Bank of Maharashtra

From Wikipedia, the free encyclopedia
Jump to: navigation, search
Bank of Maharashtra
बँक अॉफ महाराष्ट्र
Industry Banking,
Capital markets and allied industries
Founded 1935
Headquarters 1501, Lokmangal,
Pune India
Key people

Sushil Muhnot , Chairman & Managing Director

R K Gupta, R Athmaram , Executive Directors
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 60939 million (US$920 million)[1]
Total assets 481 million
Slogan One Family One Bank Mahabank

Bank of Maharashtra is a major public sector bank in India. Government of India holds 81.61% of the total shares.[2] The bank has 15 million customers across the length and breadth of the country served through more than 1868 branches. It has 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.

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.

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 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 strength,
  • The Diyas- symbolising services,
  • The three Ms - symbolising mobilisation of money, modernisation of methods, motivation of staff.

See also[edit]