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Having garnered a total business of ₹5,137 crore from Kerala, Bank of Maharashtra is looking at opening 60 branches in the State by the end of the current fiscal.
The major focus is on credit and the business growth expected in the current financial year is 25-30 per cent, said A.S.Rajeev, Managing Director, Bank of Maharashtra. The bank is looking at CASA, retail advances, MSME and Corporate advances, he said.
New zonal office
With presence in all districts, the branch network is 23 across Kerala. The bank will be opening additional eight more branches by July 31 and will be doubling its presence in each district by March 31, 2023. There are also plans to open two branches in Lakshadweep islands in the next three months, where there is a good potential for gold loans, he added.
Rajeev, who was here to inaugurate the new zonal office on Monday, told reporters that the opening of the office will facilitate more focus on business growth and branch expansions.
“We plan to improve the gold loan business in Kerala and will appoint business correspondents to each and every branch in the State”, he said.
Bank of Maharashtra is No 1 amongst the public sector banks in respect of all major business parameters for the FY 2021-22. “Our corporate goal is to achieve ₹4.25 lakh crore by March 31, 2023 and ₹5.25 lakh crores by FY 2023-24”, he added.
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