Bank of Maharashtra is a prominent nationalized public sector bank in India, established on September 16, 1935, in Pune by V.G. Kale and D.K. Sathe. It became operational on February 8, 1936, with an initial authorized capital of $1 million. The bank was nationalized in 1969 and is currently owned by the Ministry of Finance, Government of India.
The bank boasts the largest network of branches among nationalized banks in Maharashtra, with over 2,022 branches as of March 2022, serving approximately 29 million customers nationwide. It offers a wide range of services, including personal banking, retail loans, cash management, corporate loans, foreign exchange services, and specialized banking for sectors such as agriculture and MSME (Micro, Small, and Medium Enterprises).
In terms of technological advancements, Bank of Maharashtra has made significant strides in implementing technology solutions. It achieved full Core Banking Solution (CBS) across its branches by February 2010 and continues to enhance its digital offerings with services like mobile banking and various loan schemes.
Latest News on Bank of Maharashtra
State Bank of India and two other public sector banks slash loan rates by 25 basis points, Finance Industry Latest Updates
The State Bank of India (SBI), Bank of India, and Bank of Maharashtra have announced a reduction in their lending rates by 25 basis points (bps) following the Reserve Bank of India’s (RBI) decision to lower the repo rate last week. This move aims to make loans cheaper for both existing and new borrowers.
SBI’s Repo Linked Lending Rate (RLLR) will now be 8.25%, and its External Benchmark Based Lending Rate (EBLR) will be 8.65%. Bank of India has reduced its home loan rate to 7.9% per annum based on the CIBIL score. Additionally, it has lowered interest rates on select existing retail loan products, including vehicle loans, personal loans, loan against property, education loans, and Star reverse mortgage loans.
Bank of Maharashtra has also cut its RLLR to 8.80%, benefiting customers availing loans for homes, cars, education, gold, and other retail loan products. The bank’s home loan will start from 7.85% per annum, and car loans will be priced from 8.20% per annum.
These rate cuts follow the RBI’s Monetary Policy Committee’s decision to reduce the repo rate by 25 bps to 6% on April 9, its second consecutive reduction. The total rate cut is now 50 bps over the past two months. These reductions are expected to make borrowing more affordable for individuals and businesses, boosting economic growth.
Bank of Maharashtra slashes retail loan rates by 0.25% to boost customer affordability
The Bank of Maharashtra (BoM), a state-owned bank, has announced a reduction in its lending rate linked to the repo rate by 25 basis points. This move is in line with the Reserve Bank of India’s (RBI) recent decision to slash key interest rates by 25 basis points to support economic growth. As a result, BoM’s repo-linked lending rate (RLLR) has been reduced from 9.05% to 8.80%.
This rate reduction will make loans more affordable for BoM’s customers, including those availing of home, car, education, and gold loans. The bank’s home loan rates will start from 7.85% per annum, while car loans will be priced from 8.20% per annum, making them among the lowest in the banking industry.
Indian Overseas Bank (IOB), another public sector lender, has also cut its benchmark lending rate in line with the repo rate reduction. IOB’s RLLR has been reduced from 9.10% to 8.85%. Both banks have decided to pass on the rate cut to their customers, making loans more accessible and affordable.
This move is expected to boost economic growth, as lower interest rates make it easier for individuals and businesses to access credit. The rate cuts are also seen as a response to the US imposing reciprocal tariffs, which could impact India’s economic growth. By reducing interest rates, the RBI is trying to support growth and prevent a slowdown.
Bank of Maharashtra inaugurates its latest branch in Kodad, Telangana, expanding its services in the region.
Bank of Maharashtra (BoM) has launched a new state-of-the-art banking facility in Kodad, Suryapet district, to cater to the banking needs of customers in the region. The new branch is the 76th for BoM in Telangana, covering 33 districts. The Kodad branch will offer a comprehensive range of banking products and services, including retail, agri, and MSME (Micro, Small and Medium Enterprises) sectors. The bank aims to provide customers with a seamless and convenient banking experience.
