Bank of Maharashtra aims to Expand Business in Gujarat to Rs 20,000 crore

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Bank of Maharashtra, a public sector lender, has set ambitious goals to increase its business in Gujarat. According to Asheesh Pandey, the Executive Director of Bank of Maharashtra, the bank aims to raise its business by approximately 66% by the end of the fiscal year 2024-25. Pandey made this announcement during his visit to Gujarat, where he inaugurated two new branches of the bank in Ahmedabad and Vadodara.

Bank of Maharashtra is an Indian public sector bank headquartered in Pune. The bank had 30 million customers across the country with 2263 branches as of June 2023.

Raising Business Targets

Currently, Bank of Maharashtra has a business worth Rs 12,000 crore in Gujarat. However, the bank intends to raise this amount to Rs 15,000 crore by the end of the June quarter and further increase it to Rs 20,000 crore over the subsequent nine months of the fiscal year 2024-25. This substantial increase in business reflects the bank’s confidence in the growth potential of the Gujarat market.

About Bank of Maharashtra

Founded16 September 1935; 88 years ago
Headquarters1501, Lokmangal, Shivajinagar, Pune, Maharashtra India
Number of locations2263 Branches
Revenue₹18,178.73 crore (US$2.3 billion) (2023)
Operating income₹6,099 crore (US$760 million) (2023)
Net income₹2,602 crore (US$330 million) (2023)
Total assets₹267,651 crore (US$34 billion) (2023)
Total equity₹21,000 crore (US$2.6 billion) (2023)
OwnerGovernment of India
Number of employees12,977 (2023)

Inaugurating New Branches

During his visit, Asheesh Pandey inaugurated two new branches of Bank of Maharashtra in Ahmedabad and Vadodara. These new branches signify the bank’s commitment to expanding its physical presence and accessibility to customers in Gujarat. By establishing these branches in strategic locations, the bank aims to cater to the financial needs of businesses and individuals in these regions.

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Focus on Growth and Expansion

Bank of Maharashtra’s target to increase its business in Gujarat highlights its focus on growth and expansion. By setting ambitious goals, the bank aims to capitalize on the opportunities presented by the thriving Gujarat market. With a larger presence and increased business, Bank of Maharashtra can better serve the financial requirements of its customers and contribute to the economic development of the state.

Conclusion

Bank of Maharashtra’s plans to increase its business in Gujarat demonstrate its commitment to growth and expansion. With the inauguration of new branches and the ambitious targets set by Asheesh Pandey, the bank aims to significantly raise its business in the state. By doing so, Bank of Maharashtra aims to strengthen its position in the Gujarat market and provide enhanced financial services to its customers.

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