About the Company

Bank of Maharashtra (BoM) was registered on September 16, 1935 with a capital of Rs10 Lakh. Today, BoM is a premier Bank in the country, with a vast network and several ATMs in 29 states and 5 Union Territories. The Bank has a customer base of millions with the state-of-the-art technology in enhancing customer convenience through Internet Banking, Mobile Banking etc

Business area of the bank

Bank of Maharashtra has the largest network of branches than any other public sector banks in Maharashtra. The services offered by the bank include Personal Banking - under which they offer services & products such as deposits, savings, personal loans, educational loans, RTGS, demat services, credit cards,etc.;NRI banking under which they offer products and services to NRI clients such as FCNR accounts, remittance services, etc. The PSU bank also offers services to agricultural and SME sectors. 

History and milestones

  • 1936: Commenced operations on 08-02-1936 in Pune.
  • 1938: Second branch of the bank was opened in 1938 at Fort, Bombay.
  • 1940: Third branch came up at Deccan Gymkhana, Pune.
  • 1944: Status as Scheduled Bank obtained.
  • 1946: Deposits crossed Rs One crore mark. Formed fully owned subsidiary, The Maharashtra Executor & Trustee Company. First branch outside Maharashtra opened in Hubli (Mysore Starte, Now Karnataka).
  • 1949: Expansion to AP: Hyderabad branch opened.
  • 1963: Expansion to Goa:  Panjim  Branch opened.
  • 1966: Expansion to Madhya Pradesh: Indore branch opened. Entered in Gujarat: Baroda branch opened.
  • 1969: Nationalised alongwith 13 other Banks. Entry in Delhi by opening Karolbagh branch on 19-12-69.
  • 1974: Deposit base crossed Rs. 100 Crore mark.
  • 1976: Marathwada Grameena Bank, first RRB established on  26-08-1976.
  • 1978: New Head Office building inaugurated by Hon'ble Prime Minister of India Shri. Morarji Desai Deposits crossed the figure of Rs 500 Crores.
  • 1979: “Mahabank Agricultural Research and Rural Development Foundation”,  registered as a public trust, was established for undertaking research and extension work and to provide more extensive services to farmers.
  • 1985: 500th branch in Maharashtra state was opened at the hands of the then Prime Minister, Mrs Indira Gandhi at Nariman Point, Mumbai. First Advanced Ledger Posting Machine (ALPM) was installed at the branch. Golden Jubilee Year Celebrations launched at the hands of Dr. Manmohan Singh, Governor Reserve Bank of India.
  • 1986: Thane Grameena Bank sponsored.
  • 1987: The 1000th branch of the Bank was inaugurated at Indira vasahat, Bibwewadi, Pune at the auspicious hands of Dr.Shankar Dayal Sharma, the Honourable Vice President of India.
  • 1991: 'Mahabank Farmer Credit Card ' was launched. Entered in to Domestic Credit Card Business. Main Frame Computer installed. Became member of the SWIFT.
  • 1995: Diamond Jubilee Celebrations - Dr C Rangarajan the RBI Governor was the Chief Guest. Deposits crossed Rs 5000 crore mark.
  • 1996: Moved into “A” category from the earlier “C” category. Autonomy obtained.
  • 2000: Deposits crossed Rs 10000 crore mark.
  • 2004: Public Issue of Shares - 24% owned by Public. Listed in BSE and NSE.
  • 2005: Bancassurance and Mutual Fund distribution business started.
  • 2006: Crossed total business level of Rs.50,000 Crore. Branch CBS Project started.
  • 2009: Entered in to 75th year of dedicated service to the Nation.Adopted 75 underdeveloped villages for integrated overall development.
  • 2010: 100% CBS of branches achieved Total Business crossed Rs One lakh crore. Opened 76 branches in the Platinum Year taking the total to 1506. Platinum Jubilee Year concluding ceremony at the hands of the then Finance Minister, Shri Pranab Mukherjee held at Vigyan Bhavan, New Delhi. New initiatives like Mahachetana, opening of E-lounges in Pune, Mumbai and Delhi, Micro Asset Recovery cells were implemented.
  • 2011: First SHG Branch opened in Pune. Bank sponsored Maharashtra Gramin Bank achieved 100% CBS in record 77 days. 77th anniversary of Foundation day celebrations at the hands of Honble Finance Minister, Shri Pranab Mukherjee dedicating 5 specialised branches to SHGs and opening of 5 Mid-Corporate branches on the occasion. First ever visit of Union Finance Minister to Bank’s Central Office - Honble Finance Minister, Shri Pranab Mukherjee visits Lokmangal, the Bank’s Head quarters in Pune on 7-11-2011.
  • 2012: Hon’ble Union Finance Minister Shri P Chidambaram inaugurates the Bank’s 1624th branch at Rajgambiram on 25.08.2012. Sept 2012: Bank’s total business crossed Rs.1,50,000 cr and reached the level of Rs. 1,51,320 crore. Bank of Maharashtra awarded “Best Banker - Customer Friendliness” for 2012 by The Sunday Standard. Received the Dun & Bradstreet - Polaris Financial Technology Banking Award 2012 as Best Public Sector Bank under the category “Asset Quality”. BoM hosted Bancon 2012 in Pune on 24th-25th November 2012. Hon’ble Union Finance Minister Shri P. Chidambaram inaugurated the Conference.
  • 2013: Launch of Rupay card launch by Sonia Gandhi in Delhi. 50 Branches opened on 15th August 2013. Total Business Crossed Rs 2.00 Lakh Crore.
  • 2014: 162 new branches; largest number to be opened in a single year, opened taking the branch network to 1890.1129 ATMs installed taking the total number to 1827. Bank’s own EFT Switch implemented live.
  • 2015: 26 new branches; Branch network reached 1889. Launched ‘Mahamobile’-Mobile Banking Application. ISO 27001:2013 certification for its Data Centre, DR Centre, PMO & HO-IT.
  • 2016: Bank crossed milestone figure of Rs 2.50 Lakh Crore. Implemented ‘MAHASECURE’ - add on application for Internet Banking; because of which no phishing attacks have been reported. ‘Best Financial Inclusion Initiative’ award by IBA - Banking Technology.
  • 2017-18: “Ghar Ghar Dastak Yojana” (GGDY) was introduced for Small NPA borrowers up to Rs 10 lakhs. The bank has launched “MahaMukti - 2017-18 (A)” and “MahaMukti - 2017- 18 (B)”. The bank has also launched Mahabank Karjmukti Yojana, an OTS scheme for recovery in Regular Written Off (RWO) a/cs up to Rs 25 lakhs introduced in previous year was continued during 2017-18.
  • 2018-19: Maha-Riyayat Yojana (MRY) was introduced for NPAs having ledger balance above Rs 1 crore and up to Rs 50 crore.
  • 2019-20: Introduced new schemes - Maha Contractor Scheme, Maha Hospitality Scheme and ‘Standby Line of Credit for MSME (SLCMSME). Introduced Standby line of credit for working capital (SLC-WC) to give additional comfort to the existing MSME borrower in regard to liquidity easing. Under Contactless Cards, the bank launched National Common Mobility Card (NCMC).
Parent OrganizationBank Of MaharashtraManaging DirectorAS Rajeev
Founded1935NSE SymbolMAHABANK