The new branch will offer various unique products and services, such as ATM cum debit cards, secured internet banking, 24/7 customer care center, and mobile banking. The bank’s Zonal Manager, GSD Prasad, inaugurated the new facility and emphasized that the Kodad branch will be a one-stop shop for all banking needs of the customers.
Deputy Zonal Manager, KE Hari Krishna, also stated that the bank aims to enhance its customer experience through this new branch. The Kodad Branch Manager, P Venkatesh, and other officials from the bank were present at the launch ceremony. With the opening of this new branch, BoM now operates 76 branches across Telangana, catering to the growing banking needs of the state’s population. The bank aims to continue its expansion and growth in the region, offering a wider range of banking services to its customers.
The Bank of Maharashtra recently launched a new branch in the bustling town of Zaheerabad.
The Bank of Maharashtra (BoM) has opened a new branch in Zaheerabad, Telangana, which brings the total number of its branches in the state to 75, covering all 33 districts. The new branch was inaugurated by G.S.D. Prasad, Zonal Manager of the Hyderabad zone. The branch offers a range of banking services, including retail, agricultural, and MSME (Micro, Small, and Medium Enterprises) financial services, as well as internet banking, 24/7 customer care, and mobile banking facilities.
At the inauguration event, Prasad highlighted the significance of the new branch in meeting the financial needs of the local community and emphasized the potential of Zaheerabad for retail and MSME business. He urged the branch to focus on retail, agriculture, and mid-corporate units to drive economic growth in the region.
Deputy Zonal Manager K.E. Hari Krishna stated that the new branch would serve as a one-stop solution for traders and retail customers, enhancing their banking experience. The branch is strategically located to cater to the banking needs of the local community, providing a range of facilities and services to meet their financial requirements.
The inauguration event was attended by Branch Manager A.V.S. Srikar and other officials. The opening of this new branch marks a significant milestone for Bank of Maharashtra in its efforts to expand its presence in Telangana and provide convenient banking services to customers across the state.
The Bank of Maharashtra launches its new branch in Zaheerabad, Telangana, expanding its presence in the region.
The Bank of Maharashtra has inaugurated its 75th branch in Telangana State, specifically in Zaheerabad. The new branch was inaugurated by Bank of Maharashtra Zonal Manager GSD Prasad. The Zaheerabad branch will provide banking services to the local community, particularly in the retail, agricultural, and Micro, Small, and Medium Enterprises (MSME) sectors. The branch aims to cater to the financial needs of the zone, covering Retail, Agri, MSME, and Mid-Corporate units.
The new branch will facilitate various banking transactions, including deposits, withdrawals, and other financial services, making it convenient for local residents and businesses to access banking services. The branch will also provide additional job opportunities and contribute to the local economy.
Speaking at the inaugural event, GSD Prasad, Zonal Manager of Bank of Maharashtra, expressed hope that the new branch would effectively serve the local population, including farmers, entrepreneurs, and small businesses. He emphasized that the bank’s goal is to provide customer-centric services, innovative solutions, and personalized banking experiences, enabling individuals and businesses to achieve their financial goals.
The launch of the Zaheerabad branch is a significant milestone for the Bank of Maharashtra, solidifying its presence in Telangana State with its 75th branch. The new branch is expected to be a valuable addition to the region’s banking infrastructure, promoting economic growth and development.
