Bank of Maharashtra Leads in FY24 Business Growth

May 23, 2024

The Bank of Maharashtra grew much faster than other public sector banks in India in the fiscal year 2024. The total domestic business growth for this Pune-based institution was 15.94%, which was higher than the 13.12% growth for the State Bank of India.

Growth in Deposits and Advances

With a growth rate of 15.66%, the Bank of Maharashtra came in first for deposit growth in FY24. It grew its deposits faster than SBI, Bank of India, and Canara Bank, putting it ahead of the other 12 public sector banks in terms of deposit growth. In the same way, UCO Bank had the highest growth in loan advances (16.38%), but the Bank of Maharashtra was right behind it with 16.30%. With a 16.26% rise, SBI also showed strong gains in loan growth. The bank’s achievement in Current Account Savings Account (CASA) deposits, where it had the highest growth rate of all public sector banks (52.73%) by the end of March 2024, is a key part of its success.

Asset Quality

Notably, the Bank of Maharashtra kept its assets in good shape, with the sector’s lowest gross non-performing assets (NPAs) rate of 1.88%. Its net NPAs were also very low, at 0.2%, which is a strong sign of its financial health and business efficiency. Based on this knowledge, the Bank of Maharashtra has done incredibly well in many areas, making it a leading institution in India’s public sector banking.

More About Bank of Maharashtra

Establishment and Nationalization

The Bank of Maharashtra was founded on September 16, 1935, in Pune, Maharashtra, India. It was first called “Bank of Maharashtra Ltd.”
In 1969, it became a nationalized bank during the nationalization drive led by Prime Minister Indira Gandhi.
Unique among many Indian banks, it continues to maintain its headquarters in Pune, reflecting its regional origins.

Commitment to Agriculture

The bank introduced the “Surya Krishi Card,” a credit card made just for farmers.
This card underscores the bank’s dedication to agricultural development and support for the farming community.
By providing targeted financial products, the bank demonstrates its commitment to addressing the needs of the agricultural sector.

Technological Advancements

The bank’s logo, which is a regular person stepping forward in orange and deep blue, stands for growth and new ideas.
In 2004, the Bank of Maharashtra became the first Indian bank to fully computerize all its branches.
This important milestone made the bank’s operations much more efficient and its customer service much better.

« Previous Post Next Post »