but there is a vast field outside their own restrictive scope which can be tackled by a large scale bank like the Bank of Maharashtra Limited.’’

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Commencement of Business

Actual business of the Bank commenced in Kitab Mahal building on Laxmi Road, Pune on 6th February 1936 at 9.10 AM by opening some token but prestigious accounts. The formal inauguration of commencement of business took place two days later i.e. on 8th February 1936 at the hands of Sir Sorabji Pochkhanawalla, the then managing director of the Central Bank of India Ltd., Bombay. At the end of the first year of working (11 months), the profit earned was ₹635/-

First Staff Members

1. Shri Madhav Vishnu Gokhale (ACIB, London), Manager
2. Shri Vamanrao Khare, Accountant
3. Shri V. D. Khadilkar, Cashier Clerk
4. Shri Krishnaji Bhosale, Sub-staff

The initial Capital Structure

Authorised capital ₹ 10/- lakh (20,000 Shares of ₹ 50/-each) Issued capital ₹ 5/- lakh Called up capital ₹ 2.50 lakh Actual working of the Bank to commence after the sale of 2000 shares

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1936 – 1943

- Prof. V. G. Kale, as the first chairman, steered the Bank with great caution and on sound principles. - First branch was opened at Bajirao Road, Pune, Maharashtra in Feb 1936 - Second branch of the bank was opened at Fort, Mumbai in Nov 1938. - Third branch came up at Deccan Gymkhana, Pune in May 1940. - Provident Fund scheme for employees introduced in 1941. - Fourth branch was opened at Nagpur in 1943. - Plot of land purchased on 25th October 1943 at a cost of ₹ 1.05 lakh in the prime locality of Bajirao Road, Pune. - Prof. Kale relinquished chairmanship in 1943 due to ill health and continued on the Board till his death in 1946.

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1943 – 1953

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• Bank obtained Scheduled Bank status on 26th October 1944.
• Deposits crossed ₹ 1 crore mark in 1946.
• First branch outside Maharashtra opened in 1946 – Hubli (Mysore State, now Karnataka).
• Safe Deposit Vault services started in 1946 at Solapur.
• The Maharashtra Executor and Trustee Company Ltd., a fully owned subsidiary was established at Pune to undertake business of executership and trusteeship in 1946 with initial capital of ₹ 1.25 lakh
• Expansion to Andhra Pradesh: Hyderabad branch opened in 1949
• Construction of own building on Bajirao Road, Pune started in 1950 and was completed in 1953 at a cost of ₹ 5.43 lakh.

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1954 – 1966

• The first rural branch at Kirloskarwadi was opened in 1953.
• The Bantia Bank, Panvel merged in 1953.
• Rescued the depositors of Deccan Industrial Bank Ltd. (DIBL) in 1954–55 by accepting 50% liability and took over the business as RBI refused to give license to DIBL.
• Loan for “Purchase of a rickshaw”, an innovation in commercial bank lending, sanctioned in 1958.
• Regional Office in Mumbai opened in 1959.
• Bank celebrated its Silver Jubilee on 18th December 1960 in Pune. Chief Guest was Shri Y. B. Chavan, Chief Minister of the newly formed State of Maharashtra.
• Collection of electricity bills in Bombay, an innovative agency business, launched in 1960.
• The Bank obtained licence from RBI to carry on Foreign Exchange Business in 1960 and started working, appointing correspondents in 34 major countries
• Expansion to Madhya Pradesh: Indore branch opened in 1966.
• Entered into Gujarat: Baroda branch opened in 1966.

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1966 – 1973

• Acquired a plot for own building in Mumbai Fort .
• Social Control was imposed on Banks.
• Bank is assigned the role of Convenor Bank for the State Level Bankers' Committee for Maharashtra State.
• Expansion to Delhi by opening Karol Bagh branch on 19th December 1969.
• Deposits crossed ₹ 100 crore mark – 1970.
• Regional Offices in Aurangabad, Nagpur and Nasik opened in 1970.
• Full-fledged Staff Training College established in Pune in 1971.
• The IKK 101 super computer was installed in the Bank paving the way for computerization in the Bank's Head Office in 1972.
• Bank's Nationalisation – 19th July 1969. No of Branches – 153 Total Deposits – ₹ 78.53 crore Total Advances – ₹ 55 crore Total Investments – ₹ 22.15 crore Total number of Employees – 2692 Position among 14 nationalised banks – 13 (based on Deposits & Advances) – 14 (based on branch network)