Stock Market Updates of Bank of Maharashtra
Recent Updates
Bank of Maharashtra Agrees to Acquire a Stake in RRB’s Tier-I Bonds
The Bank of Maharashtra is planning to invest up to ₹50 crore in tier-I perpetual bonds issued by Maharashtra Gramin Bank, a regional rural bank that it partially sponsors. This is a rare event, as regional rural banks are rarely issuers of bonds. Maharashtra Gramin Bank, which is jointly owned by Bank of Maharashtra (35%), the Centre (50%), and the Maharashtra government (15%), plans to raise a total of ₹70 crore through the issuance of tier-I perpetual bonds. The sponsor bank, Bank of Maharashtra, is expected to acquire ₹50 crore of the issue, with the remaining ₹20 crore being raised from the market. The bond issue is anticipated to be closed by the end of March. The bonds are expected to be priced at 10.15%, and this is not the first time Maharashtra Gramin Bank has issued tier-I perpetual bonds, having done so in December 2021.
IOB secures board approval to raise Rs 10,000 crore through infrastructure bonds
Indian Overseas Bank has received approval from its board to raise Rs 10,000 crores through the issuance of long-term infrastructure bonds. The funds will be used to finance and refinance infrastructure and affordable housing projects. This move is part of the bank’s strategy to cope with the intense competition for deposits in the current financial year. Other public sector banks, such as Bank of Maharashtra and Punjab National Bank, have also raised funds through long-term infrastructure bonds in recent months.
The funds raised through these bonds can be used only for lending to infrastructure and affordable housing projects, as per Reserve Bank of India (RBI) rules. The maturity period of these bonds must be at least seven years. Long-term bonds are a cheaper source of funds for banks, as the funds raised through these bonds are exempt from regulatory reserve requirements such as cash reserve ratio and statutory liquidity ratio.
The approval to raise funds through long-term infrastructure bonds is a significant step forward for Indian Overseas Bank, which will enable it to support the growth of infrastructure and affordable housing in the country. The bank’s strategy to raise funds through long-term infrastructure bonds demonstrates its commitment to supporting the country’s economic growth and development.
Bank of Maharashtra slapped with SEBI warning over lapses in NRC meeting, regulatory concerns mount
Bank of Maharashtra (BoM) has received a warning from the Securities and Exchanges Board of India (SEBI) for lapses in the nomination and remuneration committee (NRC) meeting. The warning is a result of an examination by SEBI, which found that the bank did not comply with regulatory guidelines on NRC meetings.
According to SEBI’s examination report, BoM failed to provide adequate notice to the NRC members for the 26th AGM, held on August 25, 2020. The report stated that the notice period was not adequate, which is in violation of SEBI guidelines.
SEBI further found that the NRC meeting was conducted without quorum, which is the minimum number of members required to be present for a meeting to be valid. The quorum requirement was not met, as only two members of the NRC attended the meeting, while three were required.
The examination report also highlighted that the NRC members were not provided with the necessary agenda and minutes of the previous meetings, as required by SEBI regulations. This is a crucial requirement to ensure transparency and accountability in corporate governance.
SEBI has warned BoM to take necessary measures to ensure compliance with the regulatory guidelines and has asked the bank to submit a compliance certificate. The warning comes at a time when the bank is already facing severe financial and reputational challenges.
BoM has been struggling with a high non-performing assets (NPAs) ratio, and its net losses have been increasing in recent years. The bank is also facing a leadership crisis, with the managing director’s tenure coming to an end and no clear nomination for the top post yet.
The warning from SEBI is a significant setback for BoM, as it casts a shadow over the bank’s reputation and threatens to further erode investor confidence. The warning is a reminder of the importance of corporate governance and compliance with regulatory guidelines to maintain a good reputation and ensure the well-being of stakeholders.
Banking Jobs Alert! Ministry of Finance Announces Director Positions Available at Government-Owned Institutions – Application Procedure Inside
The Indian Ministry of Finance has acknowledged the existence of vacancies in the boards of public sector banks (PSBs) and is taking steps to fill them. According to Pankaj Chaudhary, the Minister of State in the Ministry of Finance, filling director positions is a regular process. He assured that the government is taking necessary action to fill vacancies as soon as possible.
