BSE:532525 | NSE:MAHABANKEQ | 58888:bomh | IND:Banks - Public Sector | ISIN code:INE457A01014 | SECT:Banks
The Company History page lists out the major events in chronological order for Bank of Maharashtra
|Company History - Bank of Maharashtra|
1969 - The Company was Incorporated on 19th July. The Bank is a Government of India undertaking and carries on all types of banking business. The Bank was brought into existence by an ordinance issued on 19th July, by the Central Government. In terms of the Ordinance, the undertaking of `The Bank of Maharashtra Ltd.' was transferred to and vested in the new bank. The ordinance was replaced by the Banking companies (Acquisition and Transfer of Undertakings) Act, 1969. The Act was declared null and void by the Supreme Court on 10th February, 1970. An Ordinance was thereupon promulgated which was latter replaced by the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970 which was made effective retrospectively from 19th July.
- Under the `Lead Bank Scheme' the Bank was allotted 5 districts of Maharashtra, viz. Pune, Satara, Nasik, Aurangabad (jointly with Central Bank of India) and Thane. Surveys were carried out in these districts for the identification of growth centres.
1970 - The Bank opened 39 branches in these five `Lead Bank' districts out of the total of 47 branches opened. The Bank continued to follow the scheme in the subsequent years and another district was allotted to it.
1976 - In August, the Bank sponsored a regional rural bank under the name `The Marathwada Gramin Bank Ltd.,' Nanded.
1980 - Rs.81,30,725 capitalised from Reserve Fund.
1982 - One more Regional Rural Bank was sponsored on 7th December, under the name Aurangabad-Jalna Gramin Bank Ltd. In the subsequent years, another RRB under the Thane Gramin Bank was sponsored by the Bank. These three RRBs together had 312 branches as at the end of March 1994. 1984 - Rs.12 lakhs contribution by Government.
1985 - Rs.1,308 lakhs contributed by Government.
1986 - Rs.800 lakhs contributed by Government.
1988 - Rs.2,100 lakhs contributed by Government.
1991 - Rs.10,500 lakhs contributed by Government.
1992 - Rs.3,500 lakhs contributed by Government.
1993 - Rs.15,000 lakhs contributed by Government.
1996 - The bank opened two extension counters at Gogal (Goa) and Khandala (Ratnagiri) during the year.
- The bank introduced a new motivational scheme titled "The Best Colleague Scheme) to encourage, recognise and motivate sincere, meritorious and helpful staff members.
- The Bank launched a major computerisation programme with the basic objective of making use of the latest developments in information technology towards betterment of customer service and improvement in housekeeping.
- Shri. V. Leeladhar, has been appointed as the Executive Director of the Bank vide the Government of India, Ministry of Finance, Department of Economy Affairs. 1999 - The bank introduced its telebanking service, which is the first of its kind by any of the nationalised bank in the region.
- The bank has also set up a core credit monitoring cell at its headquarters in Pune to continuously assess the performance report of borrowers (above Rs. 25 lakhs), which would be provided by regional and zonal centres.
2000 - Bank of Maharashtra (BoM) is launching its new cash management product.
- The Export Import Bank of India (Exim Bank) is slated to sign a Memorandum of Understanding (MoU) with Bank of Maharashtra (BoM) on February 28 for providing advisory services on export finance. - BoM launched its information technology training institute, the first of its kind in banking industry in the country.
- Sukomal Chandra Basu has succeeded Madan Mohan Vaish as the Chairman and Managing Director of the Company. - Bank of Maharashtra (BoM), a public sector (PSU) bank, has formed an equal joint venture with Magic Software, an Israeli software developer and its Indian subsidiary.
-Comes out with Rs 230 crore public issue of equity shares (100,000,000 equity shares of Rs 23 each), issue oversubscribed 10.5 times
-Bajaj Auto and Bank of Maharashtra (BoM) have signed a strategic alliance to offer two-wheeler loans in India.
2005 -Bank of Maharashtra has informed that Mrs. Lila F Poonawalla, Director resigned from the Directorship of the Bank and she stands relieved from her Directorship with effect from August 01, 2005
-Bank of Maharashtra ties up with United Insurance Company
- Bank of Maharashtra and Life Insurance Corporation of India have together unveiled two products, Maha Suraksha Deposit Scheme and MahaGrih Suraksha scheme.
- Bank of Maharashtra has informed that in terms of guidelines of the RBI vide letter dated December 01, 2008, the Bank has appointed following five Chartered Accountants firms as Statutory Central Auditors (SCAs) of the Bank for the year 2008-09.
1. M/s. C R Sagdeo & Co., Nagpur
2. M/s. Shah Baheti Chandak & Co., Nagpur
3. M/s. Wahi & Gupta, New Delhi
4. M/s. V C Gautam & Co., New Delhi
5. M/s. B Chhaawchharia & Co., Kolkata
The appointment M/s. B Chhawchharia & Co., Kolkata is made in place of M/s. S K Mehta & Co., whose term was completed. The other auditors are reappointed for continuing as SCAs for the year 2008-09.
- Bank received " Greentech Fire Safety & Security Award 2013 " by Greentech Foundation in Gold category.
-Bank of Maharashtra has been felicitated as a Best Public Sector Bank in India at the Dun & Bradstreet- Polaris Financial Technology Awards 2013 under the category 'Asset Quality'.
- The Bank has appointed Shri. R. Athmaram General Manager, Andhra Bank, as Executive Director of the Bank of Maharashtra
- The has appointed Shri. Sushil Muhnot, Chairman & Managing Director, SIDBI as Chairman and Managing Director of Bank of Maharashtra
- Bank of Maharashtra has won 4 awards in The Sunday Standard Best Bankers Award 2013
- Bank of Maharashtra has been awarded "Business Excellence in Banking Award 2013" by Time Research.
- Shri R. Athmaram (Executive Director) & Shri M. C. Kulkarni (General Manager,IT) receiving the Best Bank for managing IT risk among mid size Banks award from Dr. Raghuram G. Rajan ( Governor, Reserve Bank of India) .
-Bank was conferred as BEST BANK-PUBLIC SECTOR in BFSI Awards-2014 in recognition of the Best performances in Banking Category.
- Bank of Maharashtra introduces savings bank deposit scheme
-The Bank has nominated Dr. S. Rajagopal, Reserve Bank of India, as Director, on the Board of Bank of Maharashtra,
2015 -Best Bank Award for Financial Inclusion for Emerging Bank - Winner -CSR & Business Responsibility Award for Emerging Bank - Runner Up -Bank Grabbed 5 Awards in BFSI Awards by World HRD Congress -Bank of Maharashtra Grabbed 2 Awards in Skoch Summit -76th Foundation Anniversary function at Delhi -79th Foundation Anniversary function at Pune
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