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.
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Today, 22 companies, including notable names such as Tech Mahindra, ICICI Prudential, Bank of Maharashtra, IREDA, and Sula, are scheduled to announce their Q2 results.
Today, 22 companies are set to report their Q2 results, including notable names such as Tech Mahindra, ICICI Prudential, Bank of Maharashtra, IREDA, and Sula. This quarterly earnings season is expected to provide valuable insights into the performance of these companies and the overall state of their respective industries.
Tech Mahindra, a leading IT services company, is anticipated to report strong revenue growth driven by increasing demand for digital transformation services. The company’s Q2 results will be closely watched by investors, as it is expected to provide guidance on its future growth prospects.
ICICI Prudential, a major life insurance company, is also scheduled to report its Q2 results today. The company’s performance is expected to be impacted by the ongoing pandemic, which has affected the insurance industry as a whole. Investors will be keenly watching the company’s Q2 results to gauge its ability to navigate the challenging market conditions.
Bank of Maharashtra, a public sector bank, is another company reporting its Q2 results today. The bank’s performance is expected to be influenced by the ongoing economic recovery, as well as the government’s efforts to boost growth. Investors will be looking for updates on the bank’s asset quality, provisioning, and growth prospects.
IREDA, a state-owned financial institution, is also set to report its Q2 results today. The company’s performance is expected to be driven by its lending activities in the renewable energy sector. Investors will be watching the company’s Q2 results to assess its progress in achieving its growth objectives.
Sula, a leading wine manufacturer, is also reporting its Q2 results today. The company’s performance is expected to be impacted by the ongoing pandemic, which has affected the hospitality and tourism industries. Investors will be keenly watching the company’s Q2 results to gauge its ability to adapt to the challenging market conditions.
Other companies reporting their Q2 results today include Adani Green Energy, Central Bank of India, and Punjab National Bank, among others. The Q2 results of these companies will provide valuable insights into their respective industries and will be closely watched by investors and analysts. The results will also provide guidance on the future growth prospects of these companies and the overall state of the economy.
DFS Secretary says government is on track to finalize IDBI Bank stake sale by end of fiscal year 2026.
The government of India has announced plans to undertake an Offer for Sale (OFS) in five public sector banks. The banks in question are Bank of Maharashtra, Indian Overseas Bank, UCO Bank, Central Bank of India, and Punjab and Sind Bank. The primary objective of this move is to reduce the government’s stake in these banks to below 75%. This development is in line with the government’s previous disclosures regarding its plans to dilute its ownership in these financial institutions.
The OFS is expected to have a significant impact on the banking sector, as it will lead to increased private participation in these banks. By reducing its stake, the government aims to infuse fresh capital, improve efficiency, and enhance the overall competitiveness of these banks. The move is also seen as a step towards consolidating the banking sector and making it more resilient to external shocks.
Meanwhile, Axis Bank’s managing director and chief executive, Amitabh Chaudhry, expressed his bank’s enthusiasm for lending to entities seeking acquisition finance. He noted that foreign lenders currently dominate this segment, and Axis Bank is keen to capitalize on this opportunity. Chaudhry also highlighted the relatively new field of private credit, which offers immense potential for growth.
The private sector lender’s interest in acquisition finance is a significant development, as it indicates a shift in the bank’s strategy towards catering to the growing needs of corporate clients. With the government’s plans to divest its stake in public sector banks, private lenders like Axis Bank are likely to play a more prominent role in the banking sector. As the Indian economy continues to grow, the demand for acquisition finance is expected to increase, and Axis Bank is well-positioned to tap into this opportunity.
Overall, the government’s plan to undertake an OFS in five public sector banks and Axis Bank’s interest in acquisition finance are positive developments for the Indian banking sector. These moves are expected to lead to increased private participation, improved efficiency, and enhanced competitiveness, ultimately contributing to the growth and stability of the economy.
Asheesh Pandey and Kalyan Kumar have been appointed by the government as the new Managing Director of Union Bank and the head of Central Bank of India, respectively.
The Indian government has made two key appointments in the banking sector, naming Asheesh Pandey as the Managing Director (MD) and CEO of Union Bank of India, and Kalyan Kumar as the head of Central Bank of India. These appointments were approved by the Appointments Committee of the Cabinet, which is headed by the Prime Minister, for an initial period of three years.