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1973 – 1977

• A major shift in branch expansion policy was adopted, which paved the way to open more branches outside Maharashtra
• Branch network spread to Andhra Pradesh, Delhi, Gujarat, Karnataka, Kerala, Madhya Pradesh, Punjab and Uttar Pradesh
• Represented in Bankers’ Conference in Pakistan
• Marathwada Grameen Bank, the first RRB, established on 26th August 1976.
• Regional Office opened in Bhopal in 1977

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1977 – 1983

• The deposits of the Bank crossed the figure of ₹500 Crores
• Initiative for Farmers - During October 1980, “Mahabank Agricultural Research and Rural Development Foundation”, registered as a public trust, was established for undertaking research and extension work and to provide more extensive services to farmers.
• Opened 500th branch in Maharashtra State (671st, all India) at Nariman Point, Bombay, and achieved the distinction of being the first nationalized bank to have more than 500 branches in one state
• The Pune Stock Exchange was inaugurated on 30th October 1982 and started functioning in the Bank's premises on Bajirao Road, Pune. The Bank has been instrumental in opening the 11th Stock Exchange of the country and acted as a clearing bank to the PSE providing all the necessary services to the Exchange and its members
• Regional Offices in Kolkata (1978), Ahmedabad, Delhi, Hyderabad, Kolhapur, Pune Rural, Satara and Solapur (all on 16th April 1979) opened.
• Pune City Region reorganized. Five-tier structure of organization adopted (Central Office, Region, Zone, Division and Branch).

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1983 – 1989

• First Advanced Ledger Posting Machine (ALPM) was installed on 9th April 1985 at the Nariman Point branch, Bombay. More ALPMs were installed at various centres subsequently.
• Reorganization to have three-tier structure in 1985 (C.O., Region and Branch)
• Thane Gramin Bank, the second RRB established on 30th March 1986.
• 1000th branch was inaugurated at Indira Vasahat, Bibwewadi, Pune at the auspicious hands of Dr. Shankar Dayal Sharma, the Honourable Vice President of India on 27th December 1987.
• Rural Development Centres at Hadapsar, Pune and Bhigwan (Pune Dist) were opened.
• The Bank opened its first Service Branch in Bombay on 30th December 1987 at the hands of Shri Amitabh Ghosh, Dy. Governor of the Reserve Bank
• The first overseas branch in Mumbai opened in 1988.

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1989 – 1993

• Six new regional offices opened at Ahmednagar, Amravati, Indore, Latur (25th June 1991) and Goa (30th August 1991)
• The 55th anniversary of the Bank was celebrated on 8th February 1990 at Lokmangal. On this occasion, “Mahabank Farmer Credit Card“ was launched at the hands of Shri Amitabh Ghosh, Dy. Governor, Reserve Bank of India. Shri H. K. Firodia, President of the Mahratta Chamber of Commerce, Industries and Agriculture presided over the function
• Bank entered into “domestic credit card business“ under the Bank of India affiliate programme. With that arrangement, the Bank secured entry in the Master Card world-wide network.
• The year 1990-91 was a year of technological adaptations for the Bank and several steps were taken in the direction of computerization of foreign exchange operations.
• The Bank also became a member of the SWIFT
• Chairman Club for Branch Managers was introduced.

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1993 – 1995

• In the year 1994-95, the Bank entered its Diamond Jubilee Year.
• The Bank excelled in almost all areas of operations. First and foremost, the Bank showed good operating profit and reduced net losses substantially. A number of loss making branches were noticeably reduced. The Bank also achieved almost all the parameters under the MoU entered into with the Reserve Bank of India. Intensive stress on recovery efforts yielded fruits as a result of which the Non Performing Advances (NPAs) were substantially reduced.
• Thane, Mumbai Suburb, Raigad Regional offices opened in 1994.
• Deposits crossed the ₹ 5000 crore mark in 1994-95.
• Rationalisation of branches was carried in March 1994 and 12 branches were merged with nearest branches without causing any inconvenience to the customers. Various HRD initiatives have been taken including introduction of fast track promotions.

