Bank of Maharashtra

Bank of Maharashtra Share Price Today

Bank of Maharashtra began its business on February 8, 1936. In July 1969, the bank was nationalized and thereafter went through a phase of rapid expansion. In 1998, the bank attained autonomous status, helping it provide more services and simplified procedures. In 2003-04, the bank launched its initial public offer of 10 crore shares of ₹10 each at a premium of ₹13, amounting to ₹230 crore. The issue was oversubscribed by more than 11 times and garnered a resounding reaction. The bank inked Memorandums of Understanding (MoUs) with United Insurance Company and Life Insurance Corporation of India in 2006 to distribute its insurance products. In 2010, the bank launched its Mobile Banking product named ‘Maha Mobile’. You can check the Bank of Maharashtra share price today on BSE and NSE on BlinkX.  

In July 2013, a new department named the 'Department of Strategic Initiatives' was formed. The bank successfully initiated various IT projects, including upgrading the Contact Centre’s operations in 2016-17 with an Integrated Voice Response System (IVRS) and launching MahaUPI, the bank’s UPI mobile app. The bank also unveiled a new online banking interface for retail clients and a paperless ATM-RePIN option called Green PIN.  However, in June 2017, the bank was placed under Prompt Corrective Action (PCA) by the RBI due to its high net NPA. The Bank of Maharashtra stock price has shown significant fluctuations recently, reflecting market trends and investor sentiment. 

Business Segments of Bank of Maharashtra

1. Personal:

• Deposits: Savings Accounts, Current Accounts, Term Accounts, Capital Gain Accounts.
• Loans: Maha Super Housing Loan, Maha Super Car Loan, Maha Super Combo Loan, etc.
• Government Scheme: PMJDY, PMJBY, Sovereign Gold Bond Scheme, NPS, Sukanya Samriddhi Yojna, etc.
• Digital Banking: Maha Mobile, internet banking, Whatsapp banking, BHIM Aadhaar pay, etc.

2. Corporate Banking:

• Treasury, project finance, working capital, and infrastructure financing, among others. 

3. MSME:

• Bank’s schemes: MSME Credit, co-lending, mortgage loans, lines of credit, etc.
• Government schemes: PM Mudra Yojna, Standup India, PM Employment Generation Program. 

4. Agriculture:

• Kisan Credit Cards, term loans, financing backed by warehouse receipts, finance for cars and small plots of land owned by small and marginal farmers, etc.  

5. NRI:

• NRE, NRO, FCNR accounts, etc. 

As of January 2021, corporate banking makes up around 39% of Bank of Maharashtra’s loan book, followed by retail (26%), MSME (19%), and agriculture (16%).

Subsidiaries of Bank of Maharashtra 

Maharashtra Executor & Trustee Company Pvt. Ltd:

• A 100% subsidiary of Bank of Maharashtra, established in 1946. In addition to banking, it offers other services like guardianship, public and private trusts, power of attorney for investments, and wills.

Key Personnel of Bank of Maharashtra 

• Mr. Nidhu Saxena - Managing Director and CEO (Bank of Maharashtra)

Corporate Actions of Bank of Maharashtra

The company has not announced any bonus shares, rights issues, buybacks of shares, or stock splits in recent times. 

Mergers and Acquisitions:

• The shareholding of the central government has increased from 81.6% in FY 2017 to 93.3% in FY 2021 in the bank.