Asheesh Pandey, currently the Executive Director of Bank of Maharashtra, will take over as MD and CEO of Union Bank of India, effective from the date of his assumption of charge. Kalyan Kumar, who is the Executive Director of Punjab National Bank (PNB), will succeed M V Rao as MD and CEO of Central Bank of India after Rao’s superannuation in July.
The Financial Services Institutions Bureau (FSIB) had recommended Pandey and Kumar for these positions on May 30. The FSIB is headed by former Department of Personnel and Training Secretary Bhanu Pratap Sharma, and its other members include Animesh Chauhan, former chairman and MD of Oriental Bank of Commerce, Deepak Singhal, former executive director of the Reserve Bank, and Shailendra Bhandari, former MD of ING Vysya Bank.
These appointments are significant, as they come at a time when the Indian banking sector is undergoing significant changes and reforms. The government has been working to strengthen the banking sector, and these appointments are seen as a key part of this effort. The appointments of Pandey and Kumar are expected to bring in fresh perspective and leadership to Union Bank of India and Central Bank of India, respectively.
The appointments are also seen as a reflection of the government’s commitment to appointing experienced and talented professionals to key positions in the banking sector. Both Pandey and Kumar have significant experience in the banking sector, and their appointments are expected to be beneficial for the banks and the sector as a whole. Overall, these appointments are an important development in the Indian banking sector, and are expected to have a positive impact on the sector’s growth and development.
Thieves escape with over Rs 10 lakh in daring heist at Bank of Maharashtra ATM, leaving Nagpur residents stunned.
A daring burglary occurred at a Bank of Maharashtra ATM in Pandharkawda village, under Ghughus police limits, late on Sunday night. Unidentified thieves made off with over Rs 10 lakh in cash after breaking into the ATM. The burglars arrived at the scene in a white Bolero vehicle, taking precautions to avoid detection by spraying paint on the CCTV camera and cutting the power supply cables.
Using a gas cutter, the thieves sliced open the ATM machine and extracted the cash before fleeing the scene. The police noted that the gang appeared to be well-prepared, carrying all the necessary equipment in their vehicle. The ATM, located on the busy Chandrapur-Ghughus road, has been targeted before, but despite these incidents, no security guard had been deployed at the kiosk.
Upon receiving information about the burglary, the Ghughus police, along with a dog squad, fingerprint experts, and a forensic team from Chandrapur, rushed to the scene to initiate an investigation. A video of the burgled ATM has since gone viral, potentially aiding in the identification of the perpetrators.
The police are currently reviewing the evidence and investigating the incident. The fact that the ATM had been targeted previously and lacked a security guard raises concerns about the bank’s security measures. The perpetrators’ ability to carry out the burglary with ease, using specialized equipment, suggests that they may have had prior experience with such crimes.
The incident highlights the need for banks to revamp their security protocols, particularly at isolated or frequently targeted locations. The use of gas cutters and other specialized equipment by the thieves also raises questions about the availability and regulation of such tools. As the investigation continues, it remains to be seen whether the police will be able to apprehend the perpetrators and recover the stolen cash.
Bank of Maharashtra set to launch new branch in GIFT City following approval from Reserve Bank of India.
Bank of Maharashtra is set to open a branch in Gujarat International Finance Tec-City (GIFT City) after receiving approval from the Reserve Bank of India (RBI). This move is part of the bank’s effort to expand its presence in the country’s first International Financial Services Centre (IFSC).
GIFT City is a planned business district in Gujarat, aimed at developing a hub for financial and technology services. The city is designed to attract foreign investment, promote trade, and provide a platform for Indian companies to access global markets. By opening a branch in GIFT City, Bank of Maharashtra aims to tap into the growing opportunities in the financial services sector and cater to the needs of businesses and individuals operating in the area.
The RBI’s approval is a significant milestone for Bank of Maharashtra, as it marks the bank’s entry into the IFSC space. The bank will offer a range of financial services, including corporate banking, trade finance, and foreign exchange services, to its customers in GIFT City. This move is expected to enhance the bank’s competitiveness and enable it to better serve its clients.