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1995 – 1997

• The Bank had the distinction of getting “A” category rating in Annual Financial Inspection of RBI for the year 1995–96 against the earlier rating of “C” category.
• ATM services launched in 1997 at Gadkari Chowk, Dadar, Mumbai, Bajirao Road, Pune & Deccan Gymkhana, Pune branches.
• Construction of Bank's own building in Bandra, Mumbai started in 1996 and was completed in the year 2000

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1997 – 1998

• Strategies for image building and aggressive marketing adopted.
• New Financial services such as Merchant Banking and Credit Card business took momentum. Credit Monitoring System further strengthened.
• Regional Offices in Chennai and Raipur opened in 1998.

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1998 – 2000

• The Bank joined VSAT network thus heralding further adoption of new technology.
• Depository services and Demat facilities commenced.
• Information Technology Training Institute was established for giving training to the staff exclusively on IT.

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2000 – 2005

• New deposit schemes, namely, Pearl and Saffire Schemes, Yuva Yojana, Lokbachat Yojana were launched.
• Mahabill Pay Scheme, for payment of telephone and electricity bills was introduced
• Entered into a joint venture with Magic Software Enterprises (MSE), Israel and Next Step Infotech Pvt.Ltd. and M/s Magic-e-money was incorporated on 23rd November 2000 and commenced working on 19th December 2000. This joint venture catered to all the information technology related needs of the Bank and also sold its products to other banks and financial institutions, both in India and abroad.
• ‘Behavioural Science Learning Centre’, a training centre for employees, was inaugurated in Pune
• Credit Administration and Monitoring System (CREAM) was implemented by creating comprehensive data base of all borrowal accounts
• The Bank entered into Bancassurance business by having tie-up arrangement with LIC of India for Life policies and with the United India Insurance Co. Ltd. for non-life policies
• Organisation structure reorganized to have 4-tier structure (C.O., Circle Office, Regional Office and Branch)
• Bank brought out IPO in March 2004 offering share capital of ₹100 crore to the public with a premium of ₹130 crore (₹13 per share) and listed in BSE and NSE.

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2006 – 2008

• On 1st October 2007, the Bank was awarded the Best Bank Award for Solar Water Heating Programme by the Ministry of New and Renewable Energy, Govt of India.
• Tie-up arrangements were made for distibution of mutual fund products with M/s Franklin Templeton Investments.
• Embarked on CBS project and first branch, Karve Nagar, Pune was rolled over on 13th November 2006
• Internet Banking launched in 2007
• Bank's ATM network reached 345.

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2008 – 2010

• For the benefit of senior citizen customers, Central Pension Processing Centre was established in January 2009. Pension Payment Branch, an exclusive branch for pensioners in Pune was opened in February 2009.
• Jaipur Regional office opened on 20th February 2009.
• Controlling Offices reorganized to have 3-tier structure.
• Bank entered its Platinum Jubilee Year.
• Bank adopted 75 villages for their integrated development
• Bank achieved 100% CBS in record time thus bringing connectivity of all the branches
• Total Business crossed ₹ One Lakh crore on 31st March 2010.
• 75 branches were opened in Platinum Jubilee Year taking total number of branches past 1500.
• Launched "Mahamobile", mobile banking services on 2nd March 2010
• Launched "Maha-e-trade", Online share trading product on 8th February 2010
• Bank was conferred Y. B. Chavan Award for supporting SMEs on 12th March 2010
• National Award for Excellence in the field of Khadi & Village Industries on 28th August 2010.

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2011 – 2017

• Bank gets ISO 27001:2005 certificate from Det Norske Veritas (DNV), an international certification agency for its Information Technology division establishing that its various departments, namely, Data Centre, Core Banking Solution Project Office, Disaster Recovery Centre and Central Office have compiled with the international standards for security capabilities relating to processes, policies, practices and infrastructure.
• Bank has entered into a strategic co-lending agreement for MSME Loan with a Pune-based NBFC (M/s LoanTap Credit Products Pvt. Ltd.)
• Introduced RuPay Card as an additional option alongside the existing Visa card for seamless digital payments.
• Bank launched Maha Secure, an add-on application for Internet Banking, enhancing security for online transactions and providing a safer banking experience.
• First Self-Help Group (SHG) branch opened in Pune, empowering local communities with access to financial services, fostering financial inclusion
• Bank signed an MoU on a collaborative approach to enhance rural prosperity through the convergence of institutional lending and ongoing development initiatives with the National Bank for Agriculture and Rural Development (Nabard).

