Bank of Maharashtra

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Bank of Maharashtra
Type Public company
Industry Banking
Capital markets and allied industries
Founded 1935
Headquarters Bank of Maharashtra,
Pune India
Key people

Shri Sushil MuhnotT , Chairman

1) Shri C VR Rajendran 2)Shri R Athmaram Executive Directors
Products Loans, credit cards, savings, investment vehicles etc.
Revenue Increase INR60939 million (US$1.0 billion)[1]
Total assets INR 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 INR 1 million. It began business on 8 February 1936.

The bank's 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 15 million customers across the length and breadth of the country served through 1825 branches in 29 states and 2 union territories.

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.


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.[2] 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.[3]

See also[edit]