The opening of the branch in GIFT City is also expected to contribute to the growth of the Indian economy. By providing financial services to businesses and individuals operating in the IFSC, Bank of Maharashtra will help facilitate trade, investment, and economic activity. This, in turn, will create new job opportunities, stimulate economic growth, and increase India’s global competitiveness.
Bank of Maharashtra’s decision to open a branch in GIFT City is a strategic move, given the city’s potential to emerge as a major financial hub. The bank’s presence in GIFT City will enable it to leverage the city’s infrastructure, including its state-of-the-art technology and connectivity, to deliver high-quality financial services to its customers.
Overall, the opening of Bank of Maharashtra’s branch in GIFT City is a significant development, marking the bank’s entry into the IFSC space and its commitment to expanding its presence in the country’s financial services sector. With the RBI’s approval, the bank is poised to tap into the growing opportunities in GIFT City and contribute to the growth of the Indian economy.
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Kalyan Kumar is poised to take the helm at Union Bank, as speculation surrounds Lalit Tyagi’s potential move to Central Bank amidst a larger organizational reshuffle.
The Indian government is set to announce a significant reshuffle in the top management of public sector banks. According to senior officials aware of the development, Kalyan Kumar, currently the executive director of Punjab National Bank, is likely to be appointed as the head of Union Bank of India. Meanwhile, Lalit Tyagi, executive director at Bank of Baroda, will be moving to the Central Bank of India. This decision has been recommended by the Department of Financial Services.
Asheesh Pandey, executive director of Bank of Maharashtra, has been dropped from the top post in public sector banks for the second time. Despite being proposed by the Financial Services Institutions Bureau (FSIB), the nodal agency responsible for recommending top-level postings in public sector undertakings, Pandey’s appointment has been overlooked. This is not the first time Pandey has faced rejection; last year, he was recommended for the top post at Indian Bank but was rejected due to concerns over his behavior and conduct.
The recent decision comes after FSIB recommended Pandey for the MD & CEO post at Union Bank of India and Kalyan Kumar for the MD & CEO post at Central Bank of India in May this year. Union Bank has been without a head since A Manimekhalai completed her term in June, while Central Bank’s chief M V Rao completed his term in July.
The decision has raised eyebrows, especially since Pandey’s appointment was seen as a homecoming, having risen to the rank of general manager at Union Bank. The bank’s previous chief, Manimekhalai, did not seek an extension after completing her three-year term, amidst controversy over the procurement of nearly 2 lakh copies of a book authored by Krishnamurthy V Subramanian, a former executive director at the International Monetary Fund, without the bank board’s approval.
The Central Bank’s board has not yet named an executive director to take over the operations, going against the usual practice of appointing the senior-most executive to run the show. The developments are being closely watched by the banking industry, with many waiting to see how the new appointments will shape the future of public sector banks in India. As a reliable and trusted news source, it is essential to keep track of these developments and their implications for the Indian banking sector.
Last Chance to Apply: BOM Generalist Officer Registration Closes Today for 500 Vacancies – Apply Now via this Link
The Bank of Maharashtra (BOM) is closing its online application window for the recruitment of Generalist Officer Scale II 2025 today, August 30. Interested candidates can still register on the official website, bankofmaharashtra.in, to apply for the 500 available vacancies. To be eligible for the position, candidates must meet certain criteria. The age limit for applicants is between 22 and 35 years as of July 31, 2025, with relaxations in the upper age limit for reserved category candidates.
In terms of educational qualifications, candidates must hold a Bachelor’s degree or an Integrated Dual Degree in any discipline with a minimum of 60% marks in the aggregate of all semesters or years. However, for SC, ST, OBC, and PwBD candidates, the minimum mark requirement is 55%. Alternatively, candidates who are Chartered Accountants are also eligible to apply. The official notification provides more details on the educational qualifications.
To apply, candidates must pay an application fee, which varies depending on their category. Applicants from the UR, EWS, and OBC categories must pay a fee of Rs 1180, while SC, ST, and PwBD candidates are required to pay Rs 118. The application process involves several steps, including visiting the official website, registering, and filling out the application form. Candidates must also pay the fee and submit the form, and it is recommended that they take a printout of the form for future reference.