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2018 – 2024

• Opened first Startup Branch, offering tailored financial solutions to empower entrepreneurs and drive innovation.
• Started Doorstep Banking Services, offering customers the convenience of banking services at their doorstep.
• Bank set up a dedicated SAMV to manage and resolve stressed assets, ensuring the health of the bank's portfolio and enhancing recovery processes for sustainable financial growth.
• Bank expanded its digital presence by launching official accounts on popular social media platforms like Facebook, Twitter, LinkedIn, YouTube, Instagram and Pinterest, strengthening engagement with customers and enhancing brand visibility.
• Bank's Staff Training College received the prestigious ISO 9001:2015 certification, recognizing its commitment to delivering high-quality training and development programs to its employees for continuous growth and excellence.
• Specialized Housing Finance Branches opened across major Metro cities, to cater to the growing demand for home loans, providing customized housing solutions to customers and promoting affordable homeownership.
• Partnered with fintech for quick, digital MSME loans, simplifying access for small businesses.
• Online ‘Jeevan Pramaan Patra’ Tool launched for pensioners to submit life certificates, ensuring hassle-free pension disbursal.
• Introduced BoMy, an AI chatbot for 24/7 banking assistance, enhancing customer experience on website.
• Introduced Digital Lending Platforms for Home, Car, and Personal Loans, providing seamless online loan processing.
• Rolled out WhatsApp Banking, enabling easy access to banking services via messaging.
• Launched BoMy – a chatbot designed to provide customers with instant banking assistance.
• Unveiled Nakshatra, a private cloud platform enhancing the digital infrastructure for hosting the bank's applications.
• Operationalized 3 Digital Banking Units in Pune, Satara, and Aurangabad, offering enhanced digital banking solutions across regions.
• Video-KYC introduced for hassle-free online account opening, providing customers with a secure and efficient digital onboarding experience.
• Launched "ARJUN," an app offering an integrated dashboard for efficient management of stressed assets, ensuring timely monitoring and resolution.
• Introduced the automated Deceased Claim Settlement System (DCSS) via the Suvidha Portal, simplifying the claims process for beneficiaries.
• Bank adopted various green initiatives such as tree plantation, e-waste management, carbon emission reduction, and green financing for housing and vehicle loans to promote a sustainable future.

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Subsidiaries

Domestic Subsidiaries

1.The Maharashtra Executor and Trustee Company Ltd. (METCO) This is a wholly owned subsidiary of the Bank of Maharashtra. METCO provides services such as estate planning, executor, and trustee services for managing estates and trusts efficiently. 2.Gramin Mahila Va Balak Vikas Mandal (GMBVM) This is a trust of the Bank of Maharashtra focused on development initiatives for women and children in rural areas. The bank actively supports this initiative as part of its social responsibility.
3.Rural Self Employment Training Institute (RSETI) RSETI is sponsored and managed by Bank of Maharashtra to provide skill development training to rural youth, promoting self-employment and entrepreneurship. The bank supports RSETIs to empower rural communities and facilitate sustainable livelihoods.

Regional Rural Banks (RRBs)

The Bank of Maharashtra sponsors Maharashtra Gramin Bank, a regional rural bank operational in the state of Maharashtra. The bank aims to promote rural financial inclusion through agricultural loans, MSME support, and other schemes tailored for rural development.

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Shareholding

The Government of India holds a significant majority stake in Bank of Maharashtra, owning 86.46% of the bank's shares.

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Bancassurance

The Bank of Maharashtra offers a comprehensive Bancassurance service through partnerships with several insurance companies, allowing customers to access various insurance products under one roof. These include life insurance, general insurance, and health insurance products provided by the following affiliated insurance partners:

Life Insurance

• Life Insurance Corporation of India (LIC)
• Aviva Life Insurance India Co. Ltd.
• Aditya Birla Sun Life Insurance Co. Ltd.

