Bank of Maharashtra expects total business to cross ₹3 lakh crore soon

Total business of BoM was ₹2.85 lakh crore at the top of June 2021
State-owned Bank of Maharashtra (BoM) is well poised to cross ₹3 lakh crore in total business soon on the rear of improved economic sentiment, a top official said.

The bank has been a performer in various key parameters, including deposit mobilisation, credit growth, recovery and risk management, BoM director and CEO, AS Rajeev, told PTI.

Despite challenging times, he said, the bank has consistently expanded its record and reduced non-performing assets (NPAs).

Going forward, the bank is well poised to cross the business mixture of ₹3 lakh crore as economic activity gathers pace moderately in Covid-19 cases, he added.

The total business (deposits and advances) of BoM increased by 14.17 per cent to ₹2.85 lakh crore at the top of June 2021.

Dedicated government branch

To further mobilise low-cost deposits, Rajeev said the bank opened a fanatical branch to manage government business.

This specialised branch, inaugurated by Minister of State for Finance, Bhagwat K Karad, on Thursday, will provide better service to government departments and central public sector enterprises.

Other senior officials of the bank – including head Chitra Datar and Deputy head Nayana Sahasrabuddhe – were also present at the inauguration of the new branch.

Expansion within the government business would offer access to low-cost deposits and a discount within the cost of funds, resulting in a lower rate for the borrowers, Rajeev said.

The bank has launched special offers for the retail segment, including housing and auto, he added.

The bank has already started a loan outreach programme, and every one field functionaries are sensitised, he said, adding that this could provides a good dividend.