Bank of Maharashtra Aims to Achieve More Business by Opening More Branches Across Kerala

KOCHI:
Bank of Maharashtra plans to achieve a turnover of 2000 crores by June 2021 by opening 15 new branches across Kerala. They plan to open 10 branches by 31 st March 2021 in the State. Thus, bank plans to achieve a turnover of 1,500 crores by 31 st March 2021.

Last year, bank achieved a business of 600 crores thru’ 15 branches in Kerala. They intend to strengthen their presence in MSME, retail and agriculture sectors. Bank has disbursed gold loans worth 1500 crores till now and aims to achieve amount of 3000 crores by March next year. Delay in sanctioning of loans will be minimized by opening new branches and setting up Zonal office in Kerala, said A S Rajeev, MD & CEO, Bank of Maharashtra.

Through “Ghar Vapasi” scheme bank was able to bring back 25000 customers who had left dealing with the bank and thus able to achieve 1200 crores business. The bank has allocated a sum of 1150 crores for various schemes to tackle covid 19. Loan defaulters till August 2020 will not be considered under NPA. Net profit during second half rose to 13.4% with profit of 135 crores. Bank intends to achieve a growth rate of 12-15% this year.

Bank is giving retail loans such as Home Loan, Vehicle Loan, Education Loan and LAP etc with very low interest rate. Bank is providing home loans amounting upto 90% within 48 hours. Quality and fast service is their motto.