Your Directors have pleasure in presenting the Annual Report of the Bank with the audited Balance - , Sheet, Profit & Loss Account and the Report on Business and Operations for the year ended March 31, 2025.
1 Management Discussion and Analysis
Economic & Banking Scenario 2024-25: Sustained Growth Amidst Challenges 1.1 Economic Growth:
I. The Indian economy is , poised to sustain its position as the fastest-growing major economy during 2025-26 as per the estimates of major multilateral agencies.
II. Global uncertainties were heightened in FY , 2024-25 due to change of administration in certain countries, geopolitical conflicts, and escalated trade war. Amidst these global headwinds the Indian economy continued to demonstrate strength and resilience. The economy is expected to grow at 6.5 percent as per the RBI estimates for 6.5 FY 2024-25 supported by recovery in private , consumption. On supply side, growth was supported by service sector and recovery in agriculture sector.
1.2 Tamed Inflation coupled with Fiscal Prudence:
, I. Headline inflation moderated to a 67-month low of 3.3% by March 2025, supported by lower food prices and fiscal prudence. The Union Budget 2025-26 prioritizing four key engines: agriculture, MSMEs, investment, and exports are expected to boost medium-term growth prospects of the Indian economy. It prudently balances fiscal consolidation with growth objectives, emphasizing capital expenditure to fuel development while supporting consumption and providing a clear roadmap for debt management.
1.3 Banking Scenario:
I. The soundness of scheduled commercial banks (SCBs) has been bolstered by strong profitability, declining non-performing assets and adequate capital. Return on assets (RoA) and return on equity (RoE) are at decadal highs while the gross non-performing asset (GNPA) ratio has fallen to a multi-year low
1.4 Credit Growth Dynamics:
I. Credit growth in FY 2024-25 was subdued due to a liquidity crunch and banks tried to manage their high Credit- Deposit ratios. FY 2025-26 is expected -26 to see a rebound, with credit growth driven by increased corporate credit demand from rising - public and private capital expenditures. The commencement of a rate-cut cycle will lower the lending rate to add further credit growth.
1.5 Deposit Mobilization Challenges:
I. Deposit growth for the banking system has remained tepid in FY-25 and is expected to remain moderate in FY-26. Banks may continue to face competition for deposit accretion, especially for low-cost current account savings account (CASA) deposits. Low deposit growth remains a structural issue for which banks must find ways to bolster deposit mobilization to support healthy credit growth without hindering liquidity. Banks are expected to focus on innovative strategies to attract deposits without compromising profitability.
1.6 Interest Rate Trends:
I. With the Reserve Bank of India expected to cut repo rates further in FY 2025-26 , net interest margins (NIMs) may come under pressure. II. Advances linked to external benchmarks will be repriced immediately, while deposit repricing will lag, impacting NIM and profitability in the short term.
1.7 Asset Quality Improvements:
I. Asset quality remains a bright spot for the banking 25 sector, with gross non-performing assets (GNPA) at a 12- year low of 2.6 per cent and net non-performing assets (NNPA) at 0.6 per cent in the first half of FY25.
1.8 Technological Transformation:
Digital banking innovations, AI, and automation have revolutionized banking services, driving efficiency and customer engagement.
Building Workforce Capability - IT & Digital transformation is only as strong as the people behind : it. The department aims to empower employees through future-ready skills:
- Structured Learning Programs: Creating certification-based and hands-on learning paths.
- Target: A substantial percentage of IT staff trained and certified by the end of FY25 26.
- Culture of Innovation: Encouraging employees to participate in idea generation and digital innovation initiatives.
Establishing Centralized Monitoring & Control -
- Operational visibility and control are critical to managing a large-scale IT landscape. To this end, the bank has operationalized a state-of-the-art : monitoring infrastructure: - 24x7 IT Command Centre: Equipped to monitor mission-critical infrastructure, applications, and networks in real-time.
, - 14 HD Dashboards: Visual representations of system health, transaction volumes, incident status, and uptime metrics.
Proactive Alerting & Response:
Enabling immediate intervention for system anomalies or performance degradation.
Key Action Points Future Goals -
- Looking ahead, the department is focused on executingthe next wave of strategic enhancements:
- Implementation of Use Cases in AI/ML
- Completion of Infrastructure Modernization Projects
- DR Automation Rollout Bank-wide
- Rollout of Inclusive Banking Features
- Launching Digital Accessibility Enhancements
- Expansion of Command Centre Capabilities
- Targeted Cybersecurity Drills and Threat Simulation
1.9 Indias Economic and Banking Outlook 2025-26 & Beyond
India remains the fastest growing major economy of the , world, with strong investment and public consumption underpinning economic performance. India s real GDP is set to grow at a pace of 6.5% in FY 2025-26 much better than the progressive economies around the world. Going forward, improving employment conditions, tax relief in the Union Budget, and moderating inflation, together with healthy agricultural activity bode well for household consumption. The banks will need to evolve corresponding fresh strategies to cut costs to maintain profitability while at the same time achieving consistent deposit and advanced growth. Adoption of new technologies based on Artificial Intelligence and Machine Learning for promoting new products and services, as well as in the domain of credit monitoring and fraud prevention, is another area requiring attention of banks in FY , 2025-26. AI and automation are set to revolutionize banking operations, improve customer service, and drive efficiency. From personalized financial advice to fraud detection, AI will be a crucial tool for Indian banks. Collaboration with fintechs is also expected to emerge as a long-term strategy for sustainable growth.
As global attention focuses on climate change and sustainability, Indian banks are increasingly looking to incorporate sustainable finance into their portfolios.
The Indian banking sector s resilience in FY 2025-26 will
, depend on its ability to navigate economic challenges, manage liquidity pressures, and embrace technological innovations
1.10 Charting Resilient Future
1.10 Deposit Mobilization Challenges:
India has the world s largest population and the youngest as well. India India has the world s is set to enjoy a demographic largest population and the dividend window driven youngest aswell. Indiaisset toenjoya demographic by a rising working age population rates and labor force participation rate dividend window driven by a rising working age population rates and labor force participation rate.
The burgeoning startup and entrepreneurship ecosystem in the country is fostering innovation and job creation. Digital transformation through the Digital India campaign is opening up new avenues for employment. India also emerges as an export powerhouse backed by a strong manufacturing base.
