Bank of Maharashtra Limited Company Profile: Products,Promoters and Clients

Bank of Maharashtra Limited Company

Bank of Maharashtra (BoM) originated in Pune (Maharashtra) in 1935, initially established as a public limited company under the name The Bank of Maharashtra Ltd. Its primary aim was to support small business enterprises, traders, and self-employed individuals. As its operations grew, it obtained scheduled bank status in 1944 and subsequently integrated four smaller banks (Bank of Konkan Ltd., Bank of Nagpur Ltd., Bharat Industrial Bank Ltd., and Banthia Bank Ltd.) to bolster its reach. 

BoM transitioned into a nationalised entity, alongside 13 other banks, in July 1969, maintaining its status as a mid-sized public sector bank. As of March 31, 2024, BoM boasted an extensive network of 2,489 branches, with approximately 46% strategically located across Maharashtra.

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Q1. What are the Product and service offerings of the Bank of Maharashtra?

The company provides an extensive array of services across multiple sectors. In the personal products segment, it extends a diverse range of loans including housing loans, student loans, and various other loan options. For corporate clients, the company offers MSME loans, project financing, infrastructure financing, lines of credit, and other related services. 

Additionally, the company provides multiple agricultural loan schemes tailored to meet the needs of farmers. Furthermore, it offers NRI services encompassing deposits, money transfer, and remittance options. Treasury services such as forex and nostro accounts are also among the offerings provided by the company.

Q2. Who are the Promoters of the Bank of Maharashtra?

Government of India holds a majority of 86.46% of the stake in the company.

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Shri Nidhi Saxena, the current Managing Director and Chief Executive Officer at Bank of Maharashtra, began his banking career at Bank of Baroda before moving to UCO Bank. With over 26 times of different banking experience, he held colorful crucial places at Union Bank, including Branch Head, Zonal Head, and Vertical Head. Prior to his current position, Saxena served as Administrative Director at United Bank of India.

His moxie spans Treasury, Domestic and International Banking, Human coffers, and Asset Management. Saxena has also served on the boards of Union Bank of India Limited and Union Asset Management Company Limited, and has been honored as a subject expert by institutions like the Union Public Service Commission.

Q3. Who are the Clients of the Bank of Maharashtra?

For FY24 Company’s CASA Ratio stands at 52.73% which indicates a healthy split between retail and corporate clients. Company operates 2489 branches across the nation with a healthy split across Metro, Urban, semi urban and Rural Geographies.

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