History

_x000D_ Bank of Maharashtra began its business on February 8, 1936. In July 1969, the bank was nationalised and thereafter went through a phase of rapid expansion. In 1998, the Bank attained autonomous status, helping it provide more services and with simplified procedures._x000D_ _x000D_ In 2003-04, the Bank came with their initial public offer of 10 crore shares of ₹10/- each at a premium of ₹13/- amounting to ₹230 crore. The issue received an overwhelming response and was over-subscribed by more than 11 times._x000D_ _x000D_ In 2006, the Bank signed MoUs with Life Insurance Corporation of India and United Insurance Company for the distribution of their insurance products._x000D_ _x000D_ In 2010, the bank also launched its Mobile Banking product named ‘Maha Mobile’. In July 2013, a new department by the name 'Department of Strategic Initiatives' was formed. _x000D_ _x000D_ Thereafter, the bank successfully initiated/launched various IT Projects. For example, in 2016-17, the Contact Centre’s operations were upgraded, including Integrated Voice Response System (IVRS), MahaUPI, i.e. the bank’s UPI mobile app was launched, and the bank started the paperless ATM-RePIN facility named Green PIN through its ATM Machines. The bank launched a new internet banking portal for retail customers in the same period._x000D_ _x000D_ However, in June 2017, the bank was placed under Prompt Corrective Action (PCA) by RBI in view of its high net NPA._x000D_

Business Segments

_x000D_ The services offered by the bank are divided into the following categories:_x000D_ _x000D_ 1. Personal:_x000D_

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• Deposits - This includes Savings Accounts, Current Accounts, Term Accounts, Capital Gain Accounts.
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• Loans - This includes loan schemes such as Maha Super Housing Loan, Maha Super Car Loan, Maha Super Combo Loan, etc.
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• Government Scheme - Major schemes of the government are supported by the bank, such as PMJDY, PMJBY, Sovereign Gold Bond Scheme, NPS, Sukanya Samriddhi Yojna, etc.
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• Digital Banking - This includes various digital services such as Maha mobile, internet banking, Whatsapp banking, BHIM Aadhaar pay, etc.
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_x000D_ 2. Corporate Banking - Banking services for corporates include Working capital, infrastructure finance, project finance, treasury, etc._x000D_ _x000D_ 3. MSME: _x000D_

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• Bank’s schemes - This involves MSME Credit, co-lending, mortgage loans, lines of credit, etc.
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• Government schemes - The bank offers many government schemes for MSME, such as PM Mudra Yojna, Standup India, and PM Employment Generation Program.
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_x000D_ 4. Agriculture - Kisan Credit Cards, term loans, financing for vehicles and small lands by small and marginal farmers, financing against warehouse receipts, etc. _x000D_ _x000D_ 5. NRI - NRE, NRO, FCNR accounts, etc._x000D_ _x000D_ As of January 2021, corporate banking makes up around 39% of Bank of Maharashtra’s loan book, followed by retail (26%), MSME (19%) and agriculture (16%). _x000D_

Subsidiaries

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• Maharashtra Executor & Trustee Company Pvt. Ltd: This is a 100% subsidiary of Bank of Maharashtra, which was established in 1946. It provides services auxiliary to banking, including wills, guardianship, power of attorney for investments, public and private trusts, etc.
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Corporate Actions

_x000D_ The company has not announced any bonus shares, rights issue, buyback of shares, or stock splits in recent times._x000D_ _x000D_ Mergers and Acquisitions_x000D_

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• The shareholding of the central government has gone up from 81.6% in FY 2017 to 93.3% in FY 2021 in the bank.
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