The Bank of Maharashtra (BoM), one of the country’s leading public sector banks, cut home and car loans to 6.40% (previously 6.80%) and 6.80% (previously 7 , 05%) as part of the “Retail Bonanza-Festive Dhamaka” offer from December 13, 2021. The rate of the “Retail Bonanza-Festive Dhamaka” offer is linked to the borrowers’ credit score.
The Bank of Maharashtra has already waived the processing fees for its gold, housing and car loans as part of the “Retail Bonanza-Festive Dhamaka” offer.
AS Rajeev, Managing Director and CEO of Bank of Maharashtra, said, “We believe that ‘Retail Bonanza-Festive Dhamaka’ offers will help customers save more on their loans and bring joy to their lives.
Hemant Tamta, Executive Director of Bank of Maharashtra, said: “With the Retail Bonanza-Festive Dhamaka offer, we are offering one of the lowest interest rates for personal loans, especially for loans to individuals. housing and car in the area. We ask customers to make the most of this offer.
AS Rajeev says that based on efficiency metrics, the public sector bank will be among the top 3 banks by the end of March 2022.
The Bank of Maharashtra (BoM) plans to have a presence in most of the country’s 727 districts as part of its strategy to achieve a total business size (deposits plus advances) of Rs 5-lakh crore by end of March 2024 against approximately Rs 2.97 crore lakh by the end of September 2021.
Rajeev, who heads the public sector bank (PSB) which has been headquartered in Pune for almost three years, said his team is working to ensure that the BoM is among the top three banks in the country in terms of efficiency parameters at the end of March 2022.
Rajeev said, “We aim to be among the top three banks in terms of efficiency metrics including NIM, Net Interest Income Growth (NII), Cost / Income Ratio (CI), Credit Growth, Credit Ratio CASA, GNPA and NNPA, by March 2022. We expect credit growth of 14-15% in fiscal year 22. Also next year we expect the same level of growth. We are also trying to become big in terms of the commercial and operational network. Our goal is to bring our balance sheet to Rs 5-lakh crore by 2024. Over the past and a half years, we have opened 200 branches. Of these, 150-160 branches were in states outside Maharashtra. Our pan-Indian branch network has grown to 2,000 after the recent opening of the Tirumala branch. Before the end of the current fiscal year, 100 additional branches will be opened.
In order to achieve the desired growth, we have worked diligently and made structural and political changes. When it comes to structural changes, the main changes we have made are in credit administration, he said.
Various cost reduction measures were put in place, which resulted in an increase in the Bank’s operating profit. Earlier (three years back), Rs 250 crore to Rs 300 crore was operating profit per quarter. Now that has increased almost fourfold to Rs 1,200 crore per quarter, he added.
The Bank has focused on increasing the portfolio of loans to individuals, agriculture and MSMEs. “We have revamped many of our products, including launching new ones to meet current customer needs. In terms of price, we deliver one of the most lucrative ROIs in the industry across all sections, ”said Rajeev.
To further strengthen our digital offering, the Bank launched a digital lending platform for home and auto loans in addition to opening a savings bank account which allows potential personal loan applicants to obtain loans digitally and customers open an SB account through a paperless process at the convenience of their location and time of choice.
BoM has given a significant boost to digital banking products and working aggressively to expand its presence through digital services and Kerala people experience will be delightful and will partner with Mahabank Parivaar.
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