Bank Of Maharashtra

Credit-card spending for January stood at Rs 1,841 billion, marking a two per cent slide month-on-month (MoM), but a strong 14 per cent year-on-year growth

The uptick in these stocks came after the DIPAM invited bids from merchant bankers to assist the government in its planned stake sale in public sector banks and listed financial institutions

State-owned Bank of Maharashtra (BoM) has cut interest rate by 25 basis points on retail loans, including home and car loans in line with reduction in repo rate by RBI. After a gap of 5 years, RBI reduced the repo rate, the rate at which banks borrow from the central bank, by 25 basis points to 6.25 per cent on February 7. Following this, the benchmark rate for home loan has been reduced to 8.10 per cent, one of the lowest in the banking industry, BoM said in a statement on Sunday. At the same time, it said, car loan came down to 8.45 per cent per annum. Similarly, education and other loans linked with Repo Linked Lending Rate (RLLR) has also been reduced by 25 basis points. The bank has already waived processing fees on home and car loans, it said, adding, this dual benefit of reduced interest rates and waiver of processing fees reflects the bank's commitment to offer best financing solutions to all its customers and help them fulfil their dreams. Meanwhile, the Pune-based lende

State-owned Bank of Maharashtra (BoM) on Sunday said it has received approval from the Reserve Bank of India to set up an International Financial Services Centre (IFSC) Banking Unit at GIFT City. The branch will function as Bank of Maharashtra's first international branch carrying out offshore banking operations from India. Speaking on the development, BoM MD & CEO Nidhu Saxena said," This is a significant opportunity for our bank as we continue to expand our operations across geographies. The opening of IBU in GIFT City will be yet another milestone in the bank's growth story." This development will help expand international banking business and also enable the bank provide specialised banking services to its customers, he added. Aligned with the government's vision of making India an international financial hub, the GIFT City, located in Gandhinagar, Gujarat is India's first IFSC, aimed at revolutionizing India's financial ecosystem by providing world-class banking services ...

The Reserve Bank of India (RBI) proposed revised LCR norms in late July 2023, suggesting that banks assign an additional 5 per cent run-off factor for retail deposits accessible through IMB

Reduce GOI stake, support business growth

State-owned Bank of Maharashtra (BoM) on Wednesday posted a 36 per cent rise in net profit to Rs 1,406 crore in the third quarter ended December 2024 with rising interest income. The Pune-based lender had posted a net profit of Rs 1,036 crore in the October-December period a year ago. Total income increased to Rs 7,112 crore during the quarter under review against Rs 5,851 crore in the same period previous year, BoM said in a regulatory filing. The bank earned an interest income of Rs 6,325 crore during the quarter compared to Rs 5,171 crore a year ago. The bank was able to reduce gross Non-Performing Assets (NPAs) to 1.80 per cent of the gross loans by the end of December 2024 from 2.04 per cent in the year-ago period. Similarly, net NPAs or bad loans came down to 0.2 per cent from 0.22 per cent at the end of the third quarter of the previous fiscal. The Provision Coverage Ratio (PCR) as of December 31, 2024, is 98.28 per cent. The bank has raised Rs 3,500 crore through Qualifi

In its Q3 update, Bank of Maharashtra said that its gross advances increased 21.19 per cent to Rs 2,28,652 crore as compared to Rs 1,88,670 crore a year ago

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The Pune-based lender's NII expanded 15.41 per cent YoY to Rs 2,807 crore in Q2 FY25 compared to Rs 2,432 crore in the corresponding quarter of the previous fiscal year

Expects net to cross Rs 5,000 cr for Fy25

State-owned Bank of Maharashtra (BoM) on Tuesday posted a 44 per cent jump in its profit at Rs 1,327 crore in the second quarter ended September 2024 on account of improvement in interest income. The Pune-based lender had posted a net profit of Rs 920 crore in the same quarter a year ago. Total income increased to Rs 6,809 crore during the quarter under review against Rs 5,736 crore in the same period last year, BoM said in a regulatory filing. Talking about the financial performance, BoM Managing Director Nidhu Saxena said Net Interest Margin (NIM) increased to 3.98 per cent, from 3.88 per cent in the same quarter a year ago. Among the stack of 12 public sector banks, BoM has the highest NIM, Saxena said, adding the target for the NIM for the current fiscal is 3.75-3.85 per cent anticipating a rate cut during the course of the year. He further said the bank expects the net profit of the bank to cross Rs 5,000 crore during the current fiscal. In the H1, the profit has crossed Rs

LIC acquired 3.376 per cent equity of the bank during the QIP process at an average cost of Rs 57.36

With the Adani Group winning a bid to supply 6,600 MW of bundled renewable and thermal power to Maharashtra, the Congress on Sunday alleged that it was a "rigged deal" facilitated by the Mahayuti government, which it claimed was "tottering towards a landslide defeat" in the upcoming assembly polls. The opposition party's attack came after the Adani Group won a bid to supply 6,600 MW of bundled renewable and thermal power to Maharashtra for the long term after its quote of Rs 4.08 per unit beat the likes of JSW Energy and Torrent Power. Reacting to the development, Congress general secretary in-charge Jairam Ramesh said, "Even as the Mahayuti Government in Maharashtra totters towards a landslide defeat, this is what they choose to do with their last few days in power. Yet another Modani enterprise undoubtedly!" "Shocking details of this rigged deal will soon start tumbling out," Ramesh said in X. Supplies are to start in 48 months from the date of award of the letter of intent. Lat

Receives similar proposals from Union Bank of India, UCO Bank, Indian Overseas Bank

The Reserve Bank on Friday said it has imposed a penalty of Rs 1.27 crore on Bank of Maharashtra (BoM) for violating its directions, including on Know Your Customer. The Reserve Bank of India (RBI) has, by an order dated August 8, 2024, imposed a monetary penalty of Rs 1.27 crore on Bank of Maharashtra for non-compliance with certain directions issued by RBI on 'Loan System for Delivery of Bank Credit', 'Cyber Security Framework in Banks' and 'Know Your Customer', the central bank said in a statement. After considering the bank's reply to the notice, oral submissions made during the personal hearing and examination of additional submissions made by it, RBI found that the charges against the bank were sustained, warranting imposition of monetary penalty. Besides, the RBI has imposed a monetary penalty of Rs 4.90 lakh on Hinduja Leyland Finance Ltd for non-compliance with certain provisions of the Know Your Customer (KYC) Directions, 2016. The action is based on a deficiency in ...

Lender was looking to mop up Rs 3,000 crore, but bids totalled only Rs 1,390 crore

Earlier this month, the bank had raised Rs 1,000 cr via Basel III compliant tier II bonds maturing in 10 years at a coupon of 7.89 per cent

For the recovery of this charge from account holders, public sector banks have formulated slab structures based on different geographies and segments

State-run banks Punjab National Bank and Bank of Maharashtra are leading the fundraising with both seeking Rs 7,500 crore each