About Bank of Maharashtra

Bank of Maharashtra is a public sector bank headquartered at “Lokmangal”, 1501, Shivajinagar, Pune–411005, with a nationwide footprint and a focus on inclusive, technology-led banking. In FY 2024–25, the Bank’s total income rose to ₹28,401.62 crore from ₹23,492.56 crore a year earlier. 

The Bank’s core portfolio spans Retail Banking, Corporate/Wholesale Banking, Treasury, and Other Banking Operations. Its customer offerings include home loans, car loans, education loans, MSME loans, gold loans, and a comprehensive digital banking suite; the Annual Report showcases these as part of the Bank’s product set while marking “Celebrating Years 90” of service . The Bank has also introduced MAHAPAY services (QR code, payment gateway, UPI, e-Rupee) and onboarded the Farmer Welfare & Agriculture Department in Bhopal for e-Rupee disbursements, reflecting a push toward digital payments at scale.

As a group, Bank of Maharashtra has one wholly owned subsidiary—The Maharashtra Executor & Trustee Co. Pvt. Ltd.—and sponsors Maharashtra Gramin Bank; it also maintains staff welfare trusts for pension, gratuity and provident fund . Recognitions during the year reflect its positioning among leading mid-sized public sector banks, including Business Today’s Best Mid-Sized Bank Award, multiple IBA Technology Awards, and the IBEX Award for Excellence in ESG & Sustainability initiatives.

Bank of Maharashtra’s Business Segments

• Primary operating divisions: The Bank reports four primary segments—Treasury; Corporate/Wholesale Banking; Retail Banking (further bifurcated into Digital Banking and Other Retail Banking per RBI direction); and Other Banking Operations.
• Segment revenue (FY 2024–25): Treasury ₹5,877.89 crore; Corporate/Wholesale Banking ₹9,803.30 crore; Retail Banking ₹12,472.18 crore; Other Banking Operations ₹248.25 crore; Total ₹28,401.62 crore.
• Industries served: The Bank lends across agriculture, MSME, industry, services and personal loans; MSME advances reached ₹48,368.57 crore as of March 31, 2025, exceeding a ₹47,500 crore target and growing 14.84% year-on-year, highlighting the franchise’s role in supporting India’s growth engine . The Bank also leads Maharashtra’s State Level Bankers’ Committee (SLBC), coordinating a priority-sector plan of ₹7,25,190 crore for FY 2024–25 and driving state-wide financial inclusion efforts.
• Fee and third-party distribution: The Bank earns non-interest income from government business, mutual fund distribution, cards, locker rent, processing fees, and other services; bancassurance income was ₹50.76 crore in FY 2024–25.

Bank of Maharashtra Key Management

• Shri Nidhu Saxena, Managing Director & CEO: Appointed by the Central Government with effect from 27.03.2024; he provided CEO/CFO certification on financial reporting and internal controls for FY 2024–25 on 25 April 2025.
• Shri Asheesh Pandey, Executive Director: Appointed w.e.f. 31.12.2021; serves on the Bank’s committees and oversees key business and operational areas.
• Shri Rohit Rishi, Executive Director: Appointed w.e.f. 01.11.2023; supports execution across business lines and governance committees.

Latest Updates on Bank of Maharashtra

• Capital strengthening: Raised ₹3,500 crore equity via QIP on 05.10.2024 (61,01,81,311 equity shares at ₹10 face value and ₹47.36 premium). Issued ₹1,000 crore of Basel III Tier-II bonds on 04.07.2024, and redeemed ₹600 crore Tier-II bonds on 06.03.2025. Also raised infrastructure bonds of ₹811 crore (05.08.2024) and ₹1,612 crore (18.02.2025).
• Financial strength: Net worth rose to ₹25,880.52 crore (₹17,177.58 crore a year earlier); CRAR stood at 20.53% with CET1 at 15.83% as of 31.03.2025.
• Dividend: Board recommended ₹1.50 per equity share (15%) for FY 2024–25, approved on 25.04.2025; record date was 09.05.2025.
• Business performance: Total business reached ₹5,46,979 crore (+15.30% YoY), deposits ₹3,07,143 crore (+13.44%), gross advances ₹2,39,837 crore (+17.76%), operating profit ₹9,319 crore (+16.41%), and net profit ₹5,520 crore (+36.12%) as of 31.03.2025.
• Digital and distribution: Deployed 500+ new ATMs and cash recyclers; onboarded 139+ fintechs and mobilized over ₹6,700 crore through the Digital Business Zone by 31.03.2025.
• Recognitions and rankings: Won IBA Technology Awards across all seven categories; secured Business Today’s Best Mid-Sized Bank award; and received the IBEX Award for Excellence in ESG & Sustainability initiatives. EASE 7.0 ranking improved from 8th to 7th in Q3 FY 2024–25, with the Bank recognized as a top improver quarter-on-quarter.