The direct link to apply for the Generalist Officer posts is available on the official website. Candidates are advised to visit the website for more details on the recruitment process. The Bank of Maharashtra’s official notification provides all the necessary information, and candidates should review it carefully before applying. With the application window closing today, interested candidates should act quickly to submit their applications.
Bank of Mauritius inaugurates new branch.
The Bank of Maharashtra (BoM) has expanded its presence in the state of Punjab with the inauguration of a new branch in Mullanpur Garibdas. The ceremony was attended by the state’s Finance Minister, Harpal Singh Cheema, who was the guest of honor. S.K. Trivedi, the Zonal Head of Bank of Maharashtra’s Ludhiana Zone, was also present and addressed the gathering.
Trivedi expressed his pride over the bank’s growing footprint in the region, highlighting the importance of expanding banking services to cater to the needs of the local community. The new branch is expected to provide a range of banking services, including deposit accounts, loans, and other financial products, to the residents of Mullanpur Garibdas and surrounding areas.
The branch is being headed by Anu Saini, who was also present at the inauguration ceremony. The team at the new branch is committed to providing excellent customer service and ensuring that the banking needs of the local community are met. The inauguration marks a significant milestone for the Bank of Maharashtra, which has been expanding its presence in Punjab in recent years.
The presence of the Finance Minister, Harpal Singh Cheema, underscores the importance of the banking sector in the state’s economic development. The minister’s attendance is seen as a testament to the state government’s support for the banking industry and its efforts to promote financial inclusion and economic growth.
The Bank of Maharashtra’s expansion into Mullanpur Garibdas is expected to have a positive impact on the local economy, providing access to banking services and financial products to the local community. The bank’s growing presence in Punjab is also expected to contribute to the state’s economic growth and development, by providing financial support to small and medium-sized enterprises, farmers, and other stakeholders.
Overall, the inauguration of the new branch in Mullanpur Garibdas marks a significant step forward for the Bank of Maharashtra, as it continues to expand its presence in Punjab and provide banking services to the local community. With its commitment to excellent customer service and financial inclusion, the bank is well-positioned to play a key role in the state’s economic development.
Among PSU banks, Bank of Maharashtra, IOB, and Punjab & Sind are currently offering the most attractive fixed deposit rates.
For conservative investors seeking secure and attractive returns on fixed deposits (FDs), several public sector banks in India have recently revised their interest rates, making it an ideal time to invest. The Bank of Maharashtra is currently offering the highest interest rate among public sector banks, with 7.15% on 366-day deposits. Other notable banks with competitive interest rates include the Indian Overseas Bank, Punjab and Sind Bank, Bank of India, and Central Bank of India.
The Indian Overseas Bank offers 7.10% on 444-day FDs, while the Punjab and Sind Bank provides 7.05% interest on 444-day FDs. The Bank of India has introduced a special 999-day Green FD at 7%, and the Central Bank of India offers 7% on deposits ranging from two to three years. These rates are significantly higher than what was previously offered, making them an attractive option for risk-averse investors.
The recent revision in interest rates by public sector banks can be attributed to the Reserve Bank of India’s (RBI) decision to cut the repo rate. This has created a favorable environment for investors to lock in higher interest rates for the medium to long term. Fixed deposits remain a trusted investment tool due to their capital safety and guaranteed returns, making them an excellent option for those seeking a low-risk investment.
With interest rates ranging from 6.25% to 7.15%, investors can choose from a variety of tenure options, including one year, three years, and five years. The Central Bank of India also offers special FDs with tenures of 1111 days, 2222 days, and 3333 days, all of which offer a 7% interest rate. Overall, the revised interest rates offered by public sector banks provide an excellent opportunity for investors to earn attractive returns on their investments while minimizing risk.
Among public sector banks, Bank of Maharashtra, IOB, and Punjab & Sind are currently offering the most competitive fixed deposit rates.