The Indian economy and financial system are positioned well to thrive and navigate through global Thevolatility,showcasingresilience andoptimism. Indian economy and financial system are , , positioned well to thrive and navigate through global India is set to maintain its status as the fastest-growing volatility, showcasing resilience and optimism. India is major economy. The collaborative efforts of policy set to maintain its status as the fastest-growing major measures, technological innovations, and a proactive economy. The collaborative efforts of policy measures, banking sector will be pivotal in navigating economic technological innovations, and a proactive banking andgeopolitical challenges. sector will be pivotal in navigating economic and geopolitical challenges..
2 Banks Performance: Strong Growth Across Key Metrics (FY 2024-25)
2.1 The bank demonstrated robust financial performance in FY 2024-25, achieving notable growth across key financial parameters.
I. Overall Business Growth of 15.30%: The total 15.30% business expanded to 5,46,979 crore as of March 5,46,979 31, 2025, marking a YOY increase of 15.30% from 4,74,411 crore as of March 31, 2024.
II. Deposits Grew by 13.44%: Total deposits reached
3,07,143 crore as of March 31, 2025, reflecting a 3,07,143 YOY growth of 13.44% from 2,70,747 crore as of March 31, 2024.
III. CASA Strengthens by 14.63%: CASA deposits, a 31 , key indicator of low-cost deposits, increased to 1,63,657 crore as of March 31, 2025, reflecting a YOY growth of 14.63% from 1,42,774 crore on 1,63,657 March 31, 2024.
IV. Loan Portfolio Increases by 17.76%: Gross advances grew to 2,39,837 crore as of March 31, 17.76% 2025, demonstrating a YOY increase of 17.76% 2,39,837compared to 2,03,664 crore on March 31, 2024.
V. Operating Profit Soars by 16.41%: Operating profit witnessed a significant rise of 16.41% YOY, reaching 9,319crore as of March 31, 2025, 31 , compared to 8,005 crore for the year ended March 31, 2024.
VI. Net Profit Up by 36.12%: Net profit achieved an impressive YOY increase of 36.12%, climbing to 5,520 crore as of March 31, 2025, from 4,055 crore for the year ended March 31, 2024.
2.2 Financial Ratios
The various financial parameters of the Bank during FY 2024-25 are as under:
| 2024-25 | 2023-24 | |
| Particulars | ||
| EPS (Rs) | 7.48 | 5.78 |
| Cost to Income Ratio (percent) | 38.37 | 37.55 |
| Return on assets (percent) | 1.75 | 1.50 |
| Return on equity (percent) | 22.92 | 23.83 |
| Book value per share (Rs) | 33.65 | 24.26 |
| Profit per Branch (Rs.in lakh) | 211.81 | 162.92 |
| Profit per employee (Rs.in lakh) | 37.83 | 30.04 |
| Business per Branch (Rs.in crore) | 37.49 | 35.14 |
| Business per employee (Rs.in crore) | 7.92 | 7.59 |
| Interest income as per cent to Average working funds | 1.10 | 1.11 |
| Non-Interest income as per cent to average working funds | 4.00 | 3.92 |
| Net Interest Margin (percent) | 2.96 | 2.96 |
| Operating Profit as per cent to average working Funds | 1.09 | 1.05 |
| Staff expenses as a percent to average working funds | 15.00 | 14.00 |
| Dividend (percent) | 25,880.52 | 17,177.58 |
| Net worth ( in crore) | 20.53 | 17.38 |
| CRAR (%) | 15.83 | 13.72 |
| Of which, Tier I CRAR (%) |
2.3 Income, Expenditure and Profitability
The total income of the Bank increased to 28,401.62 crores in FY 2024-25 as compared to 23,492.56 crores in FY 2023-24. The detailed income/expenditure components are as under:
| Particulars | 2024-25 | 2023-24 | Variation (in %) |
| Interest / discount on advances / bills | 19,292 | 15,826 | 221.90 |
| Income on investments | 5,360 | 4,461 | 20.17 |
| Interest on interbank lending & other Interest | 296 | 208 | 42.28 |
| Total Interest Income | 24,947 | 20,495 | 21.73 |
| Non-interest income | 3,454 | 2,998 | 15.22 |
| Total Income | 28,402 | 23,493 | 20.90 |
| Interest on deposits | 12,295 | 10,041 | 22.45 |
| Interest on borrowings & other Interest | 987 | 632 | 56.17 |
| Staff expenses | 3,442 | 2,838 | 21.29 |
| Other Operating expenses | 2,358 | 1,976 | 19.34 |
| Total Non-Interest Expenses | 5,801 | 4,814 | 20.49 |
| Total Expenses | 19,083 | 15,487 | 23.22 |
| Operating Profit | 9,319 | 8,005 | 16.41 |
| Provisions and Contingencies | 3,799 | 3,950 | (3.82) |
| Net Profit | 5,520 | 4,055 | 36.12 |
-25) 2.4 Strengthening Our Capital Base (FY 2024-25) I. Equity Raise, Tier-II Bond Issuance & Redemption of Tier-II Bond
a) Equity Capital Raised:
The Bank raised 3,500 ( ) crore 3,500 in equity share capital (including share premium) through a Qualified Institutional Placement (QIP) on October 5, 2024. This resulted in the issuance and allotment of 61,01,81,311 new equity shares of 10 each to investors at a premium of 47.36 per share
b) Tier-II Bond Issuance: The Bank issued Basel III-compliant Tier-II bonds worth 1,000 crore, on July 4, 2024.
c) Redemption of Tier-II Bond: The Bank exercised 600 its call option to redeem Basel III-compliant Tier-II bonds amounting to 600 crore on March 6, 2025.
2.5 Net Worth and Capital Adequacy Ratio
I. These capital-raising measures significantly enhanced the Bank s financial position:
2024
a) Net Worth Growth:
The Bank s net worth increased substantially to 25,880.52 crore as of March 31, 2025, from 17,177.58 crore as of March 31, 2024.
b) Strong Capital Adequacy:
As of March 31, 2025, the capital adequacy ratio stood at 20.53%, comfortably exceeding the regulatory requirement of 11.50% (including the Capital Conservation Buffer) under Basel III norms. The Common Equity Tier 1 (CET1) capital ratio was robust at 15.83%.
2.6 Issuance of Infrastructure Bond a.Infrastructure Bonds: The Bank has raised infrastructure bonds in two tranches; 811 crores on 05.08.2024 & 1612 crores on 18.02.2025.
