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Bank of Maharashtra (BoM) expects good demand for retail, agriculture and MSME (RAM) loans in the National Capital Region (NCR).
The public sector lender on Monday handed out credit sanction letters of about ₹270 crore to RAM segment beneficiaries in the National Capital Region (NCR).
The sanction letters were handed out by Executive Director Asheesh Pandey at a customer connect and outreach event in the Capital.
Pandey said the outreach programme had led to the opening of 1,129 CASA accounts. Moreover, a number of customers had enrolled in social security schemes, including 2082 Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), 3314 Pradhan Mantri Suraksha Bima Yojana (PMSBY) and 173 Atal Pension Scheme. In addition 350 Senior Citizens Scheme accounts, 208 public provident fund accounts and 112 Sukanya Samriddhi Yojana accounts were also opened
Also read: Bank of Maharashtra tops PSU lenders chart in profit and loan growth in FY23
Speaking to businessline after the event, Pandey said North India was an “important market” and a “strategic location”. The bank had received good demand for credit from the RAM segment in the NCR. In the current fiscal, BoM is looking to add about 62 branches in North India.
The bank started its outreach programme in May 2022 and has conducted over 100 such programmes across the country in the last 13 months.
The bank was conservatively looking at 22-25 per cent credit growth this fiscal, and 14-16.5 per cent deposit growth.
BoM had recorded credit growth of 26-29 per cent in the last two fiscal years.
Pandey said BoM was looking to grow on a pan-India basis and was expanding its branch network in North, South and East India, besides Maharashtra in Western India. As on date, BoM has a branch network of 2,210 branches.
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