Bank of Maharashtra Expands Pan-India Presence, Non-Maharashtra Business Booms

Ahmedabad, Feb 10 (PTI) As Bank of Maharashtra moves to expand its pan-India presence, non-Maharashtra regions account for 55-60 per cent of its business compared to 30-35 per cent three years ago, its Executive Director Asheesh Pandey said here on Saturday.

Pandey was here to inaugurate the bank's 100th branch for Gujarat in Ahmedabad.
The total number of its branches has crossed the 2,400 mark as of December 31, 2023, Pandey said, adding that Bank of Maharashtra aims to add more than 100 new branches during the current quarter.

"Three years ago, around 65-70 per cent of our business was concentrated in Maharashtra. Our Board then decided for our bank to open our branches in nearly every district. Since then, we have been opening 200-250 branches annually (in different states).

"Now, non-Maharashtra states account for 55-60 per cent of our business. Our business is growing in Maharashtra, but at the same time, we are growing in states like Kerala, Jammu and Kashmir, Rajasthan, Karnataka, among others, and we are opening zonal offices in various states," he told reporters.

From 35 zonal offices three years ago, the number has increased to 46 now, he said. "We are planning to open zonal offices in all territories...In all, we plan to add 100 more branches during the current quarters."

"Across the country, BoM has around 2,408 branches, and its Board has decided that we open more than 200 branches annually. We have taken up the expansion of the bank over the last three years with a decision to remain present in nearly all the districts of the country. We are present in all but 6-7 districts," he said.

From 28 zones, the number has risen to 46, as it has expanded its footprints in all the states and six Union Territories.

He said BoM remains focused on its effort to increase its business in non-Maharashtra states while at the same time expanding in the state.

Out of the bank's Rs 4.34 lakh crore business, Gujarat contributes to around Rs 12,000 crore, he said. "BoM has two zonal centres at Ahmedabad and Surat with a business of Rs 12,000 crore. The bank is working to increase this to Rs 15,000 crore over the next 6-8 months."

"In the long term, we want to take it to Rs 20,000 crore," he added.

Bank of Maharashtra has reported a 17.89 per cent growth in deposits during Q3 FY24 and 2.04 per cent gross non-performing assets (NPAs) as of December 31, 2023. In terms of net NPAs, it is 0.22 per cent for BoM, the lowest for the banks.