For conservative investors seeking high returns on fixed deposits (FDs) from government banks, now is an excellent time to invest. Several public sector banks have recently revised their interest rates, offering attractive returns. The Bank of Maharashtra currently leads the pack, offering a 7.15% interest rate on 366-day deposits. For other tenures, the bank offers 6.25% for one year, 6.3% for three years, and 6.25% for five years.
Other public sector banks are also offering competitive interest rates. The Indian Overseas Bank offers 7.10% on 444-day FDs, while the Punjab and Sind Bank provides 7.05% interest on 444-day FDs. The Bank of India has introduced a special 999-day Green FD at 7%, with regular FD rates including 6.50% for one year, 6.25% for two years, and 6% for five years.
The Central Bank of India also offers 7% interest on deposits ranging from two to three years, as well as on special FDs of 1111 days, 2222 days, and 3333 days. For other terms, the bank provides 6.7% for one year, 6.75% for three years, and 6.50% for five years. Fixed deposits remain a trusted investment tool due to their capital safety and guaranteed returns.
The recent revision in interest rates by public sector banks is a result of the Reserve Bank of India’s (RBI) repo rate cut. This has created an ideal opportunity for risk-averse investors to lock in higher interest rates for the medium to long term. With the current interest rates, investors can secure attractive returns while minimizing their risk. It is essential for investors to compare the interest rates offered by different banks and choose the one that best suits their investment goals and tenure. By doing so, they can maximize their returns and make the most of their investment.
Man Arrested After Bizarre Attempt to Finance His Own Wedding by Robbing Two ATMs
A youth from Indore, Madhya Pradesh, named Bharat alias Bablu, attempted to rob two ATM machines in one night to fund his upcoming wedding. However, his plan was foiled when a security alarm alerted the police during his second attempt. The incident occurred in the early hours of Saturday, when Bharat first tried to break open the ATM of the Central Bank of India in the Raoji Bazar area. Despite his repeated efforts, he failed to breach the machine and moved on to the Bank of Maharashtra ATM in the Palsikar area.
At the second ATM, Bharat managed to damage the display and control panel, but the security alarm was triggered, notifying the bank manager, who immediately informed the police. A police team arrived at the scene around 1 am and caught Bharat red-handed while he was still trying to break into the machine. During interrogation, Bharat confessed that his motive was to cover his wedding expenses, which he was desperate to fund. He admitted to attempting the theft without a backup plan, hoping to get lucky.
However, this was not Bharat’s first brush with the law. He is a habitual offender with nine previous cases of theft, robbery, and other crimes registered against him. The police have registered a new case in connection with the ATM break-in attempts and are further questioning him to determine if he is linked to other recent incidents. Bharat’s actions demonstrate the desperate measures people may take when driven by financial need, but also highlight the importance of the security measures in place to prevent such crimes.
The incident serves as a reminder that the consequences of such actions can be severe, and the police are working to ensure that individuals like Bharat are held accountable for their actions. The case is currently under investigation, and the police are exploring all possible links to other crimes in the area. With Bharat’s history of crime, it is likely that he will face significant penalties for his actions. The incident has also raised questions about the effectiveness of security measures in place to prevent such crimes and the need for increased vigilance to prevent future incidents.
Bank of Maharashtra slashes interest rates on retail loans by as much as 0.5 percentage points
The Bank of Maharashtra, a state-owned bank, has announced a reduction in interest rates on various retail loans, including home, car, education, and other loans that are linked to the Repo Linked Lending Rate (RLLR). This move is in line with the Reserve Bank of India’s (RBI) efforts to moderate interest rates. The new interest rates will be effective from June 10.
The reduction in interest rates is up to 50 basis points, which is a significant decrease. This means that borrowers who have taken loans from the Bank of Maharashtra will now have to pay lower interest rates on their loans. The reduction in interest rates is expected to make borrowing cheaper and more affordable for individuals and families.
The Bank of Maharashtra’s decision to reduce interest rates is a response to the RBI’s recent monetary policy decisions. The RBI has been taking steps to moderate interest rates and stimulate economic growth. By reducing interest rates, the Bank of Maharashtra is passing on the benefits of the RBI’s rate cuts to its customers.
The reduction in interest rates will apply to all retail loans that are linked to the RLLR. This includes home loans, car loans, education loans, and other personal loans. Borrowers who have existing loans with the Bank of Maharashtra will also benefit from the reduced interest rates.
