Bank of Maharashtra

Bank of Maharashtra is a premiere banking institution in India, offering a wide range of core and online banking products and services. The bank lays special emphasis on social banking by advancing loans to rural and poor-credit customers.[br]

Bank of Maharashtra is a premiere banking institution in India, offering a wide range of core and online banking products and services. The bank lays special emphasis on social banking by advancing loans to rural and poor-credit customers.[br]

Bank of Maharashtra: Company Information

Bank of Maharashtra was registered in 1935 in Pune, then a small city in western India. It officially started operations in 1936. The bank’s operations were central to the industrialization in the state of Maharashtra. In 1969, the bank was nationalized, along with 13 other banks, to bring its operations under the purview of the Government of India. The process helped the bank achieve national status and grow a healthy infrastructure. Bank of Maharashtra achieved autonomy in 1998. According to the official website, autonomous status helped in product innovation and in offering simplified services through multiple delivery channels, without the intervention of the government.

 

As of 2009, the bank has the largest number of branches in the public sector bank segment in Maharashtra. In total, the bank has a network of 1421 branches and 345 ATMs throughout the country.[br]

Bank of Maharashtra: Products and Services

Bank of Maharashtra offers a wide range of products and services by incorporating technology into the banking infrastructure.

 

• Deposits: The bank has a wide range of fixed rate and floating rate deposit schemes to cater to varying financial needs. Some of the most popular deposit products are Mahasaraswati Scheme, Mahabank Lok Bachat Yojana, Mixie Deposit Scheme and Mahabank Unit Deposit Scheme. The bank offers priority loan services and an ATM-cum-debit card with every deposit scheme.

• Credit facilities: Loan schemes are available for individual customers, exporters, corporate clients, farmers and entrepreneurs. Credit products include Letter of Credit, term loans and overdrafts.

• NRI banking: The bank has named its NRI (non-resident Indian) services ‘Maha Bharati’. An NRI can open deposit and savings accounts and access remittance services from designated branches of the bank.

• Internet banking: With Bank of Maharashtra’s internet banking services, customers can manage their accounts, receive mini statements, enquire about their cheque (check) status and pay utility bills online.

 

To diversify banking, Bank of Maharashtra has started the sale of insurance policies, in association with Life Insurance Corporation of India (LIC) and United India Insurance.