2.7 Dividend Recommendation
2024-25 I. Your Bank?s Board of Directors has recommended a dividend of _1.50 per equity share (15%) on the paid-up equity share capital of _10 per share for the financial year 2024-25.
II. The dividend will be paid to members whose names appear in the Register of Members and the Beneficial Ownership Position provided by NSDL/CDSL as of the close of business hours on May 9, 2025.
III. This recommendation was approved at the Board meeting held on April 25, 2025. Further it is informed that the Record Date for determining the eligibility of members entitled to receive dividend on equity shares is Friday, 9th May, 2025. Dividend, if approved by the shareholders of the Bank, shall be paid after the AGM to those shareholders, whose names appear in the Banks Register of Members/ Register of Beneficial Owners maintained by the Depositories viz., National Securities Depository Limited and Central Depository Services (India) Limited as at the close of business hours on Friday, 9th May, 2025.
2.8 Sectoral Deployment of Credit
| 31.03.2025 | 31.03.2024 | |||
| Percentage to Total Outstanding | OS as on 31.03.2025 | Percentage to total OS | OS as on 31.03.2024 | Percentage to total OS |
| Industry of which | 79223.63 | 33.03% | 69211.21 | 33.98% |
| i. Infrastructure | 37027.70 | 15.44% | 35894.91 | 17.62% |
| ii. Chemicals & Chemical Products | 2100.10 | 0.88% | 2073.03 | 1.02% |
| iii. Natural Gas) | 3998 | 1.67% | 2783.99 | 1.37% |
| iv. Iron and Steel | 3249 | 1.35% | 1627.52 | 0.80% |
| v. NBFCs | 25737 | 10.73% | 21109.70 | 10.36% |
| vi. Engineering | 3259 | 1.36% | 2583.34 | 1.27% |
| vii. Construction | 1770 | 0.74% | 1333.11 | 0.65% |
| Other Industries viii. | 2083 | 0.87% | 1805.61 | 0.89% |
| Agriculture | 35547 | 14.82% | 30456.27 | 14.95% |
| MSME | 48369 | 20.16% | 42117.12 | 20.68% |
| Housing | 38346 | 59.13 | 29786.27 | 14.63% |
| Education | 2676 | 4.13 | 2279.19 | 1.12% |
| Exports | 2145 | 0.89% | 2167.85 | 1.06% |
| Commercial Real estate | 7367 | 3.07% | 4954.31 | 2.43% |
| Gross Advances | 239837 | 203664 |
3 Priority Sector Lending: Driving Growth and Empowerment
Priority Sector Lending: Driving Growth and
Empowerment : The bank understands the importance of priority sector lending towards nation building. ( ) , Embracing this vision, the Bank has not only met but surpassed Priority Sector Lending (PSL) targets, .75 % achieving an impressive PSL ratio of 46.75 % of ANBC, amounting to 95632.64 crore in FY 2024-25 (including investments).
3.1 Empowering Our Kisans: Strengthening the Foundation
Knowing the unique challenges our kisans (farmers) face, the Bank has put a strategies in place to give agriculture a real boost:
I. Lending a Hand, Strengthening the Roots: With an .01 outstanding agricultural advance of 35,547.01 crore, 2024-25 the Bank sanctioned 18,981 crore in fresh loans during FY 2024-25, standing firmly with the backbone of the nation our farmers.
II. Investing in the Future: Growth with a Purpose:Aim-2024-25 ing to secure long-term agricultural prosperity, the Bank facilitated a 47.65% rise in investment credit, disbursing 4,509 crore in FY 2024-25. These investments help farmers adopt advanced technologies and infrastructure for sustainable growth. This will enable , our kisans to be well-equipped to increase their crop yields in the long run, ensuring a more prosperous future for themselves and Indian agriculture industry.
III. Turning Gold into Growth: Swarna Krishi Loans: The , Swarna Krishi Loan program of the Bank unlocked 8,254 crore in fresh sanctions, a remarkable 57.14% growth in FY 2024-25. By leveraging the value of gold, farmers gain quick liquidity to bridge financial gaps and seize new opportunities.
IV. Empowering Kisan to be Self-reliant through customized solutions:
Understanding that no two farms are alike, the Bank customized loan solutions , through its MKCC Review/Renewal initiative, achieving 44% completion in FY 2024-25. This ensures farmers receive personalized financial support that meets their unique needs. This extensive program has ensured that existing loans are reviewed and customized to fit each farmers specific needs and circumstances. Bank has prioritized the needs of our kisans and worked towards empowering them to succeed.
V. A leap to the future:Supporting the growth of Agro and food processing industries is a priority for the
Bank. This is a crucial step towards a brighter future while adding to the value of agriculture produce. Bank through its "Maha Krishi Samruddhi Scheme," has " sanctioned 782 crore in FY 2024-25, empowering , these industries to add significant value to the agricul- tural supply chain.
VI. Making Access Easier through Digital Initiative:
Financial inclusion is a priority for the Bank. We have digitized the KCC Renewal process, making it simpler for our kisans to to have credit access. ,
VII.Standing Strong Through Storms: Understanding the challenges of farming, especially during natural calamities such as droughts, floods, and hailstorms, the Bank proactively extends timely relief measures in line with regulatory guidelines. These efforts help farmers recover and rebuild, reaffirming our commitment to their resilience and security.Through innovative schemes, tailored solutions, and unwavering support, the Bank continues to empower our Kisans and foster sustainable growth in agriculture, proving to be a ,dependable partner in their journey towards a better tomorrow.
3.2 Fueling Indias Growth Engine: The Banks Commitment to MSMEs
Micro, Small, and Medium Enterprises (MSMEs) are the ( ) cornerstone of the Indian economy, driving inclusive growth through extensive employment generation, both directly and indirectly. Acknowledging their importance, the Bank has adopted a comprehensive strategy to support MSMEs and enhance their contribution to the nations economic development.
