About | Bank of Maharashtra (BM) , MAHARASHTRA Check here latest notification

The Bank of Maharashtra (BoM) stands as one of India’s leading public sector banks, serving millions of customers across the country. Established in 1935 by a group of visionaries led by V.G. Kale and D.K. Sathe, the bank has grown significantly over the decades, playing a crucial role in fostering financial inclusion and economic development in India. With a deep-rooted presence across the country, Bank of Maharashtra has become a trusted financial institution, recognized for its commitment to providing a wide range of banking and financial services to individuals, businesses, and communities.

A Brief History

The Bank of Maharashtra was founded in Pune with the aim of serving the banking needs of small businesses, the agricultural sector, and common citizens. It became a scheduled bank in 1944 and was nationalized in 1969, as part of India’s push to bring the banking system under greater government control to accelerate financial inclusion and economic growth. The bank's motto, "Ek Parivaar, Ek Bank" (One Family, One Bank), reflects its commitment to customer-centric services.

Services Offered

Bank of Maharashtra offers an extensive range of banking services, catering to both retail and corporate customers. Some of its key services include:

1. Personal Banking

• Savings Accounts: Flexible savings options with competitive interest rates and a range of facilities like internet banking, mobile banking, and more.
• Fixed Deposits: Various fixed deposit schemes with attractive interest rates and tenure options.
• Loans: Personal loans, home loans, education loans, and vehicle loans with quick approvals and customer-friendly terms.
• Cards: Debit cards, credit cards, and prepaid cards for easy financial transactions.

2. Corporate Banking

• Loans and Advances: A wide range of lending solutions such as working capital finance, term loans, and project finance.
• Cash Management Services: Efficient cash management services designed to meet the needs of businesses of all sizes.
• Trade Finance: Comprehensive trade finance solutions for businesses involved in domestic and international trade.

3. Digital Banking

• Internet Banking: Provides 24x7 banking access for managing accounts, making payments, transferring funds, and more.
• Mobile Banking: Offers convenience at your fingertips with services like balance inquiries, fund transfers, bill payments, and mobile recharges.
• UPI Payments: Seamless UPI-based payment solutions for instant money transfers.

4. Agriculture and Rural Banking

Bank of Maharashtra also prioritizes financial inclusion for the agricultural sector, offering specialized products such as:

• Kisan Credit Cards (KCC): Easy credit access for farmers to meet their short-term financial needs.
• Agri Loans: Financing solutions for purchasing equipment, seeds, fertilizers, and more.

Key Features and Innovations

Bank of Maharashtra has been proactive in adopting modern technologies to provide innovative banking solutions:

• Mahabank Mobile App: A comprehensive mobile banking platform for customers to manage their accounts, transfer funds, and pay bills on the go.
• ATMs and CDMs: A widespread network of ATMs and Cash Deposit Machines (CDMs) across the country, providing round-the-clock banking services.
• Mahabank UPI: Enabling customers to link their accounts to UPI and make seamless, instant payments using QR codes and virtual payment addresses.

Corporate Social Responsibility (CSR)

Bank of Maharashtra actively contributes to social welfare through its CSR initiatives, focusing on areas such as:

• Education: Sponsoring scholarships, infrastructure development for schools, and literacy programs.
• Healthcare: Supporting medical camps and providing financial aid for health-related initiatives.
• Environment: Promoting sustainability through tree plantation drives and waste management projects.

Future Prospects

As India’s financial landscape continues to evolve, Bank of Maharashtra is well-positioned to meet the growing needs of the market. With a focus on digital transformation, enhanced customer services, and an expanding product portfolio, the bank is set to continue playing a pivotal role in India’s banking sector.