Bank of Maharashtra's Remarkable Journey in 2023
Bank of Maharashtra (BoM), a leading public sector bank in India, is headquartered in Pune, Maharashtra. Founded on September 16, 1935, by V.G. Kale and D.K. Sathe, BoM initially aimed to support small enterprises. Over time, it has evolved into a substantial banking entity, boasting a network of over 2,263 branches across the country and employing approximately 13,499 individuals as of 2023. It holds the distinction of having the largest network of branches among nationalized banks in Maharashtra.
In 1969, the bank was nationalized, aligning with the government's goal for greater control over the financial sector. Over the years, BoM has been instrumental in promoting financial inclusion and developing rural banking services. In the fiscal year 2022-23, the bank achieved remarkable growth in loan and deposit sectors, being recognized as the top-performing public sector bank in these areas. It recorded a net income of ₹2,602 crore, marking a significant growth of approximately 126% from the previous year.
Beyond traditional banking, BoM has diversified its offerings to include consumer banking, corporate banking, finance and insurance, investment banking, mortgage services, private banking, asset management, and wealth management. By embracing digital technology, BoM has enhanced its online banking capabilities, thus boosting customer convenience and expanding its reach.
The leadership at Bank of Maharashtra has been critical to its growth. Under the guidance of current MD & CEO Nidhu Saxena and contributions from executive directors such as Asheesh Pandey and Rohit Rishi, the bank has seen notable progress. Former leader Allen C. Pereira significantly expanded BoM's presence, particularly in India's northeastern regions.
Bank of Maharashtra remains committed to customer service and operational excellence. As it advances, the bank is dedicated to making meaningful contributions to India's banking industry, staying true to its foundational motto, 'Ek Parivaar, Ek Bank' ('One Family, One Bank').