Bank Of Maharashtra

State-owned Bank of Maharashtra (BoM) on Friday announced launch of several new products and utilities including digitised personal loans and upgraded mobile banking. To make customer journey more efficient and strengthen bank's digitization journey, the bank launched, end-to-end digitised personal loans for customers in several regions viz. Pune region (Pune West, Pune City & Pune East), Bengaluru, Kolkata, Patna and Chandigarh, BoM said in a statement. Existing customers can avail loan up to Rs 20 lakh, in a hassle free manner, through digitised medium, it said. To add to the customer delight bank came up with features for its Visa and Rupaydebit Cards. Visa International Debit Card is new edge contactless card which will work on all tap & pay device, across India and abroad, which can be availed without any joining fees, it said. It can also serve as an electronic purse, where money gets debited instantly from the account whenever the customers pays, it said, adding, the ...

State-owned Bank of Maharashtra (BoM) on Wednesday said it has posted a credit growth of 29.59 per cent at Rs 1.75 lakh crore for the March quarter. The outstanding credit was Rs 1.35 lakh crore at the end of March 31, 2022, BoM said in a regulatory filing. The Pune-headquartered lender registered a 21.28 growth in total business to cross a milestone of Rs 4 lakh crore. At the end of March 2023, the total business (total advances and total deposits) increased to Rs 4.09 lakh crore as against Rs 3.37 lakh crore at the end of the previous fiscal. Total deposits of the bank increased by 15.7 per cent to Rs 2.34 lakh crore as against Rs 2.02 lakh crore at the end of the fourth quarter of the previous financial year. During the quarter, it said, the Current Account and Savings Account (CASA) stood at 53.39 per cent of the total deposits. With regard to Credit Deposit (CD) ratio, it said, the number has increased to 74.87 per cent at the end of March 31, 2023 as against 66.85 per cent i

State-owned Bank of Maharashtra (BoM) on Friday said it has opened its first dedicated branch for startups in Pune. The dedicated branch will provide all kinds of support to a startup during its growth journey, BoM said in a statement. During the inauguration, BoM MD and CEO AS Rajeev said, "India is one of the growing hubs for startups and unicorns in the world. It is imperative for us to start our own dedicated branch for startups, where we shall cater to all their needs -- right from the inception to the issuance of IPO/FPO". Pune is strategically important for us to venture into, considering the technological and industrial advancement of the city and the expertise the bank has, the lender said. This will begin a new vista for the bank and also for startups in Pune city and Maharashtra state, he added. Speaking at the occasion, BoM ED Asheesh Pandey said startups are entrepreneurial ventures in an early stage of business operation, which if properly nurtured, becomes an integr

The department under the finance ministry did not conduct an assessment of the capital requirement according to its own standard practice before recapitalisation

20 bps reduction takes rate to 8.4% as the lender scales up efforts to cater to growing volumes ahead of the close of the financial year

State-owned Bank of Maharashtra (BoM) on Sunday announced a reduction in the interest rate on home loans to 8.4 per cent from the existing 8.6 per cent. The new rate is effective from March 13, 2023, BoM said in a statement. The home loan at 8.4 per cent makes it one of the lowest in the banking sector. Besides, it said, the bank has also a special rate of interest (ROI) for defence personnel, including paramilitary forces, benefiting salaried and pensioner categories for home loans. BoM has already waived processing fees for its gold, home and car loans under the festive offer, the lender said. By introducing this offer, it said, BoM is offering the most lucrative ROI with added benefits on its array of products, benefiting customers availing them. Last week, public sector lender Bank of Baroda slashed its home loan interest rates by 40 basis points (bps) to 8.5 per cent. Further, BoB also reduced its MSME loan interest rates starting at 8.4 per cent. Both offers were effectiv

The sell-off in the banking pack, analysts said, was a knee-jerk reaction to the developments with US-based Silicon Valley Bank (SVB) that announced a share sale to shore up its finances