I. Record Growth and Exceeding Targets-
The Banks dedication to MSMEs is reflected in a remarkable 14.84% year-on-year growth in lending compared to March 2024. This translates to an impressive absolute increase of 6251.45 Cr. as of March 31, 2025, the Banks total MSME advances stand at a robust 48,368.57 Cr. as against target of 47,500 Cr. demonstrating a strong commitment to this crucial sector. in FY25
The Banks unwavering support for MSMEs is further highlighted by its performance in FY25: : Bank s performance in MSME portfolio in FY 25:
| S.N. Particulars | Actual | Target |
| 1 Share of Micro against to MSE O/s | 60.81% | 60% |
II. MUDRA: Empowering Aspiring Entrepreneurs:
The Bank actively participates in the Pradhan , Mantri Mudra Yojana (PMMY) scheme, providing crucial - credit to small businesses and non-farm enterprises engaged in manufacturing, trade, and services. In 2025 ,
FY25, the Bank sanctioned a commendable 5,549.05 Cr under PMMY, exceeding the ambitious target of 5,500 Cr. This 100.89% achievement rate reflects the Banks dedication to empowering small-scale entrepreneurs
III. Beyond Lending: A Holistic Approach;
The Banks support for MSMEs extends beyond just providing loans. Here are some key initiatives: a.MSME Outreach Programs: The Bank actively organizes outreach programs across various locations to connect with new businesses and cater to their unique needs. These programs have received a positive response and are crucial for building strong relationships with MSMEs
b. Cluster Approach:
Bank is developing industry / activityspecificproductsatdifferentpartsofcountry for / generating volume business by offering tailor product to specific cluster. Bank has launched Glass & bangles , cluster in Firozabad in Uttar Pradesh and Textile cluster in Surat, Kolhapur, Jaipur, Tirupur, Coimbatore and Malega-on.
c. Customizing loan products for specific MSME , , customer category. We offer attractive RoI, extended loan repayment tenor, concession in Processing fee and , BG/LG commission etc. to various customer category like Doctors, CA, CS, Architects, Contractors, MSMEs engaged in hospitality business, Transport operators etc.
d. Fostering financial literacy through workshops, webinars and advisory services to MSMEs. Supporting MSMEs through networking processes like organizing eventstoconnectMSMEswithinvestors,suppliers other stakeholders for their growth.
e. Bank has devised special scheme for Women and
Young Entrepreneurs to promote easy access to fiance to these special customer base for empowering them economically and socially.
f.Bank is using technology and alternative data to increasethedigitallendingbase.Cashflowbaseddigital lending to micro units based on digital footprints available in financial ecosystem. Bank is focusing on business s cash flow rather than collateral security for financing to Micro units through digital mode.
g. Collaboration with NBFCs, Fintech companies, e-commerce platforms to expand reach of Bank through Co-Lending Model.
h.Special scheme for Green financing: Incentivized loans to MSMEs for adopting renewable energy or environmentally sustainable projects. Bank has special scheme for MSMEs for installation of solar panel for captive purpose to promote sustainable energy along with reducing operation cost of MSMEs.
i.Providing credit guarantee cover and capital / interest subsidy for borrowings under various government schemes. This has helped in financial inclusion as well as increase in the onboarding of MSMEs.
j. TRADE RECEIVABLES DISCOUNTING SYSTEM (TReDS): New platform is developed for centralization of TReDS financing in Bank
: k.Various IT initiatives for process improvement are as under:
Automation of validation ZED certification in CBS through ZED portal (www.zed.msme.gov.in) and passing of applicable incentives to beneficiaries.
Robotic Process Automation for CGTMSE Process:
Automation is done to a)Reduce processing time per item by 80% b)Reducing 99% Human errors 99% c)BetterMonitoring of the overall activity by using the logs provided by the BOT
l.Digital Products Initiative
Digital PM SVANidhi: Bank has implemented STP journey for loans under PM SVANidhi Scheme.
DigitalMUDRA: Bank has launched STP journey for
CC credit facility upto Rs.10 lakh at PAN India level for ETB customer and for NTB customer it is under assisted mode.
Auto Review / Renewal of Working Capital Facility upto Rs.10 lakh: The objective is to automate the process for review / renewal of existing MSME Working Capital facility up to Rs.10 lakhs through STP. a) Minimization of significant manhours at branches at an organizational level. b) Enhancement of customer convenience by almost eliminating branch visits.
Maha E-GST Scheme: Bank has launched Digital journeyforprovidingcashcreditfacilityuptoRs.25 lakh .25 to ETB MSME customers through credit assessment module based on digital footprints available in financial ecosystem.
Digital PM Vishwakarma: Bank has launched STP journeyforCreditunderPMVishwakarmaScheme to streamline the implementation of Govt. initiative.
IV. Looking Ahead: Building a Stronger MSME Ecosystem
The Banks unwavering commitment to MSMEs is , evident in its dedication to achieving and exceeding set targets for government schemes like MUDRA, PM-Vishwakarma and Stand-up India, PMEGP etc. Bank is focusing on providing credit help to start-ups under “Credit Guarantee Scheme for Start-ups (CGSS)”. These successes will contribute significantly in strengthening Banks MSME loan portfolio and consequently, empower more businesses to thrive.
Bank s Exposureto Select Segments
| Sr.No . Sector | As on 31.03.2025 | As on 31.03.2024 | % increase (+/-) |
| 1 Micro / SHG Finance | 3250 | 2797 | 16.20% |
| 2 Weaker Section | 25345 | 26487 | -4.31% |
| 3 SC/ ST Beneficiaries | 6998 | 5942 | 17.77% |
| 4 OBC Beneficiaries | 18762 | 14858 | 26.28% |
| 5 Minority Communities | 13916 | 9187 | 51.47% |
3.3 Fulfilling Common Man Dreams: The Banks Commitment to Retail Lending
The retail sector is the backbone of the Indian economy,with millions of people relying on it for their daily needs and aspirations. The Bank understands this crucial role and is dedicated to being a trusted partner for our customers. We offer a wide range of retail loan products designed to meet your diverse needs, from buying your dream home to financing your childs education or even getting a reliable vehicle for everyday commutes.