The new interest rates will be effective from June 10, which means that borrowers will start paying lower interest rates from that date. The reduction in interest rates is expected to provide relief to borrowers who are struggling to pay high interest rates on their loans.
Overall, the Bank of Maharashtra’s decision to reduce interest rates on retail loans is a positive move that will benefit borrowers and stimulate economic growth. The reduction in interest rates is in line with the RBI’s efforts to moderate interest rates and make borrowing cheaper and more affordable. With the new interest rates effective from June 10, borrowers can expect to pay lower interest rates on their loans and enjoy cheaper credit.
RBI’s rate cut leads to drop in home loan rates, bringing greater relief to existing borrowers
Following the Reserve Bank of India’s (RBI) decision to cut the repo rate by 50 basis points, several major public sector banks have reduced their lending rates. The move aims to stimulate credit growth and support economic activity amid ongoing challenges. Bank of Baroda, Punjab National Bank, Bank of India, and UCO Bank have all reduced their repo-linked lending rates (RLLR) by 50 basis points, with effective dates ranging from June 6 to June 9, 2025. These reductions bring their RLLR rates down to between 8.15% and 8.35%.
In addition to the public sector banks, private sector lender HDFC Bank has also reduced its Marginal Cost of Funds based Lending Rate (MCLR) by 10 basis points across various tenures, effective June 7, 2025. This adjustment brings down the overnight and one-month MCLR rates to 8.9%. The RBI’s repo rate cut directly impacts floating-rate loans, which must be reset in line with the benchmark repo rate as per RBI regulations. Existing borrowers with floating-rate loans will automatically benefit from lower interest rates.
However, new borrowers may not receive the full benefit of the rate cut, as banks are expected to modify the spreads they charge over the repo rate to maintain profitability. For example, Bank of Baroda’s home loan rates for new borrowers now start at 8%, which is higher than the rates offered by some public sector banks prior to the RBI rate cut. Several public sector banks, including Bank of India, Bank of Maharashtra, and Union Bank of India, were offering home loans at rates as low as 7.85% for loans up to Rs 30 lakh.
The rate cuts are expected to make borrowing cheaper for consumers and businesses, which could help stimulate economic growth. However, to preserve profitability, lenders are also expected to reduce returns on fixed deposits (FDs), making them less attractive to savers in the near term. The RBI’s repo rate reduction and the subsequent adjustments by banks reflect ongoing efforts to balance credit availability, profitability, and competitive pressures in the Indian banking sector.
Overall, the rate cuts are a positive development for borrowers, but may have a negative impact on savers. The Indian banking sector is expected to continue to evolve in response to the RBI’s monetary policy decisions, with lenders adjusting their rates and products to maintain profitability and competitiveness. The ultimate goal of the rate cuts is to spur economic growth by making borrowing cheaper, which could have a positive impact on the broader economy.
A crucial announcement from the RBI on fixed deposits is imminent, and its impact will be felt by the general public across the board.
The Reserve Bank of India (RBI) has reduced the repo rate twice this year, resulting in a decrease in interest rates on Fixed Deposits (FDs) offered by most banks, especially public sector banks. With inflation showing signs of easing, experts predict that the RBI may cut rates again in June. This makes it a good time to invest in FDs, as once you book an FD, the interest rate is locked in for the entire term, even if market rates fall later.
Currently, top public sector banks are offering attractive interest rates on 1-2 year FDs, ranging from 7.05% to 7.30% for regular customers. Senior citizens can earn even higher returns, up to 7.75% for 1-2 year tenures. Banks such as Bank of Maharashtra, Punjab & Sind Bank, and UCO Bank are offering these higher rates for senior citizens.
Before investing in an FD, it’s essential to keep a few things in mind. Firstly, choose the FD tenure wisely, as locking in current high rates for longer is better. Secondly, check the bank’s rating, as public sector banks are generally safer. Thirdly, explore senior citizen schemes, which offer higher interest rates. Finally, enable auto-renewal to ensure that your money doesn’t lie idle after maturity.
