Bank of Maharashtra celebrates Platinum Jubilee

Bank of Maharashtra celebrates Platinum Jubilee

Mangalore Today News Network

Mangalore Feb 23: As part of its Platinum Jubilee celebrations, the Bank of Maharashtra has undertaken a number of philanthropic and developmental activities. It launched online trading for holders of online banking accounts on Feb 8 as part of its 75th Founder’s Day celebrations.

75 villages adopted

The Bank of Maharashtra has decided to adopt 75 villages, including 3 from Karnataka. Director of Maharashtra Bank Alan C A Periera said that the bank plans to construct roads and provide facilities such as drainage, drinking water, toilets, and electricity in these adopted villages. He said that the bank has adopted Shiraski and Karajige of Bijapur district and Kakkeri of Belgaum district in Karnataka. 

Mr. Periera said that the bank has 51 branches in Karnataka, including one each in Udupi, Bajpe, Adyar, and Mangalore. The bank plans to appoint an agriculture extension officer in its Adyar branch in order to encourage agricultural development and self-help groups. 

Education for street children

The bank has also devised a plan to educate the street children of Pune and extend its services to slum dwellers to other parts of India. The bank has also established a school for the blind by the blind at Chandrapur for which the government is providing the land. 

Provision of loans

Mr. Periera said that the bank plans to encourage the growth of small and medium industries by simplifying the loan distribution process. Small loans of up to Rs 25,000 will be processed in 2 weeks and large loans of up to Rs 5 lakhs will be processed in 4 weeks. The bank plans to provide maximum Rs 1 crore loan to encourage entrepreneurs. 

So far, the bank has provided loans to 2,806 people and 14 branches are providing loan services. The bank now plans to add 16 more branches to the list. The bank has also recruited a number of MBAs, Chartered Accountants, and Cost Accountants, a move that has increased its loan processing performance by 50 percent and has encouraged the bank to recruit 100 more candidates. 

Recently, the bank has introduced Mahabank Platinum Housing Loan. One in 8 branches will provide housing loans. The bank plans to provide maximum Rs 1,000 crore for housing loans by the coming September. 

The bank’s Mahasaraswathi Plan is for the distribution of education loans, which children above the age of 10 can avail of. So, far, as many as 1.5 lakh accounts have been opened. 
 
 
Expansion plans

The Bank of Maharashtra has 1,444 branches in 22 states and 2 union territories in India. In its 75th year, the bank plans to establish 6 more branches. The bank also plans to set up 75 more ATMs nationwide. The bank currently has business worth Rs 96,000 crore and aims to reach a target of Rs 1.15 lakh crore during its platinum year.