I. Sectoral deployment of retail credit:
| 31.03.2025 | 31.03.2024 | |||
| Segment | Outstanding (OS) as on 31.03.2025 | Percentage to total OS | Outstanding(OS) as on 31.03.2024 | Percentage to total OS |
| Housing | 38346 | 59.13 | 29786.27 | 57.58 |
| Education | 2676 | 4.13 | 2279.19 | 4.41 |
| Vehicle | 4063 | 6.26 | 2771.45 | 5.36 |
| Other Retail | 19768 | 30.48 | 16889.68 | 32.65 |
| Total Retail | 64853 | 100.00 | 51726.59 | 100.00 |
II.Scheme wise Performance:
| Sr. Scheme No | Brief Description | Portfolio as of Mar 25 | NPA % |
| 1 Maha Super Housing Loan Scheme | Housing loan remains a thrust area of the Bank. Accordingly, Bank has aligned with the goal of ‘Housing for all aspiration of the country, which includes Home loan scheme for customers covering every segment of the economy. | 38346.44 | 0.20 |
| Bank extends the most competitive ROI across the industry in home loan scheme.Bank offers housing loan for “purchase / construction of new / existing house / flat, repairs / renovation / alteration of existing house / flat, purchase of plot and construction thereon”. | |||
| 2 Maha Super Car Loan Scheme and Mahabank vehicle Loan scheme | Bank offers Vehicle loan schemes for purchase of New / Second hand four wheelers i.e. Car, Jeep, Multi Utility vehicles (MUVs), SUV, electric vehicles etc. for personal use (i.e. not for hiring/ferrying passengers) for individuals (18 years and above) and Non-Individuals. | 4062.84 | 0.09 |
| 3 Education Loan Scheme | Bank is implementing IBA Model Education Loan Scheme, PM Vidyalaxmi Scheme & Maha Scholar Overseas Education Loan scheme to provide hassle free Education loan to all meritorious and deserving students for pursuing higher studies /education in India and abroad. | 2675.73 | 0.10 |
| 4 Loan Against Self-Occupied | Bank offers Loan Against Self-Occupied Property in which loan is given to the Individual borrower against the property. The end use of the loan is for meeting varied personal needs like Childrens Education, marriage of children, medical treatment, travel/ tour expenses, buying vehicle or hi-tech gadgets, other domestic needs etc.Bank offers housing loan for “purchase / construction of new / existing house / flat, repairs / renovation / alteration of existing house / flat, purchase of plot and construction thereon”. | 2202.80 | 1.20 |
| 5 Mahabank Top up Loan Scheme | In order to extend additional credit support to existing housing loan borrowers as well takeover of existing housing loans from other banks with additional facility of Top-up Loan, Bank offers “Mahabank Top Up loan Scheme”. | 3510.94 | 0.09 |
| Under the scheme credit is extended for variety of domestic purposes like children s education, marriage of children, medical treatment, buying a vehicle or hi-tech gadgets and other domestic needs etc. | |||
| 6 Mahabank Gold Loan Scheme (Retail + Agri) | With a view to tap the potential of gold loans as a lucrative asset and to cater to the needs of meeting General consumption as well as Agriculture use, whatsoever which include cultivation, development of agricultural land, agri allied activity & personal expenditure for varied needs like marriage, higher education, medical emergencies, business travel etc, Bank has loan product as “Mahabank Gold Loan Scheme”. | 15909.05 | 0.13 |
| 7 Mahabank Aadhar Loan Scheme | To cater to the needs of our existing pension account holders in meeting their personal emergencies or expenses, pilgrimage, medical and domestic needs etc., Bank offers “Mahabank Aadhar Loan Scheme”. | 833.95 | 0.40 |
| 8 Personal Loan | Bank offers Personal loan to cater to the needs of salaried individual, professionals & business class of customers for meeting other personal expenses, medical or domestic expenses etc. | 3455.95 | 0.78 |
III.FY 2024-25 at a Glance:
Our unwavering commitment to empowering individuals and families has driven remarkable growth in our retail portfolio, which now stands at an impressive 64,852.98 crore as of March 31, 2025. Here are some key initiatives that contributedtothis success:
a. Faster Loan Approvals with Centralized Processing:
To enhance efficiency in loan processing, we have established Centralized Processing Cells (CPCs) across all zones, focusing particularly on mortgage-based loans like housing loans, Loans Against Property, and Top-Up loans. This centralized approach has significantly reduced turnaround times and improvedthe overall customer experience.
b. Dedicated Housing Finance Branches:
To meet the increasing demand for housing loans, we set up dedicated Housing Finance Branches (HFBs) in 43 major locations, including tier-II cities across India. Staffed with experts in mortgage financing, these branches provide faster and more customer-friendly services.
c. Simplified Gold Loans with "Maha Bank Gold Loan Points":
To make gold loans more accessible, we opened " "Maha Bank Gold Loan Points" in 34 locations nationwide. , These centers ensure a quick, transparent, and hassle-free , experience.Additionally, we introduced a Digital Gold Loan product, enabling a seamless lending process and faster credit delivery.
d. Additionally, we have established a dedicated Personal Loan vertical at the Head Office to cater to this growing segment and offer tailored loan schemes for targeted segmentofcustomer like salaried, professionals and business owners.
IV.Making Loans Simpler and Faster:
Innovation and process enhancement are at the heart of our efforts to provide a delightful customer experience. Here s how we re making loans easier:
a. Attractive Interest Rates:
We offer competitive rates across all retail loan products, , makingthem an appealing choice for our customers.
b. Digitalization for Streamlined Processes:
By adopting digital loan processing and Straight Through Processing(STP)acrossvariousloancategories,wehave reduced time (TAT) as well as the paperwork and expedited approvals, delivering a more efficient banking experience.
c. Pre-Approved Loans for Existing Customers: -
Convenience is key. Our pre-approved personal loan scheme for existing customers features a fully digital - process, enabling loan proceeds to be credited into savings accounts within 60 seconds, eliminating lengthy manual procedures.
d. Expanding suite of Digital Loan Offerings:
We are working to digitalize car loans (through dealer tie-ups), education loans for premier institutes, and housing loans, allowing customers to apply from the comfort of their homes with minimal paperwork.
e.Strategic Partnerships for Faster Processing:
Through our partnership with Maruti Suzuki India Pvt. Ltd., we have integrated digital systems to enable seamless transfer of car loan leads directly into our loan managementsystem.Thishasspeeduptheprocessof approval.
V.Supporting Environmental Sustainability
In alignment with the Government of India s Green Initiatives and our commitment to protecting the environment, we have introduced the following eco-friendly retail products:
a.Green Vehicle Loans:
The "Maha Bank Green Vehicle Loan Scheme" supports the purchase of electric cars, promoting cleaner transportation and reducing environmental impact.
b.Green Housing Loans:
Our "Maha Bank Green Housing Loan" scheme encourages investment in eco-friendly housing projects, making sustainable living more attainable.
c.PM Surya Ghar-Muft Bijli Yojana:
Under this initiative, we provide low-cost financing for rooftop solar panel installations, enabling customers to generate clean energy and lower electricity costs.
