Bank of Maharashtra on Friday opened a new corporate finance branch (CFB) in the city as part of plans to strengthen the network and grow business in the State.
Special Chief Secretary for Irrigation to Telangana government Rajat Kumar inaugurated the facility, located in Sultan Bazar, in the presence of BoM Executive Director A.B.Vijayakumar and other bank officials.
“Bank of Maharashtra has sizeable exposure to the government of Telangana for various projects. The CFB branch shall cater to the needs of government guaranteed advances in the future as well,” Mr. Rajat Kumar said, handing over sanction letters for ₹100 crore to new customers. The bank in a release said the business level of CFB is ₹3200 crore, which will increase to ₹5,000 crore by March.
The CFB will be exclusively for government and corporate accounts, Mr.Vijayakumar said. BoM intends to spread across Telangana by opening at least one branch per district. It has 38 branches in 17 districts and there are plans open nine more branches by March, he said.
The business of the Hyderabad Zone of BoM stood at ₹12,121 crore as on March 31, 2021. Creation of a new zone in Vijayawada, by carving 25 branches in Andhra Pradesh, the business was reduced by ₹4,000 crore. Zonal Manager Hyderabad R. Jaganmohan said by March 2022, the Hyderabad Zone will touch ₹12,000 crore business level on the back of active support of the State government.
