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Bank of Maharashtra (BoM) is setting much in store by its ‘ Ghar Wapsi’ (return home) campaign to woo former customers as well as existing customers, who have deposits with it but loan accounts with other banks.
These customers are relatively low-hanging fruit for growing the bank’s loan book, according to AS Rajeev, MD & CEO.
The bank is going through its customer database and credit information bureau data with a fine tooth comb to win back lost customers as well as persuade existing deposit customers, having loan accounts with other banks, to return to the fold.
Enthused by the ‘ Ghar Wapsi’ strategy, whereby customers, mostly in the home and micro, small and medium enterprise (MSME) segments, transferred their loan accounts aggregating about ₹600 crore in FY2020 from other banks to BoM, Rajeev said the bank has upped the target for such loan transfers to ₹1,500 crore in FY2021.
The BoM chief said that in FY2020, transfer of home and MSME loan accounts aggregating ₹223 crore and ₹126 crore, respectively, contributed to loan book expansion in these segments.
As at June-end 2020, retail and MSME advances accounted for 25 per cent and 19 per cent, respectively, of BoM’s gross advances of ₹96,621 crore.
“We have seen that some of our customers have gone to other banks since they did not get support from us.
“So, we are contacting them and persuading them to come back into our fold,” said the chief of the Pune-headquartered public sector bank.
BoM has created a list of such customers and field-level staff are contacting them.
Emphasising the need to reach out to customers and build long-term relationships with them, Rajeev said all that a customer seeks is a call from the bank or a visit by a bank official and he/she will be back with BoM.
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