How Bank of Maharashtra Became Top in Loans and Deposits

Bank of Maharashtra (BoM) is a leading public sector bank based in Pune, Maharashtra, India. Founded on September 16, 1935, by V.G. Kale and D.K. Sathe, the bank initially aimed to support small businesses. Over decades, BoM has evolved into a major banking institution, boasting over 2,263 branches nationwide and employing approximately 13,499 people as of 2023. It has the largest number of branches among nationalized banks in Maharashtra.

In 1969, BoM was nationalized to align with the government's strategy for more control over the financial sector. The bank has been instrumental in fostering financial inclusion and enhancing rural banking services. During the fiscal year 2022-23, the bank showed remarkable growth in loans and deposits, emerging as the top-performing public sector bank in these areas. It reported a net income of ₹2,602 crore, marking an impressive rise of about 126% from the previous year.

Beyond traditional banking, BoM has diversified its portfolio to include consumer and corporate banking, finance and insurance, investment banking, mortgage services, private banking, asset management, and wealth management. By embracing digital transformation, BoM has enhanced its online banking offerings, improving customer convenience and expanding its reach.

The bank's leadership has been vital to its success, especially under the guidance of current MD & CEO Nidhu Saxena and executive directors Asheesh Pandey and Rohit Rishi. Former leader Allen C. Pereira significantly widened BoM's presence, particularly in Northeastern India.

Bank of Maharashtra is committed to excellent customer service and operational efficiency. As it moves forward, the bank intends to make notable contributions to India's banking sector, staying true to its core motto, 'Ek Parivaar, Ek Bank' ('One Family, One Bank').