Bank of Maharashtra is embarking on an ambitious expansion plan, aiming to establish a strong presence across India. In the next financial year, the bank intends to set up four additional zonal offices and 250 new branches, further expanding its reach and catering to the diverse needs of its customers. This strategic move aligns with the bank’s ongoing efforts to solidify its position as a leading financial institution in the country.
Addressing the media after the inauguration of the bank’s 43rd zonal office in Hubballi, Karnataka, Managing Director and CEO A.S. Rajeev emphasized the bank’s commitment to serving customers nationwide. He highlighted the bank’s expansion trajectory, from its initial focus on Maharashtra to its current presence in nearly all Indian states. The establishment of the new zonal office in Hubballi reflects the bank’s recognition of Karnataka’s significant contribution to India’s GDP and the region’s untapped business potential.
In line with RBI guidelines, Bank of Maharashtra has extended its services to rural areas through its network of business correspondents, ensuring financial inclusion and access to essential banking services for all. Rajeev also addressed the bank’s financial performance, noting that the gross NPA stands at 2.19% and the Net NPA has been reduced to 0.23%. He further remarked on the bank’s impressive business growth, recording a 22.77% increase over the corresponding period of the previous fiscal, reaching ₹4,22,420 crore at the end of September 2023.
Zonal Manager of the Hubballi zone Sucheth D’Souza provided insights into the bank’s plans for the region. Out of the 75 branches in Karnataka, 36 will fall under the new zone’s purview. Additionally, 12 of the 17 new branches planned for the state will be established within the Hubballi zone. D’Souza expressed optimism about the bank’s growth prospects, aiming to increase its business in the state to ₹27,000 crore by March 2024 and the Hubballi zone’s contribution to ₹5,400 crore.
General Manager (Government Business) Chitra Datar was also present at the event.
Bank of Maharashtra’s expansion plans underscore its commitment to providing accessible and comprehensive banking solutions to customers across India. The establishment of new zonal offices and branches will undoubtedly contribute to the bank’s long-term growth and success.
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