Bank of Maharashtra expects total business to cross Rs 3 trn soon

The bank has been a performer in various key parameters, including deposit mobilisation, credit growth, recovery, risk management etc, BoM managing director and CEO A S Rajeev said

State-owned Bank of Maharashtra (BoM) is well poised to cross Rs 3 lakh crore in total business soon on the back of the improved economic sentiment, a top official has said.

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

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

Going forward, he said, the bank is well poised to cross the business mix of Rs 3 lakh crore soon as economic activity gathered pace with moderation in COVID-19 cases.

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

To further mobilise low-cost deposits, Rajeev said the bank has opened a dedicated 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 the government departments and Central Public Sector Enterprises (CPSEs).

Along with MD and CEO, other senior officials of the bank -- including general manager Chitra Datar and Deputy General Manager Nayana Sahasrabuddhe -- were also present at the inauguration of the new branch.

He said expansion in the government business would provide access to low-cost deposits and a reduction in the cost of funds, leading to a lower rate for the borrowers.

Rajeev also said that the bank has launched special offers for the retail segment, including housing and auto.

The bank has already started a loan outreach programme, and all the field functionaries have been sensitised, he said, adding this should give a good dividend.