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Bank of Maharashtra, 16th September
1935, State Level Bankers Committee
The Bank of Maharashtra started functioning
on 8th February 1936 and was
nationalised in July 1969.
Bank of Maharashtra was registered
on 16th September 1935  with
an authorised capital of Rs 10 Lakh by a
group of visionary middle class men. The
sole aim of the founders was to help the
common man from the state that was neglected
by the banking sector at that time.
The bank started functioning on 8th
February 1936 and was nationalised in July
1969. By the time of its nationalisation
the bank had developed its roots in the
entire state and had developed the confidence
of the common man.
Since 1969, the bank has expanded rapidly
into other states and has also reached every
nook and corner of the state. Half of its
branches are in the rural areas. Today the
bank has branches spread across 16 states
and two Union Territories.
The bank has excelled in the field of
social banking and it has the highest share
of Priority Sector Lending in Net Advances.
The Bank derives strength from the common
man, as its savings deposits are 29% of
its deposits. 90% of its depositors have
deposits below Rs 25,000.
The bank provides an array of banking
services that satisfy the changing needs
of depositors as well as small and big borrowers.
It provides finance to various sectors ranging
from Agriculture to Industry and from trade
to export.
The bank is the convener of the State
Level Bankers Committee for the state of
Maharashtra and has been entrusted with
the responsibility of being the lead bank
under the lead district scheme in six districts
of the city.
The bank began computerisation of its
operations in 1982. By March 2000, 269 branches
were computerised and the total business
handled by these branches was more then
50%. The bank has also introduced sophisticated
facilities like ATM, e-mail, Tele Banking,
Query Terminal at various branches.
The bank has acquired the status of an
All India Bank as it has 1195 branches and
14 Extension counters all over the country.
Fourteen of these branches cater exclusively
to Foreign Exchange and Hi-tech Agriculture.
The bank at the same time has gained predominance
in Maharastra with a record number of 883
branches.
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