Bank of Maharashtra
BSE & NSE:MAHABANK
Capital Markets and allied industries
|Headquarters||Bank of Maharashtra,
SHRI SUSHIL MUHNOT , Chairman1) SHRI C VR Rajendran 2)SHRI R Athmaram Executive Directors
|Products||Loans, Credit Cards, Savings, Investment vehicles etc.|
|Revenue||60939 million (US$980 million)|
|Total assets||481 million|
Bank of Maharashtra (Marathi: बँक ऑफ महाराष्ट्र) is a major bank of Maharashtra, India, registered on 16 September 1935 with an authorised capital of 1 million. It commenced business on 8 February 1936.
Known as a common man's bank since its inception, the bank's initial financial assistance to small units has given birth to many of today's industrial houses. After nationalisation in 1969, the bank expanded rapidly. The Bank has the largest network of branches by any Public sector bank in the state of Maharashtra.
The Bank was founded by a group of visionaries led by the late V. G. Kale and the late D. K. Sathe and registered as a Banking Company on 16 September 1935 at Pune. Today, Bank of Maharashtra has over 15 million customers across the length and breadth of the country served through 1825 branches in 29 states and 2 union territories.
Bank of Maharashtra has informed that Shri Narendra Singh who had assumed the office of Chairman & Managing Director from 1 February 2012, has demitted his office on 30 September 2013 on attaining superannuation. Shri Sushil Muhnot is new Chairman & Managing Director.
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.
Bank is the convener of the State Level Bankers Committee. Bank offers Depository services and Demat facilities at 131 branches. Bank has a tie up with LIC of India and United India Insurance company for sale of Insurance policies. Bank has achieved 100% CBS enabling anytime anywhere banking to its customers.
The bank's logo is made of the following items 1.the DEEPMAL-with its many lights rising to greater heights 2.the PILLAR-our institution symbolising strength 3.the diyas- our branches symbolising services 4.the three M's symbolising—mobilisation of money—modernisation of methods and—motivation of staff
The bank attracted negative media attention in June 2013, when newspapers reported the story of victimisation of the bank's ex-Director Shri Devidas Tuljapurkar, who had in October 2012 written to the RBI Governor Dr D. Subbarao regarding fraudulent loans given by the bank. The complaint was unwittingly forwarded by the governor to BoM management, which then started alleged harassment of Tuljapurkar, showing the absence of a safe whistleblower policy in the bank.