General Insurance

• United India Insurance Co. Ltd.
• Future Generali India Insurance Co. Ltd.
• Bajaj Allianz General Insurance Co. Ltd.

Health Insurance

• Manipal Cigna Health Insurance Co. Ltd. • Star Health & Allied Insurance Co. Ltd.

For more details about these affiliates, you can visit their official Bancassurance page here

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Employees

Bank of Maharashtra currently employs around 15,000 individuals, as indicated in its latest company overview. The employee culture at Bank of Maharashtra is centered around growth, inclusivity, and community service. The bank emphasizes professional development by offering regular training programs to enhance skills in digital banking, leadership, and financial services. With wellness initiatives and equal opportunity policies, the bank promotes diversity and inclusion, ensuring employees from all backgrounds feel valued.

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Awards & Accolades

Bank of Maharashtra has consistently been recognized for its excellence and contributions to the banking and financial sector through numerous prestigious awards. These accolades reflect the bank's commitment to innovation, customer service, and social responsibility. Here are some of the significant awards received by the bank:
• Kiirti Puraskar (2023-24) for excellence in Hindi Day celebrations, awarded by the Ministry of Home Affairs, Government of India.Best CFO in Mid Cap 2024.
• Best CFO in Mid Cap 2024 awarded to Shri V.P. Srivastava, the Chief Financial Officer, by Dalal Street Investment Journal for his exemplary leadership.APY Annual Award of Excellence Achiever.
• Best Rajya Bhasha Award of the Year from the Ministry of Finance for its outstanding work in promoting Rajbhasha, in August, 2024.
• APY Annual Award of Excellence Achiever for excellence in Atal Pension Yojana for FY 2023-24.
• Finnoviti Innovation Award 2024 for Robotics Process Automation under the BFSI category.
• Abhinandan Award in June, 2024 for the Gold project at the Lokmangal premises, recognized by the Urban Development Department, Maharashtra.
• 'Best Mid-Sized Bank in India' Award at the Banking & Economy Summit in Gujarat, in March, 2024.
• National Award for SHG Bank Linkage, in November 2023, by the Ministry of Rural Development, Government of India.
• Best Public Sector Bank Award at FE India's Best Banks Awards'23.
• GeM Star Buyers Award, in June 2023, by Govt. e-marketplace (GeM) at the hands of Shri Piyush Goyal, Hon'ble Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles. We are honored to be recognized for our commitment to enhancing the credibility of public procurement procedures by consistently relying on GeM to conduct business in the national public procurement market.
• SKOCH Award 2023 for best performance in Financial Inclusion.
• NPS Excellence Award under 'Star Performer' Category for its outstanding performance in PFRDA Campaign to promote registration of subscribers in National Pension System, in Jun 2024.
• BFSI Technology Awards 2023, by Indian Express, for the online portal "Suvidha", the customer web portal for deceased claims
• Best Nationalized Bank in Agriculture Finance Award, at the BFSL Summit and Awards ceremony, in Oct 2022.
• Brand of Maharashtra Award, presented in April, 2022, acknowledging BOM's significant contribution to the state's growth.
• Award for Best Performing Managing Director, honoured in October, 2021, for exemplary leadership in banking, under APY BIG Believers 3.0 March 2021 Campaign and APY Leadership Capital 3.0 Campaign during Jan-Feb 2021 held by PFRDA .
• Best IT Risk & Cyber Security Initiatives Award, at IBA's 16th Annual Banking Technology Awards 2019-20.
• Winner of Best IT Risk Management Award, at IBA's 19th Annual Banking Technology Awards 2023-24.
• Winner of Best Fintech & DPI Adoption, at IBA's 19th Annual Banking Technology Awards 2023-24.
• Runner Up in Best Technology Talent Award, at IBA's 19th Annual Banking Technology Awards 2023-24.
• Runner Up in Best Technology Bank Award, at IBA's 19th Annual Banking Technology Awards 2023-24.
• Runner Up in Best Financial Inclusion Award, at IBA's 19th Annual Banking Technology Awards 2023-24.
• Special Mention in Best Digital Engagement Award, at IBA's 19th Annual Banking Technology Awards 2023-24.
• Special Mention in Best AI & ML Award, at IBA's 19th Annual Banking Technology Awards 2023-24.

