Bank of Maharashtra Share Price Live

History

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.

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.

In 2006, the Bank signed MoUs with Life Insurance Corporation of India and United Insurance Company for the distribution of their insurance products.

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. 

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.

However, in June 2017, the bank was placed under Prompt Corrective Action (PCA) by RBI in view of its high net NPA.

Business Segments

The services offered by the bank are divided into the following categories:

1. Personal:

• Deposits – This includes Savings Accounts, Current Accounts, Term Accounts, Capital Gain Accounts.
• Loans – This includes loan schemes such as Maha Super Housing Loan, Maha Super Car Loan, Maha Super Combo Loan, etc.
• 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.
• Digital Banking – This includes various digital services such as Maha mobile, internet banking, Whatsapp banking, BHIM Aadhaar pay, etc.

2. Corporate Banking – Banking services for corporates include Working capital, infrastructure finance, project finance, treasury, etc.

3. MSME: 

• Bank’s schemes – This involves MSME Credit, co-lending, mortgage loans, lines of credit, etc.
• Government schemes – The bank offers many government schemes for MSME, such as PM Mudra Yojna, Standup India, and PM Employment Generation Program.

4. Agriculture – Kisan Credit Cards, term loans, financing for vehicles and small lands by small and marginal farmers, financing against warehouse receipts, etc. 

5. NRI – NRE, NRO, FCNR accounts, etc.

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%). 

Subsidiaries

• 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.

Corporate Actions

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

Mergers and Acquisitions

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