BoM marks 89th Business Commencement Day through launch of Innovative Products and Services

PNN

Mumbai (Maharashtra) [India], February 15: Bank of Maharashtra (BoM), a premier public sector bank in the country celebrated its 89th Business Commencement Day in Pune on 8th February, 2024. As Bank has undertaken Digital transformations in areas of digital journey, digital operations & digital compliance, accordingly new 89 digital products and services were launched marking this occasion as "Maha Parivartan Diwas 2.0", The program was graced by the presence of A S Rajeev, Managing Director & CEO, Asheesh Pandey, Executive Director of the Bank, the General Managers, esteemed customers and staff members of the Bank were also present on the occasion. All Branches/offices across the country were also connected virtually to the program.

While addressing the 89th Business Commencement Day program, A S Rajeev, MD & CEO, Bank of Maharashtra said," As we celebrate 89 glorious years of serving our nation, I take this moment to express gratitude to all the stakeholders for their trust and continued patronage. We are embarking on a new chapter of growth, driven by innovation and focus on customer-centricity. By leveraging technology and fostering a culture of excellence, we will continue to empower individuals, communities, and the nation as a whole."

Asheesh Pandey, Executive Director, Bank of Maharashtra, said," The 89th Business Commencement Day marks a new chapter in our journey, where we reaffirm our commitment to serve the nation with even greater dedication. Digitization is the cornerstone of our growth strategy. The Bank is embracing cutting edge technologies such as Artificial Intelligence (AI), Machine Learning (ML) and Robotic Process Automation (RPA) to automate critical tasks which helps in increasing operational efficiency and paving the way for enhanced customer service while assuring embedded compliance during the process itself. We have also introduced Straight Through Process (STP) Journeys' for various products and services to further transform the banking experience for our customers and the communities we serve. We want to create a seamless, omni-channel banking experience that is accessible, convenient and secure. We are striving towards continuous innovations, leveraging technology to provide a smooth and hassle-free experience to our customers."

The Bank has implemented several initiatives to cater to both businesses and individuals. For businesses, they have launched the Mahabank Equipment Finance Scheme to finance construction equipment purchases for MSMEs and Corporates. Additionally, a special cluster scheme offering concessionary interest rates and service charges was introduced for the glass bangle industry in Firozabad. For aspiring entrepreneurs, Bank has incorporated STP Journey in Mudra Loans upto Rs 50,000 in the form of Cash Credit Facility, fuelling their entrepreneurial journey towards an Atmanirbhar Bharat.

To effectively cater to new-age banking users, the Bank has enhanced features on its WhatsApp banking service (+91 - 7066036640), customers can now warm list, hotlist, and modify debit card limits for various channels such as POS, E-commerce and ATM directly through WhatsApp Banking. Additional features such as accessing detailed information about existing Fixed Deposits including their value, term, rate of interest and maturing date along with the option of downloading a CIF based consolidated PDF format of all deposit and loan accounts providing a 360° insight of all accounts of customers with the Bank have been enabled. The implementation of the Online Dispute Resolution (ODR) platform via Whatsapp Banking along with Complaint Tracker further exemplifies the bank's commitment to provide prompt and efficient resolution for issues related to all pending transactions of the customers, thus ensuring its value and customer centricity.

Farmers in Karnataka can benefit from instant KCC loans up to Rs 1.60 lakhs digitally, facilitated by online land verification, crop data verification, and satellite analysis. The Bank also introduced an "Earned Salary Advance Drawals Scheme" for Rajasthan government employees, providing a line of credit before their salary date.

Demonstrating its commitment to efficiency and transparency, the Bank has granted access to income and expenditure audit information through a TPA portal for auditors. Additionally, an E-OTS platform was launched to expedite debt resolution in NPA accounts.

Beyond these key announcements, the Bank leveraged the occasion of Maha Parivartan Diwas to launch a diverse range of additional products and services aimed at further enhancing operational efficiency and embedded compliance culture. The initiatives ranging from technological upgradations, increase in staff welfare schemes among many others are expected to streamline internal processes, improve overall productivity and ultimately benefit the Bank and its customers.

The Maha Parivartan Diwas 2.0 is a beginning of a journey towards an empowered future, reaffirming our commitment towards providing banking services to all the citizens. The Bank's digital transformation prioritizes enhanced customer experience, improving accessibility and driving operational efficiency where banking is seamlessly integrated into the digital fabric of the society. For more information, kindly visit the Bank of Maharashtra website https://bankofmaharashtra.in/

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