Bank of Maharashtra celebrates 89th Foundation Day, Introduced series of cutting - edge banking products and utilities
Mumbai (Maharashtra) [India], September 19: Bank of Maharashtra (BoM), a premier public sector bank in the country, celebrated its 89th Foundation Day in Pune on 16th September, 2023. A S Rajeev, MD & CEO, Executive Directors, A B Vijayakumar, Asheesh Pandey, along with General Managers and other Executives of Bank were present in the program. Zonal Managers of Pune City, West and East Zone of Bank along with their teams were also present in the event. Around 450 customers attended the program at Hotel Grand Sheraton.
During his address at the event, A S Rajeev, MD & CEO of Bank of Maharashtra, paid tribute to the visionary founders of the bank and expressed gratitude to stakeholders and customers. He congratulated the staff on the bank's remarkable performance and emphasized the pivotal moment the bank is currently facing, poised to leverage its true potential and venture into the next phase of banking. He highlighted the significance of digitization and modern banking in expanding the bank's business horizons.
In his remarks, A B Vijayakumar, Executive Director, emphasized Bank of Maharashtra's commitment to being a bank that not only meets financial needs but also plays a vital role in societal progress. Bank has been a hallmark when it comes to Nation’s interest and serving the unbanked, unserved and downtrodden to make them self-sufficient. He appealed to all the staff members to re-dedicate themselves in increasing financial inclusion.
Asheesh Pandey, Executive Director, expressed, "As the gathering today commemorates Bank of Maharashtra's 89th Foundation Day with immense pride and gratitude. The journey from humble beginnings to the current standing serves as a testament to the bank's dedication and commitment. In this era of rapid digital transformation, the top priority lies in innovation in process & technology and its early adaptation focusing on the Ease of Doing Business for stakeholders, including both customers and staff members. Tailor-made customized products & services with digital intervention is the new order of the day & customer choice as well. Bank is introducing cutting-edge banking products and services, emphasizing the ongoing digital journey to enhance the Ease of Doing Business.
Bank of Maharashtra celebrates a significant milestone by unveiling a comprehensive case study titled "Revitalise. Reinvent. Run. Bank of Maharashtra's Transformation Journey." This study chronicles the bank's remarkable transformation, from being placed under PCA in 2017 to emerging as a robust and high-performing Public Sector Bank (PSB) with substantial business growth. This case study serves as an inspiring testament for organizations seeking rejuvenation through re-engineering and transparent leadership, offering valuable insights for banks and financial institutions pursuing revitalization.
In addition, the event featured the felicitation of top-performing employees, reinforcing the bank's commitment to excellence in customer service and the provision of innovative solutions to valued customers.
Bank of Maharashtra has introduced notable enhancements and innovations to better serve its customers. These include, an improved customer issue resolution system for UPI services, ensuring seamless transactions. The bank has seamlessly integrated its UPI platform with the Soundbox facility, enhancing operational ease. Moreover, the launch of UPI Autopay streamlines recurring transactions, benefiting consumers and service providers.
In the pursuit of operational efficiency, the bank has introduced an advanced commission accounting process for BG/LC customers, eliminating manual calculations and ensuring error-free transactions. The revamped process for revalidating stale demand drafts promises a faster and more convenient experience for customers.
Bank of Maharashtra now offers Credit Cards against deposits, catering to diverse credit needs, including individuals with no credit history seeking to establish one. The bank has also facilitated Credit Card payments through its Internet Banking platform and various UPI platforms for added convenience.
The bank's Internet Banking (IB) has undergone substantial improvements to enhance user-friendliness, allowing customers to opt for CIF-based consolidated statements. Borrowers and guarantors can conveniently confirm their loan balances, and IB now offers PPF account facilities and Re-KYC services for eligible customers.
Bank of Maharashtra's commitment to understanding customers' unique needs is evident in its range of deposit and loan schemes designed to empower individuals, support businesses, and drive economic growth. These schemes include the Varishtha Unnati Savings Scheme for Senior Citizens, CHS SB for Cooperative Housing Societies, MAHA-KIRTI for armed personnel, and more.
The bank is also dedicated to empowering women through its Mahila Unnati Scheme and supporting various sectors with specialized schemes, such as Amul's Dealer, Distributor Dealer & Partners. Additionally, the Maha Agri-Machinery Rental Scheme aims to assist small and marginal farmers in accessing farm machinery and equipment without the burden of high individual ownership costs.
Bank of Maharashtra's commitment to transparency, customer-centricity, and responsible banking will continue to guide its actions. The bank sees itself not only as a provider of financial services but as a catalyst for positive change in the lives of its customers and the communities it serves.
In conclusion, Bank of Maharashtra's 89th Foundation Day celebration was not just a reflection on the past but a visionary look into the future. The bank's enduring values, coupled with its dedication to innovation and inclusivity, will ensure that it remains a trusted partner in the financial well-being of its customers and a beacon of hope and opportunity for all. As it embarks on the journey ahead, Bank of Maharashtra is committed to shaping a future where banking is synonymous with progress, prosperity, and positive change.
For more information, kindly visit the Bank of Maharashtra website
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