Bank of Maharashtra Expects Totaal Business to Cross Rs 3 Lakh Crore Soon

KOCHI:
Bank of Maharashtra (BoM) is well poised to cross Rs 3 lakh crore in total business soon on the back of the improved economic sentiment, a top official has said.

The bank has been a performer in various key parameters, including deposit mobilization, credit growth, recovery, risk management etc., said A S Rajeev, Managing Director & CEO. Despite challenging times, 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 Rs 3 lakh crore soon as economic activity gathered pace with moderation in COVID-19 cases, he added.

The total business (deposit and advances) of BoM increased by 14.17 per cent to Rs.2,85 lakh crore at the end of June 2021. To mobilize low-cost deposits, the bank has opened a dedicated branch to manage government business. This specialized branch, inaugurated by Minister of State for Finance Bhagwat K Karad will provide better service to the government departments and Central Public Sector Enterprises (CPSEs). Bank General Manager Chitra Datar and Deputy General Manager Nayana Sahasrabuddhe were also present at the inaugural function.

A S Rajeev also said that 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. Bank has launched special offers for the retail segment, including housing and auto. The bank has already started a loan outreach program, and all the field functionaries have been sensitised, he said, adding this should give a good dividend.