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Products and Services Offered

Bank of Maharashtra offers a diverse range of products and services tailored to cater to the needs of individuals, businesses and institutions. Below is an overview of the key offerings:

1. Retail Banking

Bank of Maharashtra provides a variety of retail banking products to meet the financial needs of individual customers.
• Savings Accounts:
Multiple options including zero-balance accounts, regular savings, and premium savings accounts, including specialised accounts for children.
• Fixed Deposits and Recurring Deposits:
Deposit schemes with competitive interest rates with flexible tenure options.
• Personal Loan:
Loans for personal needs like marriage, education, and travel.
• Home Loans:
Attractive interest rates for purchasing, constructing, or renovating a home.
• Vehicle Loans:
Finance options for purchasing cars or two-wheelers.
• Gold Loans:
Quick and secure loans against gold jewellery.

2.Corporate and MSME Banking

To support businesses and entrepreneurs, Bank of Maharashtra offers a range of customized solutions:
• Mahabank GST Credit Scheme
Provides working capital finance to MSMEs registered under GST, facilitating smooth business operations.
• Mahabank Scheme for Units Engaged in Hospitality
Offers financial assistance to businesses in the hospitality sector, including hotels and restaurants, for expansion and modernization.
• Mahabank Scheme for Contractors
Caters to the financial needs of contractors engaged in various infrastructure projects, providing both working capital and term loans.
• Maha MSME Machinery/Equipment Scheme
Provides financial assistance for purchasing machinery and equipment, enabling technological upgradation.
• Maha LAP - Mortgage Loan
Provides loans against property to meet business needs, offering flexibility in fund utilization.
• Mahabank Loan Scheme for Doctors
Tailored financial solutions for medical professionals to set up clinics, purchase equipment, or expand practice.
• Mahabank Export Finance:
Financial assistance for exporters.

3. Agriculture and Rural Banking

Bank of Maharashtra offers a comprehensive suite of agricultural and rural banking schemes designed to support farmers and promote rural development. Here are some of the key schemes:
• Mahabank Kisan Credit Card (MKCC)
Provides farmers with timely and adequate credit for crop cultivation and other agricultural needs.
• Mahabank Kisan All Purpose Term Loan
Offers term loans for various agricultural activities, including the purchase of equipment and development of land.
• Mahabank Gold Loan Scheme - Agriculture
Provides quick and hassle-free loans against gold ornaments for agricultural purposes.
• Scheme for Construction of Farmhouse to Agriculturists
Assists farmers in constructing farmhouses on their agricultural land.
• Scheme for Financing Farmers for Purchase of Vehicles
Facilitates the purchase of four-wheeler vehicles by farmers for transportation and other needs.
• Financing for Setting Up of Agri-Clinics and Agri-Business Centers for Agriculture Graduates
Supports agriculture graduates in establishing agri-clinics and agri-business centers to provide extension services to farmers.

4. Digital Banking Services
The bank offers cutting-edge digital solutions for seamless banking:
• Internet Banking
Manage your accounts, transfer funds, pay bills, and access a wide range of banking services online through the bank's secure internet banking portal.
• Mahamobile Plus
A user-friendly mobile banking application that allows you to perform banking transactions, check account balances, and avail various services on the go.
• Mahabank Credit Cards
Credit card options with attractive rewards and benefits to suit different customer needs. MahaMobile App: Mobile banking app for account management, fund transfers, and utility payments.
• Mahabank NETC-FASTag
Electronic toll collection system that allows automatic deduction of toll charges, enabling seamless travel through toll plazas.
• Mahabank WhatsApp Banking
Banking services accessible through WhatsApp, providing customers with a convenient way to check account balances, mini statements, and more.

To explore more, visit www.bankofmaharashtra.in

See also

• Banks portal

• Banking in India
• List of banks in India
• Reserve Bank of India
• Indian Financial System Code
• List of largest banks
• List of companies of India
• Make in India

References

1. "Annual Report of Bank of Maharashtra" (PDF).

External links

• Official website