Bank of Maharashtra

Bank of Maharashtra
Public
Traded as BSE: 532525
NSE: MAHABANK
Industry Banking, Financial services
Founded 1935 (1935)
Headquarters 1501, Lokmangal,
Shivajinagar,
Pune India
Key people
 A. S. Rajeev
(MD & CEO)
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 Increase ₹13,052.98 crore (US$1.8 billion)[1]
Decrease ₹2,345.18 crore (US$330 million) (2016)[1]
Decrease ₹100.69 crore (US$14 million) (2016)[1]
Total assets Increase₹160,957.32 crore (US$22 billion) (2016)[1]
Owner Government of India
Number of employees
 13,765(2016)[1]
Capital ratio 11.20% (2016)[1]
Website www.bankofmaharashtra.in

Bank of Maharashtra is a major public sector bank in India. Government of India holds 87.01% of the total shares.[2] The bank has 15 million customers across the length and breadth of the country served through 1897 branches as of 5 April 2016. It has largest network of branches by any public sector bank in the state of Maharashtra.[3]

History

The bank was founded by V. G. Kale and D. K. Sathe and registered as a banking company on 16 September 1935 at Pune.

The bank was registered on 16 September 1935 with an authorised capital of ₹ 1 million, and began business on 8 February 1936. Bank's financial assistance to small units has given birth to many of today's industrial houses. After nationalization in 1969, the bank expanded rapidly.

Narendra Singh who had assumed the office of Chairman and Managing Director from 1 February 2012, left his office on 30 September 2013 on attaining superannuation. Sushil Muhnot was the Chairman and Managing Director before Ravindra Prabhakar Marathe. Ravindra Prabhakar Marathe is the current MD and CEO.[4]

Autonomy of the bank

The bank attained autonomous status in 1998. As a result, the bank has limited interference of Government bureaucracy in its decision making process and internal affairs.

Other attributes

  • Convener of the State Level Bankers Committee.
  • Offers Depository services and Demat facilities at 131 branches.
  • Has a tie up with Life Insurance corporation of India and United India Insurance company for sale of insurance policies.
  • Has achieved 100% CBS enabling anytime anywhere banking to its customers.

The logo is made of the following items:

  • The Deepmal - with its many lights rising to greater heights,
  • The Pillar - symbolising kojja
  • The Diyas- symbolising services
  • The three Ms - symbolising mobilisation of money, modernisation of methods, motivation of staff.

See also

References

  1. 1 2 3 4 5 6 "Annual Report of Bank of Maharashtra" (PDF).
  2. ↑ "Bank of Maharashtra to raise Rs. 394 crore from govt". Retrieved 19 February 2017.
  3. ↑ "Aviva, Bank of Maharashtra in bancassurance tie-up - Times of India". The Times of India. Retrieved 2018-01-15.
  4. ↑ "Bank of Maharashtra, Central Bank of India and UCO Bank Raise Rs 2,348 Crore From Govt". News18. Retrieved 2018-01-15.
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