Bank of Maharashtra opens 1st dedicated branch for startups in Pune

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State-owned Bank of Maharashtra (BoM) on Friday said that 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. During the event, BoM signed a pact with SIDBI venture capital for proactive financing of startups.

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 bank said.

Bank of Maharashtra

Bank of Maharashtra is an Indian public sector bank headquartered in Pune. The bank had 29 million customers across the country with 2022 branches as of March 2022. It has the largest network of branches of any nationalised bank in the state of Maharashtra. The bank was founded by V.G.Kale and D. K. Sathe in Pune. The bank was registered on 16 September 1935 with an authorized capital of US$1 million and became operational on 8 February 1936. It provided financial assistance to small business and gave birth to many industrial houses. The bank was nationalised in 1969.

TypePublic
Traded asBSE: 532525
NSE: MAHABANK
IndustryBanking
Financial services
Founded16 September 1935; 87 years ago
Headquarters1501, Lokmangal, Shivajinagar, Pune, Maharashtra India
Number of locations2022 Branches
Key peopleS. Rajeev (MD & CEO) B Vijayakumar  (Executive Director) Asheesh Pandey  (Executive Director)
Revenue₹13,144.67 crore (US$1.6 billion) (2020)
Operating income₹2,418 crore (US$300 million) (2020)
Net income₹385 crore (US$48 million) (2020)
Total assets₹184,082 crore (US$23 billion) (2020)
Total equity₹5,824.11 crore (US$730 million) (2020)
OwnerGovernment of India
Number of employees13,048 (2020)
Capital ratio13.65% (2020)
Websitebankofmaharashtra.in
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