Bank of Maharashtra

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Bank of Maharashtra
Type Public company
BSE & NSE: MAHABANK
Industry Banking,
Capital markets and allied industries
Founded 1935
Headquarters 1501, Lokmangal,
Shivajinagar,
Pune India
Key people

Sushil Muhnot , Chairman & Managing Director

C VR Rajendran, R Athmaram , Executive Directors
Products Loans, credit cards, savings, investment etc.
Revenue Increase INR60939 million (US$960 million)[1]
Total assets INR 481 million
Website www.bankofmaharashtra.in

Bank of Maharashtra (Hindi: बैंक ऑफ़ महाराष्ट्र | Marathi: बँक ऑफ महाराष्ट्र) is a major public sector bank in India. Government of India holds 81.2% of the total shares.[2] The bank has 15 million customers across the length and breadth of the country served through more than 1858 branches. It has largest network of branches by any public sector bank in the state of Maharashtra.

History[edit]

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.

The bank was registered on 16 September 1935 with an authorised capital of INR 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.

Shri 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. Shri Sushil Muhnot is the new Chairman and Managing Director.

Autonomy of the bank[edit]

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[edit]

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

[edit]

The logo is made of the following items:

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

The Press[edit]

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.[3] 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.[4]

See also[edit]

References[edit]