Bank of Maharashtra opens second zonal office in State

November 22, 2023 07:57 pm | Updated 07:57 pm IST - HUBBALLI

Managing director and CEO of Bank of Maharashtra A.S. Rajeev addressing a press conference in Hubballi on Wednesday.

Managing director and CEO of Bank of Maharashtra A.S. Rajeev addressing a press conference in Hubballi on Wednesday. | Photo Credit: KIRAN BAKALE

Bank of Maharashtra, which will commission three more zonal offices in different States by the end of the current fiscal, will set up four more zonal offices and 250 new branches in the next financial year.

Addressing presspersons after the inauguration of the bank’s 43rd zonal office in Hubballi on Wednesday, managing director and CEO of the bank A.S. Rajeev said that with a pan-India business of ₹4.30 lakh crore, the bank is expanding gradually to cater to the needs of its customers.

“The bank was initially operating mainly out of Maharasthra, but in the subsequent years it expanded gradually extending its network of branches to almost all the States in the country. We have set up our 43rd zonal office in Hubballi and by the end of this fiscal, we will have three more zonal offices in Tamil Nadu and Madhya Pradesh,” he said.

Mr. Rajeev said that the second zonal office in the State has been set up in Hubballi in view of the good business potential in Karnataka which makes significant contribution to the country’s GDP. In adherence to RBI guidelines, the bank has extended its services to rural areas and is operating through its business correspondents, he said.

To a query, Mr. Rajeev said that at present the bank’s gross NPA stood at 2.19% and the Net NPA has reduced to 0.23%.

The bank’s business has recorded a 22.77% growth over the corresponding period of the previous fiscal by doing a business of ₹4,22,420 crore at the end of September 2023, he said.

Zonal manager of the Hubballi zone Sucheth D’Souza said that the bank has a total of 75 branches in the State out of which 36 branches will function under the new zone.

Out of the 17 new branches planned in the State, 12 will be set up in the Hubballi zone. Out of the ₹22,000 crore business recorded by September 2023, Hubballi zone contributed ₹4,400 crore, he said.

Mr. D’souza said that the bank plans to take its business in the State to ₹27,000 crore by March 2024 and that of Hubballi zone to ₹5,400 crore.

General Manager (Government Business) Chitra Datar was present.

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