VI.Initiatives under retail loans
Bank has launched lucrative as well as competitive products and periodically reviewing the existing ones in order to match with the market peers to tap the potential retail business.
a. Bank has launched a tailor made Retail Loan scheme named ‘Elite Plus Scheme for High Ranking Government Officials with the following offerings.
• Home Loan: Rate of Interest starts at 7.85% p.a.
• Car Loan: Upto 100% finance at 8.20% p.a of Rate of Interest.
• Personal Loan: Rate of Interest starts at 9.50% p.a.
• Education Loan: Rate of Interest starts at 7.60% p.a. with NIL processing charges.
b. Bank is extending PM Vidyalaxmi Education Loan scheme at competitive rate of interest starting from 7.60% p.a. for students taking admission in 860 Quality Higher Education Institutes (QHEIs) classified under AAA, AA, A & B category which includes all top-rated IIMs, IITs, and medical institutions among others.
c. Bank has revamped its Vehicle Loan scheme which includes 4-wheelers, 2-wheelers, High end Bikes and Pre-Owned Cars with following parameters to maximize their loan availability.
• Nil Margin to existing Housing Loan borrowers for purchase of new 4 wheeler.
• Margin reduction to 10% from 15% for new 4 - wheeler.
• Enhanced deduction norms up to 80% to HNI customers.
• No collateral security.
d. Bank is promoting flagship programme of Govt. of India named Roof Top Solar PM Surya Ghar Muft Bijli Yojana, in order to encourage beneficiaries to install Roof Top solar unit on Grid connected model and avail the benefit of subsidy.
e. In our endeavor to maintain a healthy retail loan portfolio, Bank has introduced minimum credit information company (CIC) cut-off validation for on-boarding new customers in all the segments of retail loan i.e minimum CIC Cut-off of 681 & above.Our constant focus on retail lending drives us to continuously innovate, streamline processes, and introduce customer-centric solutions. By expanding access to housing, , personal, and gold loans, alongside offering competitive , rates and embracing digitalization, we aim to meet the diverse financial needs of our customers. Through these efforts, we remain committed to empowering individuals and families, fostering financial well-being, and setting benchmarks in retail lending excellence.
4 Empowering Communities: The Banks
Drive for Financial Inclusion
Financial inclusion is the foundation of empowerment and a , catalyst for national economic growth. Committed to the vision of inclusive development, the Bank strives to ensure that every Indian, irrespective of their location or socioeconomic status, has access to essential banking services.
4.1ExpandingAccesstoBanking Services
Inthefinancial year 2024-25, the Bank achieved remarkable progress in advancing financial inclusion. By opening an impressive 7.07 lakh new Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts, we extended essential banking facilities such as savings accounts, debit cards, and overdraft protection to over a million previously unbanked individuals.
Banks Performance in Financial Inclusion are as below:
| Particular | 2023-24 | 2024-25 | |
| FI Plan | No of Transactions by BCA (in lakhs) | 232.52 | 193.20 |
| PMJDY | Amt. of Transactions (in Cr) | 18322.73 | 15480 |
| No. of PMJDY accounts (in lakhs) | 78.08 | 80.61 | |
| Of which Aadhar Seeded (in Lakhs) | 74.25 | 77.30 | |
| % of Aadhar Seeding | 95.09% | 95.89% | |
| Of which Mobile Seeding (in Lakhs) | 64.76 | 68.75 | |
| % of Mobile Seeding | 82.94% | 85.29% | |
| Of which Ru-pay card issued (in Lakhs) | 39.88 | 44.92 | |
| % of Ru-pay card issued | 51.08% | 55.73% | |
| Balance in PMJDY A/c (in Cr) | ( 3818.35 | 4538.87 | |
| Average Bal.per account (actual) | 4890.00 | 5631 | |
| PMJDY-OD count ( in lakhs) | 1.14 | 0.81 | |
| PMJDY-OD Amount ( in lakhs) | 1209.68 | 876 | |
| Zero Bal.PMJDY A/cs (in lakhs) | 4.68 | 4.34 | |
| Enrolment under PMJJBY ( in lakh) | 32.90 | 35.98 | |
| Social Security | |||
| Schemes | |||
| Enrolment under PMSBY ( in lakh) | 65.22 | 70.94 | |
| Enrolment under APY ( in lakh) | 7.94 | 9.86 | |
| ) BSBD Accounts | Total BSBD Accounts (in lakhs) | 93.38 | 94.12 |
| O/S Balance in BSBD A/c ( in Cr) | 4586 | 5358 | |
| Average Bal.per account (actual) | 4911 | 5693 | |
| ) | Commission paid towards BC Services (in Crore) | 52 | 30 |
5 Asset Quality and NPA Management
5.1 The Bank s Commitment for Enhancing Asset Quality:
AtourBank, maintaining a healthy and robust portfolio is , a core commitment. This involves ensuring timely loan repayments, mitigating the risk of bad debts, and fostering a strong financial foundation for both the Bank and its customers.
5.2 Sustained Progress in Asset Quality
Our dedication to improving asset quality has yielded remarkable results, reflected in key performance metrics: I. Gross NPA Reduction: Declined from 1.88% as of 31 March 31, 2024, to 1.74% as of March 31, 2025.
II. Net NPA Reduction: Declined from 0.20% as of March
31 31, 2024, to 0.18% as of March 31, 2025.
III. Provision Coverage Ratio (PCR): Achieved a strong 2025 98.26% PCR as of March 31, 2025.
5.3 Strategic Initiatives for Asset Quality Improvement
Toensuresustainableassetquality, we have undertaken transformative measures:
I. AI-Driven Engagement: Leveraging AI-powered calling and sentiment analysis to revolutionize collections.
II. 24/7 Risk Monitoring: Utilizing a DCRI dashboard to proactively manage delinquency and compliance risks, with 93.69% of the vehicle loan portfolio verified through Robotic Process Automation on the Vahan portal.
III. Strategic Partnerships: Partnering with fintechs to enhance data analytics, BOT calling, AI/ML tools, and Early Warning Signals (EWS) for stress asset management IV. Customer Convenience: Automating communication with borrower s post-loan closure to collect security documents seamlessly.
