Money & Banking

Bank of Maharashtra expects total business to cross ₹3 lakh crore soon

PTI New Delhi | Updated on September 03, 2021

Total business of BoM was ₹2.85 lakh crore at the end of June 2021

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

The bank has been a performer in various key parameters, including deposit mobilisation, credit growth, recovery and risk management, BoM Managing Director and CEO, AS Rajeev, told PTI.

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

Going forward, the bank is well poised to cross the business mix of ₹3 lakh crore as economic activity gathers pace with moderation in Covid-19 cases, he added.

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

Dedicated government branch

To further mobilise low-cost deposits, Rajeev said the bank 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 government departments and central public sector enterprises.

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.

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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 said.

The bank has launched special offers for the retail segment, including housing and auto, he added.

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

Published on September 03, 2021

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