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How Bank of Maharashtra Became a Top Public Bank in 2023

banking-image
Jul 23, 2024
15 Mins

Bank of Maharashtra (BoM), a premier public sector bank in India, is situated in Pune, Maharashtra. Established on September 16, 1935, by V.G. Kale and D.K. Sathe, the bank initially focused on aiding small businesses. Over the years, BoM has grown into a major banking institution, with a network exceeding 2,263 branches nationwide, and employing around 13,499 people as of 2023. It boasts the largest number of branches among nationalized banks in Maharashtra.

In 1969, the bank was nationalized, in line with the government's objective of exerting more control over the financial sector. BoM has played a pivotal role in advancing financial inclusion and enhancing rural banking services. In the fiscal year 2022-23, the bank exhibited exceptional growth in loans and deposits, clinching the title of the top-performing public sector bank in these domains. It reported a net income of ₹2,602 crore, reflecting an outstanding increase of approximately 126% from the previous year.

Besides traditional banking, BoM has diversified its services to encompass consumer banking, corporate banking, finance and insurance, investment banking, mortgage services, private banking, asset management, and wealth management. By adopting digital technology, BoM has elevated its online banking services, thereby increasing customer convenience and broadening its outreach.

The leadership at Bank of Maharashtra has been crucial to its success. Under the stewardship of current MD & CEO Nidhu Saxena and contributions from executive directors like Asheesh Pandey and Rohit Rishi, the bank has achieved significant development. Former leader Allen C. Pereira notably expanded BoM's footprint, particularly in northeastern India.

Bank of Maharashtra remains dedicated to customer service and operational excellence. As it progresses, the bank is focused on making significant contributions to India's banking sector, adhering to its foundational motto, 'Ek Parivaar, Ek Bank' ('One Family, One Bank').

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Invest Smarter, Here's how to achieve Your Dreams 80% Faster - Let’s Get Started!Trusted by 3 Crore+ Indians
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
credit-cards

How Bank of Maharashtra Became a Top Public Bank in 2023

banking-image
Jul 23, 2024
15 Mins

Bank of Maharashtra (BoM), a premier public sector bank in India, is situated in Pune, Maharashtra. Established on September 16, 1935, by V.G. Kale and D.K. Sathe, the bank initially focused on aiding small businesses. Over the years, BoM has grown into a major banking institution, with a network exceeding 2,263 branches nationwide, and employing around 13,499 people as of 2023. It boasts the largest number of branches among nationalized banks in Maharashtra.

In 1969, the bank was nationalized, in line with the government's objective of exerting more control over the financial sector. BoM has played a pivotal role in advancing financial inclusion and enhancing rural banking services. In the fiscal year 2022-23, the bank exhibited exceptional growth in loans and deposits, clinching the title of the top-performing public sector bank in these domains. It reported a net income of ₹2,602 crore, reflecting an outstanding increase of approximately 126% from the previous year.

Besides traditional banking, BoM has diversified its services to encompass consumer banking, corporate banking, finance and insurance, investment banking, mortgage services, private banking, asset management, and wealth management. By adopting digital technology, BoM has elevated its online banking services, thereby increasing customer convenience and broadening its outreach.

The leadership at Bank of Maharashtra has been crucial to its success. Under the stewardship of current MD & CEO Nidhu Saxena and contributions from executive directors like Asheesh Pandey and Rohit Rishi, the bank has achieved significant development. Former leader Allen C. Pereira notably expanded BoM's footprint, particularly in northeastern India.

Bank of Maharashtra remains dedicated to customer service and operational excellence. As it progresses, the bank is focused on making significant contributions to India's banking sector, adhering to its foundational motto, 'Ek Parivaar, Ek Bank' ('One Family, One Bank').

Available on both IOS and AndroidTry Pluto Money Today 👇
Author
Team Pluto
Have a question?
Digital GoldInvest in 24K Gold with Zero making ChargesLearn More
Digital SilverInvest in silver with Zero making ChargesLearn More
Pluto FixedEarn from 11% to 14% Returns annually in a fixed lock-in periodLearn More