Bank of Maharashtra
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BSE & NSE: MAHABANK
Capital markets and allied industries
Sushil Muhnot , Chairman & Managing DirectorR K Gupta, R Athmaram , Executive Directors
|Products||Loans, credit cards, savings, investment etc.|
|Revenue||₹60939 million (US$950 million)|
|Total assets||₹ 481 million|
Bank of Maharashtra is a major public sector bank in India. Government of India holds 81.2% of the total shares. 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
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.
- 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.
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.
- Autited FInancial Report, BSE. http://www.bseindia.com/corporates/Results.aspx?Code=532525&Company=BANK%20OF%20MAHARASHTRA&qtr=81.50&RType=. Retrieved 31 May 2014. Missing or empty
- "Tuljapurkar vs Bank of Maharashtra".
- "Victimisation of Tuljapurkar".
- "Recent press release" (PDF).