:V. Geotagging and Automated Remote Junction for Monitoring of Assets Under Stress (ARJUN) Appli-
cation: ARJUN Bank s in house developed Mobile application serves the purpose of a handy tool to the staff members for effective credit monitoring and optimise collection mechanism directly through their mobile phone enabling dynamic optimization of stress asset visits.
5.4 Comprehensive NPA Recovery Strategy
Our multifaceted approach to non-performing asset : (NPA) recovery includes the following measures:
I. : Dedicated Recovery Teams: Establishing Asset Recov ery Cells (ARC) at all Zonal offices and 13 dedicated Asset Recovery Branches (ARB) to focus on large NPAs, particularly those which are involved in legal proceedings.
II. Specialized Stressed Asset Management (SAM): 4 SAM branches has been established for, managing accounts with outstanding balances exceeding 5 crore.
III. End-to-End Credit Monitoring: Bank is developing an
AI/ML-based platform for improved collections, reduced processing time, and enhanced customer experience. This platform will leverage customer behavior and historical data to predict potential issues and enable proactive intervention.
IV. AI-Powered Communication: An AI-based Interactive Voice Assistant solution has been developed for outbound calls to customers with stressed accounts and for our contact center. This AI-powered solution communicates with customers in their preferred language, promoting better communication and understanding.
V. Active Loan Tracking: Operating a Loan Tracking Cell for daily follow-ups over phone on stressed accounts to ensure timely recovery and NPA upgrades.
VI. Wilful Defaulter Identification: Bank has also set up separate Cells at its Head Office for identification of Wilful Defaulters.
VII. One-Time Settlement Schemes: Bank offers fair and transparent specially designed One-Time Settlement (OTS) schemes to facilitate debt resolution for eligible borrowers under various categories. VIII.e-OTS: Adding fillip to digital resolution Bank launched a digital OTS platform (e-OTS) for a streamlined, efficient and hassle-free settlement process.
IX. Debt Recovery Efforts: Bank actively engages in debt recovery through visits, notifications, legal proceedings, Recovery Camps, Lok Adalats (peoples courts), Mahabank Adalats (Bank-specific courts), and timely actions under SARFAESI/DRT Acts. Bank is also leveraging utilize the services of Recovery Agents and Resolution Agents to expedite recoveries.
X. Insolvency and Bankruptcy Code (IBC) Utilization:
Bank has initiated proceedings under the IBC against large NPA borrowers. This includes Corporate Insolvency Resolution Process (CIRP) against borrowers and Personal Insolvency Resolution Process (PIRP) against guarantors, ensuring a comprehensive approach to debt recovery.
XI. Strategic NPA Sales: Selling difficult-to-recover NPAs to Asset Reconstruction Companies (ARCs) and the National Asset Reconstruction Company Limited , (NARCL) to streamline our balance sheet and focus on core lending activities
5.5 Position of Non-Performing Assets is as under:
2025 Figure 1: Comparison of Gross NPA amount of FY 2024 and FY 2025
Figure 2:Comparison of Net NPA amount of FY 2024 and FY 2025
Figure 3: Comparison of Cash Recovery amount of FY 2024 2024 2025 and FY 2025
Figure 4: Comparison of Gross NPA Percentage and Net NPA percentage of FY 2024 and FY 2025
6 Augmenting Bank s Foreign Exchange Business
, To meet the rising demand for foreign exchange services, the Bank operates a robust network of 50 strategically positioned Category B branches across India. These branches provide a wide range of foreign exchange solutions, ensuring seamless international transactions for individuals and businesses alike.
Highlights for FY 2024-25:
I. Total Turnover: The Bank achieved a remarkable total turnover of 7,28,078 crore in foreign exchange transactions, underscoring the growing demand for international trade and travel services.
II. Merchant Business Expansion: A significant increase in merchant business was recorded, generating 41,325 crore during the year. This reflects the Bank s dedication to empowering businesses engaged in global trade.
, III. Profitability: The foreign exchange division earned a profit of 64 crore, contributing to the the Banks overall financial performance.
7 Strategic Investing: Securing Financial Stability
, The Bank upholds a well-diversified investment portfolio, ensuring compliance with Statutory Liquidity Ratio (SLR) regulations while strategically expanding into non-SLR
securities.
7.1 Investment Portfolio Breakdown (as of March 31, 2025):
I. Gross Investments: 82,342 Crore
a. 66,638 Crore (SLR Securities): Investments that comply with the mandatory liquidity requirements set by the Reserve Bank of India.
b. 15,704 Crore (Non-SLR Securities): Investments made beyond the SLR requirement, offering greater flexibility and potential for higher returns.
c. Surplus SLR Securities: 16500 Crore: This surplus demonstrates the Banks strong liquidity position.
II. Net Investments: 82,005 Crore (net of provisions) as of March 31, 2025.
III. Investment Portfolio Composition:
a. 63.07% Held-to-Maturity (HTM): Investments intended to be held until maturity, providing a stable source of income.
b. 36.55% Available-for-Sale (AFS) & Fair Value Through Profit & Loss: Investments that can be actively bought and sold to generate additional income and manage portfolio risk.
7.2 Financial Performance:
a. Treasury Profit Growth: Increased by 13.23% from
250.21 Crore in FY 2023-24 to 283.31 Crore in FY 2024-25, demonstrating the effectiveness of our investment strategies.
b. Net Interest Income Growth: Increased by 20.17% from , 4,461 Crore in FY 2023-24 to 5360 Crore in FY 2024-25, highlighting the Banks ability to generate consistent returns from its investment portfolio
| 2023-24 | 2024-25 | % | |
| Particulars | FY 2023-24 | FY 2024-25 | % Change |
| Treasury Profit | 250.21 | 283.31 | +13.23 |
| Interest on Investment (Net ) | 4460.76 | 5360.43 | +20.17 |
8 Merchant Banking
( ) During the year, Bank handled 29 issues of Commercial Papers amounting to 67,700 crore for its clients as an Issuing 29 and Paying Agent (IPA).
