The Bank of Maharashtra (BoM), a premier public sector bank in the country, has slashed Housing & Car Loans to 6.40% (earlier 6.80%) and 6.80% (earlier 7.05%) respectively under the ‘Retail Bonanza-Festive Dhamaka’ offer from December 13, 2021. ‘Retail Bonanza-Festive Dhamaka’ offer rate is linked to borrowers’ credit score.
Bank of Maharashtra has already waived processing fee for its Gold, Housing and Car loans under ‘Retail Bonanza-Festive Dhamaka’ offer.
A S Rajeev, Managing Director & CEO, Bank of Maharashtra said, “We believe that ‘Retail Bonanza-Festive Dhamaka’ offers will help customers to save more on their loans and bring cheers in their lives.”
Hemant Tamta, Executive Director, Bank of Maharashtra said, “With the Retail Bonanza- Festive Dhamaka offer, we are providing one of the lowest interest rates in retail loans, especially for Housing and Car loans in the industry. We request customers to avail maximum benefit of this offer.”
A.S. Rajeev says based on efficiency parameters, the public sector bank will be among the top 3 banks by the end of March, 2022.
Bank of Maharashtra (BoM) is planning to have a presence in most of the 727 districts in the country as part of its strategy to achieve a total business size (deposits plus advances) of Rs 5-lakh crore by end of March 2024 against about Rs 2.97-lakh crore by September-end 2021.
Rajeev, who has been at the helm of the Pune-headquartered public sector bank (PSB) for close to three years, said his team is striving to ensure that BoM will be among the top three banks in the country in terms of efficiency parameters by end of March 2022.
Rajeev said, “We aim to be among the top three banks in terms of efficiency parameters, including NIM, net interest income (NII) growth, cost to income (C-I) ratio, credit growth, CASA ratio, GNPA and NNPA, by March 2022. We are expecting 14-15 per cent credit growth in FY22. Next year also, we are expecting the same level of growth. We are also trying to become big in terms of business and operational network. Our aim is to grow our balance sheet to Rs 5-lakh crore by 2024. In the last one-and-a-half years, we have opened 200 branches. Of this, 150-160 branches were in States outside Maharashtra. Our pan-India branch network has expanded to 2,000 after the recent opening of the Tirumala branch. Before the end of the current financial year, 100 more branches will be opened.”
In order to make the desired growth, we have been diligently working and made structural and policy changes. As far as structural changes go, the main changes we made have been in the credit administration area, he said.
Various cost saving measures have been put in place which resulted in increase in operating profit of the Bank. Earlier (three years back), Rs 250 crore to Rs 300 crore was the operating profit per quarter. Now, that has increased almost four times to Rs1,200 crore per quarter, he added.
The Bank has been focussing on increasing Retail, Agri and MSME loan portfolio. “We have revamped many of our products including launching new ones to fit into present customer needs. In terms of pricing we are offering one of the most lucrative ROI in the industry in all sections,” Rajeev said.
To boost our Digital delivery further, the Bank has launched Digital Lending platform for Home and Car Loan in addition to opening of Savings Bank Account which enables prospective retail loan seekers to get loans digitally and enable customers to open SB account through a paperless process at the convenience of their place and time of choice.
BoM has given significant thrust to digital banking products and aggressively working towards expanding its presence through digital enabled services and experience of people of Kerala will be delightful and associating with the Mahabank Parivaar.
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