If the RBI cuts rates again in June, today’s FD rates may soon be history. Therefore, if you want stable and guaranteed returns, now is the right time to lock in your investment. With the current interest rates and the possibility of further rate cuts, investing in an FD before June could be a smart move. It’s essential to take advantage of the current rates before they drop, as they may not be available in the future.
Overall, investing in an FD is a low-risk investment option that provides guaranteed returns. With the current interest rates and the potential for further rate cuts, it’s crucial to make an informed decision and invest wisely. By considering the factors mentioned above and taking advantage of the current rates, you can make the most of your investment and earn attractive returns on your FD.
Public Sector Banks Take the Lead: Home Loans Drop Below 8% as RBI Rate Cut Boosts Access to Affordable Housing
The Reserve Bank of India (RBI) has mandated that all retail floating-rate loans, including home loans, be linked to an external benchmark, typically the RBI’s repo rate, since October 1, 2019. This means that when the RBI reduces the repo rate, banks are required to pass on the benefit to borrowers. However, it has been observed that public banks have been prompt in complying with this guideline, while several private banks have been slow to adjust.
Despite a cumulative 50-basis-point cut in the repo rate in February and April 2025, leading private banks such as ICICI Bank, Axis Bank, and HDFC Bank have not fully transmitted the reduction to customers. For instance, ICICI Bank’s home loan rate remains unchanged at 8.75%, while HDFC Bank has reduced its rate by only 25 basis points to 8.50%. On the other hand, government banks such as Canara Bank, Bank of Maharashtra, and Union Bank of India are offering competitive interest rates, ranging from 7.80% to 7.90%, for a home loan of ₹1 crore with a tenure of 20 years.
Experts believe that private lenders may revise their rates soon, as large lenders usually align their rates over time. A lower interest rate can significantly reduce the monthly EMI burden, resulting in higher savings and preservation of emergency funds. For example, a home loan of ₹1 crore with a tenure of 20 years at an interest rate of 7.80% would translate to a monthly EMI of ₹82,404, compared to ₹93,144 at an interest rate of 9.35%.
If you’re planning to buy a home, now is a favorable time to act, with multiple public sector banks (PSBs) offering sub-8% interest rates. However, it’s essential to assess factors such as your credit score, income, and loan tenure before making a decision, as these can influence your final interest rate. It’s also important to note that rates are subject to change and may vary depending on the lender and borrower profile. Therefore, it’s crucial to check with lenders for the latest terms and consult a professional before taking a loan.
The Reserve Bank of India (RBI) has slapped penalties on five major banks, including ICICI Bank, Bank of Baroda, Axis Bank, and two others.
The Reserve Bank of India (RBI) has imposed penalties on five major banks, including ICICI Bank, Bank of Baroda, Axis Bank, IDBI Bank, and Bank of Maharashtra, for non-compliance with various regulatory directions. The penalties, ranging from ₹29.60 lakh to ₹97.80 lakh, were imposed due to deficiencies in regulatory compliance in areas such as cyber security, know your customer (KYC) norms, credit and debit card issuance, and customer service.
ICICI Bank was fined ₹97.80 lakh for non-compliance with RBI directions on cyber security, KYC, and credit and debit card issuance. Bank of Baroda was penalized ₹61.40 lakh for non-compliance with directions on financial services and customer service. IDBI Bank and Bank of Maharashtra were each fined ₹31.80 lakh for non-compliance with directions on interest subvention scheme for agricultural loans and KYC norms, respectively.
Axis Bank was penalized ₹29.60 lakh for unauthorized operation of internal accounts. The RBI clarified that the penalties were not intended to question the validity of any transactions or agreements entered into by the banks with their customers, but rather to address the deficiencies in regulatory compliance.
The penalties are a reminder of the RBI’s focus on ensuring that banks adhere to regulatory requirements and maintain high standards of compliance. The central bank has been actively monitoring banks’ compliance with various regulations and has taken enforcement actions against those that fail to meet the required standards. The penalties imposed on these five banks serve as a warning to other lenders to ensure that they are in compliance with all regulatory requirements to avoid similar penalties in the future. Overall, the RBI’s actions aim to promote a safe and sound banking system that protects the interests of customers and maintains public trust in the financial sector.
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.
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!