Bank of Maharashtra (BoM) has emerged as the top performer among state-owned lenders in terms of loan growth percentage during the third quarter of 2022-23, an analysis of the latest financial results of public sector banks showed. The Pune-based lender recorded a 21.67 per cent increase in gross advances on a year-on-year basis, according to the latest quarterly numbers of the public sector bank (PSB). The bank has maintained the top slot in credit growth in percentage terms consistently for the past 10 quarters despite COVID-19 pressures. BoM was followed by the Union Bank of India with 19.80 per cent growth. Country's largest lender State Bank of India (SBI) stood at fourth spot with 16.91 per cent rise in advances growth. However, SBI's total loans were about 17 times higher at Rs 26,47,205 crore as compared to Rs 1,56,962 crore of BoM in absolute terms. In terms of Retail-Agriculture-MSME (RAM) loans, BoM has recorded the highest growth of 19.18 per cent, followed by Punjab &

Public sector banks (PSBs) have logged a robust profit growth of 65 per cent to Rs 29,175 crore during the third quarter ended December 2022, with Bank of Maharashtra (BoM) emerging as the top performer in terms of percentage growth in profit. The Pune-headquartered lender recorded a 139 per cent jump in profit to Rs 775 crore at the end of December 2022, according to quarterly results declared by the PSBs. BoM was followed by Kolkata-based UCO Bank which posted a profit of Rs 653 crore, 110 per cent higher than its earning in the third quarter of the previous fiscal. Two other lenders whose profit growth was higher than 100 per cent were Union Bank of India and Indian Bank. The Mumbai-based Union Bank of India witnessed a 107 per cent rise in net profit at Rs 2,245 crore, while Chennai-based Indian Bank reported a 102 per cent increase at Rs 1,396 crore for the October-December period of 2022. All 12 PSBs cumulatively earned a profit of Rs 29,175 crore in the third quarter of the

Senior citizens will be offered an additional rate of 0.5% per annum for all maturity slabs

State-owned bank may come out with qualified institutional placement of equity shares in the last quarter of FY23

As per the Sebi norms, listed entities are required to have at least 25 per cent public shareholding

State-run Bank of Maharashtra (BoM) on Monday reported a two-fold jump in its standalone profit after tax (PAT) at Rs 775 crore in the quarter ended December 2022 due improved asset quality.

Writes to management, says bank losing deposits to other lenders

Company is losing balances in savings as well as fixed deposits to competitors, it says

State-owned Bank of Maharashtra (BoM) on Tuesday said it has posted a credit growth of 21.81 per cent to Rs 1.57 lakh crore for the third quarter ended December 2022. The outstanding credit was Rs 1.29 lakh crore at the end of December 31, 2021, BoM said in a regulatory filing. The bank's deposits aggregated to about Rs 2.08 lakh crore as of December 31, 2022, registering a growth of 11.69 per cent over Rs 1.86 lakh crore at the end of December 31, 2021, it said. During the quarter, it said, the Current Account Savings Account (CASA) stood at 52.50 per cent of the total deposits. The Pune-headquartered lender recorded a total business growth of 15.83 per cent to Rs 3.65 lakh crore at the end of third quarter, as compared to Rs 3.15 lakh crore at the end of the same quarter in the previous fiscal.

State-owned Bank of Maharashtra (BoM) on Thursday said it has raised Rs 880 crore through Basel III-compliant Additional Tier 1 (AT1) bonds. The issue, including green shoe option of Rs 680 crore, was subscribed more than four times against base size of Rs 200 crore, the bank said in a statement. The fund raised through the AT1 bonds will support the business growth of the bank, it added. The AT1 instrument with a coupon rate of 8.74 per cent is perpetual in nature.

Over the last couple of weeks, banks have made a beeline to raise funds by issuing debt instruments

In the past one month, the Nifty PSU Bank index has rallied 17.4 per cent as against a 2.1 per cent gain in the S&P BSE Sensex

State-owned Bank of Maharashtra (BoM) on Wednesday said it has raised Rs 348 crore from bonds to fund business growth. The lender raised the funds through private placement of Basel-III compliant tier II bonds, BoM said in a regulatory filing. The paper of face value Rs 1 crore each carries a coupon rate of 8 per cent, it added. The bonds will be listed on the Wholesale Debt Market segment of the BSE.