The ministry provided an update on the number of directors and vacancies on the boards of all PSBs. The details include: Bank of Baroda (16 directors, 6 vacancies), Bank of India (16 directors, 5 vacancies), Bank of Maharashtra (14 directors, 8 vacancies), and so on. It is clear that several public sector banks have vacancies on their boards, including Bank of Maharashtra, where the position of Chairman and all Managing Directors/Chief Executive Officers are currently filled.
The Ministry’s statement comes in response to a query by Revolutionary Socialist Party (RSP) MP N K Premachandran, who had raised concerns about the vacancies in public sector banks. In his queries, Premachandran asked if the government proposed to fill the vacancies, what action it had taken in this regard, and whether it was aware that the Director vacancies in Maharashtra State Bank/Bank of Maharashtra had not been filled.
Premachandran also asked if the government proposed to amalgamate other public sector banks with State Bank of India (SBI). The Ministry clarified that there is no proposal under consideration to amalgamate other public sector banks with SBI. Overall, the Ministry of Finance has assured that it is working to fill the vacancies on the boards of public sector banks and is committed to ensuring the effective governance of these institutions.
We are seeking a Chief Manager (Legal) to join the team at Bank of Maharashtra
The Bank of Maharashtra has issued an online invitation for the post of Chief Manager (Legal). There is only one vacancy for this position. The age limit for this role is 40 years. To be eligible, candidates must possess a Bachelor’s degree in law from a recognized University/Institute with International Law as a subject or equivalent certification in International Law.
In addition to the educational qualification, candidates must have a minimum of 8 years of experience. This experience can be gained by practicing as an independent advocate or working for a law firm of good repute in front of a District Court, High Court, or Debt Recovery Tribunal (DRT). Alternatively, candidates can have experience working with any organization, public or private, with at least 2 years of experience as a Law Officer in a scheduled commercial bank, handling documentation related to international banking, forex lending, and trade finance.
The application process is online, and the last date to submit the application is March 15, 2025. Interested candidates can access the official notification by clicking on the link provided. This opportunity is a great chance for law professionals to join a respected financial institution and contribute to its legal affairs.
Overall, the Bank of Maharashtra is looking for a highly qualified and experienced professional to fill the post of Chief Manager (Legal). If you meet the eligibility criteria, now is your chance to apply for this exciting opportunity and take your career to the next level. Don’t miss the deadline and submit your application online before March 15, 2025.
Unlock the Key to Affordable Home Ownership: Say goodbye to high interest rates! Compare the best home loan deals of 2025 and start building your dream home now!
Are you dreaming of owning your own home, but high loan rates are giving you sleepless nights? Worry no more! Many banks are currently offering home loans at very affordable interest rates and EMIs (Equated Monthly Installments). In this article, we’ll help you discover which bank is offering the cheapest home loan option.
Rising interest rates and expensive loans can make home ownership a daunting task. However, several government banks, including Bank of Maharashtra, Central Bank of India, and Punjab National Bank, are offering home loans at attractive interest rates, starting from 8.10% to 10.65%. This can significantly reduce your EMI and make owning a home a more achievable goal.
Here’s a breakdown of the best home loan rates offered by various banks, with rates starting from 8.10%:
* Bank of Maharashtra: 8.10% to 10.65%
* Central Bank of India: 8.10% to 9.95%
* Punjab National Bank: 8.15% to 9.85%
* Indian Overseas Bank: 8.15% to 9.85%
* State Bank of India: 8.50% to 9.75%
* UCO Bank: 8.35% to 10.55%
* IDBI Bank: 8.40% to 12.25%
* Nainital Bank: 8.40% to 11.20%
When choosing a loan, consider factors beyond the interest rate, such as processing fees, loan transfer charges, and bank terms. Some banks, like Canara Bank and Punjab & Sind Bank, are waiving processing fees, which can further reduce your loan costs.
Don’t miss out on this opportunity to own your dream home. Review the list above to find the best home loan option for your needs and budget. Remember to also consider the bank’s terms and conditions before finalizing your decision. Happy home buying!