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Bank of Maharashtra

Bank of Maharashtra was registered on September 16, 1935 with an authorized capital of Rs 10.00 lakh. The Bank started its operations on February 8, 1936. Ever since its inception, Bank of Maharashtra is known as common man’s bank. The Bank’s initial help to small units has given birth to many of today’s industrial houses.

In July 1969, Bank of Maharashtra, was nationalized along with 13 other banks. After nationalization, the Bank expanded rapidly and today its branch network comprises of 1292 branches and 30 extension counters spread over 22 states and 2 union territories (as of 30th January 2019). Bank of Maharashtra has the largest network of branches by any Public sector bank in the state of Maharashtra.

Bank of Maharashtra attained autonomous status in 1998. It has helped the Bank in providing more and more services with simplified procedures without intervention of Government. Bank of Maharashtra excels in Social Banking, and it has 46% of its branches in rural areas. By March 2006 the Bank intends to achieve computerization of remaining 584 rural and semi urban branches by providing a cost effective small branch automation solution for rendering effective customer service to rural India.

Aims

The bank wishes to cater to all types of needs of the entire family, in the whole country. Its dream is “One Family, One Bank, Maharashtra Bank”.

Vision 2007

  • To cross the Business Level of Rs.55,000/- Crores by March 2007
  • 21.42% Growth in Savings Bank Deposits
  • Systematic approach for reducing Net NPA level to below 1%
  • 45 Branches are proposed to be opened at new business centres in North, South and Eastern parts of the country. 15 extension counters to be converted into full fledged branches.
  • 23 Currency Chests to be opened.
  • Consolidation of Regional Rural Banks sponsored by Bank Of Maharashtra
  • Establishing ATM network of more than 345 ATMs with on-line connectivity across the country
  • Extensive use of Wide Area Network-MAHANET inter-connectivity of branches by providing more customer-centric applications like Any Branch Banking Service, Demat etc.
  • Computerization of remaining 583 rural and semi urban branches by providing a cost effective small branch automation solution for rendering effective customer service to rural India
  • Extending RTGS facility to 368 branches
  • Moving towards Core Banking Solution (CBS) by implementing in 100 branches including pilot run of 25 branches
  • SHGs with special reference to agriculture to be promoted and financing be implemented so as to increase financing to small and marginal farmers

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