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Bank of Maharahtra

The Bank of Maharashtra Ltd. was formally registered under the Indian Companies Act on the auspicious day of 16th September 1935 at Pune with an authorized capital of Rs.10.00 lakh with the objective to serve the common man who were till then neglected by the banking system. The actual business of the bank commenced on 8.2.1936.  The first Board of Directors was led by Prof. V.G. Kale, Chairman, Shri D.K. Sathe, Vice Chairman. Other directors in the first Board were Shri V.P. Varde, Shri S.G. Marathe, Shri N.G. Pawar, Shri T.V. Ranade, Shri R.C. Sohoni, Shri M.R. Joshi, Shri B.M. Gupte and Shri F.D. Pudumjee.

From a Bank of Rs 10 Lakh in 1936, it has metamorphosed into a Bank of more than 2 Lakh Crore of business; on account of the trust and faith reposed by our devout customers and prudent policies followed by the Bank throughout its existence.

The performance highlights of Bank on major parameters in the year 2015-16 are as under:

1. Total Business has increased from Rs. 223329.21 crore as on 31.03.2015 to Rs. 250230.10 crore as on 31.03.2016, registering a growth of 12.05 % on Y-o-Y basis.

2. Total Deposits have increased from Rs. 122118.95 crore as on 31.03.2015 to Rs. 138989.82 crores as on 31.03.2016 registering a Y-o-Y growth of 13.82%. The Bank had consciously discouraged high cost bulk deposit.

3. Gross Advances have increased from Rs. 101210.26 crore as on 31.03.2015 to Rs. 111240.28 crore as on 31.03.2016 registering growth of 9.91% on Y-o-Y basis.


To be a vibrant, forward looking, techno-savvy, customer centric bank serving diverse sections of the society, enhancing shareholders’ and employees’ value while moving towards global presence.

The Bank continued to have the support and patronage of the common man. Right from its inception, the focus of the Bank has been to assist small business enterprises, traders, self-employed and others commonly known as the Priority Sector.


  •  To ensure quick and efficient response to customer expectations.
  •  To innovate products and services to cater to diverse sections of society.
  •  To adopt latest technology on a continuous basis.
  •  To build proactive, professional and involved workforce.
  •  To enhance the shareholders’ wealth through best practices and corporate governance.
  •  To enter international arena through branch network.

Recent Awards & Recognitions

1. BFSI Awards 2015 by World HRD Congress
    a) Best Bank in Public Sector
2. Best Bank among Mid Size  Banks–IDRBT Banking Technology Awards 2015
    a) Use of technology for Fraud prevention and NPA Management and
    b) Managing IT Infrastructure.
3. Best Bank among Mid Size  Banks–IDRBT Banking Technology Awards 2016
4. SKOCH AWARD 2016 in the field of Financial Inclusion.
5. IBA Runner-Up Award for the "Best Financial Inclusion Initiatives.
6. Best Bank Award for Financial Inclusion for Emerging Bank – Winner
CSR & Business Responsibility Award for Emerging Bank - Runner Up

During the year, bank had taken new business initiatives as under:-

1. The Credit Processing Centres started last year for faster delivery of SME and retail credit products, along with better evaluation are now stabilized.
2. The Bank has installed 11 Automated Cash Deposit machines and 72 automated self pass book printers at various places to reduce load on branches.
3. The Bank has an arrangement in CBS for online fee Collection of different institutes; Organizations etc. wherein Bank will be receiving the commission. The Bank has already started IBPS (Indian Banking Personal Selection) online fee collection, over the counter fee collection for Amravati collectorate, etc.
4. The Bank has started “Remit2India” which is a web-based, person to person money transfer system that allows individuals particularly our Non-Resident Depositors to remit foreign currency amount for credit to the Beneficiary account in India.
5. Introduced Sukanya Samriddhi Yojana for the designated branches
6. Introduced the Loyalty Rewards Scheme for all the customers wherein the registered customers will get Loyalty Points. These Points can be earned and burned using the internet banking & debit cards.
7. Introduced the Pay TM wallet for all the customers wherein the customers can use this wallet for online purchasing.
8. For Mobile Banking we are working on aggressive on boarding of customers.  
9. Launched MUDRA Card on 16.9.2015 as a Rupay Debit Card which is hassle free flexible credit product that meets working capital needs of Micro & Small Entrepreneurs.
10. Introduced new variant in Rupay card, this card can be given to the customer maintaining minimum quarterly average balance of Rs. 10,000/- & above for new and existing customers.

The Bank has contributed significantly in Financial Inclusion especially through the achievement over the targets under PMJDY and Bank has received 1st rank among PSU banks for Aadhar seeding in PMJDY accounts from DFS. As a SLBC convener for Maharashtra it took full responsibility for implementation of PMJDY and Aadhar Seeding in these accounts in Maharashtra.

Bank has mobilized 7, 48,587 policies under PMJJBY, 14, 13,165 policies under PMSBY and 43,936 accounts under Atal Pension Yojana during last financial year.