NEWS & ADVICE : FIXED DEPOSITS
BoM to be present in every state by fiscal’s end
By Neelima Shankar
Nov 24, 2009
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Bank of Maharashtra's Chairman and Managing Director Allen CA Pereira said that the bank is planning to expand its branch network to 1500 covering all states in India by the fiscal's end.

Pereira said that the bank, which currently has a network of 1,437 branches across 22 states and 2 union territories, is planning to reach out to every state in the country. In a bid to provide greater customer satisfaction, the bank has introduced Core Banking Solutions (CBS) in 828 branches. According to Pereira, other branches would also have the CBS facility soon.

Regarding business of the bank, Pereira said that total business of the bank had grown to Rs. 91,093.62 crore, which included deposits of Rs. 54,452 crore and loans worth Rs. 36,641.33 crore by September 30. The operating and net profits for the half year ended September 30 increased by 10.39 percent and 60.84 percent respectively.

Pereira revealed that the bank's gross NPA amounted to Rs. 1,223.36 crore as on September 30 accounting for 3.34 percent of the gross advances while the net NPA stood at Rs. 581.20 crore constituting 1.61 per cent of the net advances.

Talking about the services of the bank, Pereira said that the customers were provided with instant debit cards that would be activated within 36 hours. He also pointed out that the bank had 345 ATMs and that the customers could avail up to 10 free transactions in ATMs of other banks.

BoM has recently slashed its loan and deposit rates across various maturities. This has been done in order to control the cost of funds of the bank.

 


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