9 Borrowings
The borrowing of the Bank as on March 31, 2025 stood at Rs. 23853 Crore including re-finance as under:
| Particulars | Amount as on 31.03.2025 | Amount as on 31.03.2024 |
| Total Borrowing | 23853 | 7,719 |
| of which Borrowing RBI under LAF | 0.00 | 500.00 |
| of which Borrowing Market REPO | 0.00 | 0.00 |
| Of which Borrowing TRePS (G-Sec) | 0.00 | 3997.76 |
| Of which Refinance from NABARD | 3425 | 0.00 |
| EXIM BANK | 0.00 | 0.00 |
| NHB | 0.00 | 0.00 |
| SIDBI | 11928 | 1959 |
| Mudra | 69 | 152 |
| Borrowings in the form of Bonds & debentures capital instruments | 8431 | 5608 |
| Borrowings outside India | - | - |
| Others | 0.00 | 0.05 |
10 Depository Services
I. Bank is Depository Participant (DP) of Central Depository Services of India Ltd. (CDSL) since September 1999. II. The Bank has been providing Services DEMAT Account Facility.
III. Bank has introduced ASBA through net banking and UPI.
11 Bancassurance
I. Comprehensive Insurance Offerings: The Bank serves as a corporate agent for an extensive selection of bancassurance products, encompassing Life, General, and Health Insurance. Through strategic partnerships with 8 insurance companies, we provide customers with a diverse range of insurance solutions tailored to their unique needs.
II. Enhancing Digital Experience: Dedicated to delivering a seamless digital journey, the Bank has collaborated with a prominent Fintech company to create an intuitive digital insurance platform. This platform enables customers to effortlessly explore, compare, and purchase insurance products through the Banks digital channels.
Performance during FY 2024-25
| Insurance | No of Policies | Premium in Cr. | Commission in Cr. |
| Life | 18021 | 135 | 33 |
| General | 269321 | 67 | 10 |
| Health | 41604 | 60 | 8 |
| Total | 328946 | 261 | 51 |
12 Government Business 12.1 Convenient Doorstep Banking Services
TheBankoffers Doorstep Banking Services through M/s 1,000 PSB Alliance Pvt. Ltd., catering to retail customers across 1,000 cities via 869 branches. These services encompass both financial and non-financial assistance:
I. Financial Services: Cash withdrawal and fund transfer.
II. Non-Financial Services:
/ 16 a) Delivery Services: Account statements, TDS certificates/Form 16.
,
b) Pickup Services: Collection of cheques/DD, Form 15G/15H, standing instructions, cheque book requisition slips, GST challans with cheques, and nomination forms. Additionally, pensioners can submit digital life certificates from the comfort of their homes
12.2 Efficient Tax Collection
In FY 2024-25, the Bank collected 7,24,062 challans of Direct Taxes and 3,31,786 challans of Indirect Taxes, earning a total commission of Rs 2.12 crore.
12.3 Comprehensive Pension Services
, Serving senior citizens with dedication, the Bank processes and credits , , monthly pensions for Central Government, Defense, Railway, and Telecom pensioners through its Central Pension Processing Cell (CPPC) in Pune. This service generated a Government Business commission of Rs 5.15 crore for FY 2024-25.
12.4 Promoting Small Savings Schemes
The Bank opened numerous accounts under various small savings schemes during FY 2024-25: I. 1,47,477 new PPF accounts.
II. 16,988 new Senior Citizens Savings Scheme (SCSS) accounts.
III. 10,881 new Sukanya Samriddhi Scheme accounts. IV. 8,804 new Mahila Samman Savings Certificate Schemeaccounts. The Bank earned a commission of Rs 6.73 crore from these schemes during the year.
13 Lead Bank Scheme 13.1 Lead Bank Responsibility
: We hold Lead Bank responsibility in seven districts:
Chhatrapati Sambhaji Nagar, Jalna, Nashik, Palghar, Pune, Satara, and Thane. The Lead District Managers of these districts work collaboratively with other banks and district authorities to prepare and implement District Credit Plans (DCPs) annually. These plans ensure targeted financial support for various sectors within each district.
13.2 State-Level Coordination:
I. State Level Bankers Committee (SLBC)
, Convener: As the convener of the SLBC for Maharashtra, the Bank plays a central role in coordinating financial initiatives across the state.
II. State Annual Credit Plan: Under our leadership, the SLBC prepares the annual credit plan in ,consultation with various stakeholders, including Lead District Managers, Member Banks, NABARD, -25 and the Reserve Bank of India. The Priority Sector Plan for FY 2024-25, valued at 7,25,190 crore, ranks , asone of the highest credit plans in the country, underscoring our commitment to fostering financial growth in Maharashtra.
III. Regular Reviews and Meetings: The SLBC convenes quarterly meetings to monitor progress on the State Annual Credit Plan, prioritize lending to critical sectors, and oversee the implementation of government-sponsored schemes. Additionally, the SLBC facilitates communication and collaboration between Member Banks, Central & State Government agencies, and central institutions like RBI and NABARD.
IV. Supporting Government Initiatives: The SLBC works closely with various government departments to ensure the successful implementationofkey programs through member banks. These programs aim to empower different segments of the population, including:
, a. Supporting Agriculture and Allied Sectors: Initiatives such as KCC Saturation for Animal Husbandry, Dairy & Fisheries, and PM-Kisan beneficiaries. b. Support for Small Entrepreneurs: Implementation of PMSVANidhi, Svanidhi se Samruddhi for street vendors, and PM Vishwakarma schemes for traditional artisans and craftspeople.
c. Targeted Interventions: Coordination with NITI
Aayog to implement the Targeted Financial Inclusion Intervention Programme (TFIIP) in aspirational districts and blocks.
d. Mission Utkarsh Programme: Focus on fostering financial inclusion and development in Nandurbar district, one of the 10 designated aspirational districts in the country.
13.3 Opening Doors of Formal Banking to Everyone through Financial Inclusion:
• As the SLBC convener, the Bank has been instrumental in driving the Pradhan Mantri Jan Dhan 3.64 Yojana (PMJDY) in Maharashtra. As of March 31, 2025, over 3.64 crore PMJDY accounts have been opened in the state, providing essential banking services to a previously unbanked population.
14 Subsidiaries/Joint Ventures and Sponsored Institutions:
14.1 Performance of Regional Rural Banks (Maharashtra Gramin Bank)
I. Performance Highlights
Maharashtra Gramin Bank (MGB), a regional rural bank sponsored by the Bank of Maharashtra, plays a pivotal , role in bringing financial services to rural communities across Maharashtra. Heres a look at their performance for FY 2024-25:
| S.N. Percentage of total O/s | Actual as on 31/03/2024 | DVP/MoU Target 31/03/2025 | Actual as on 31/03/2025 | % Achieved | (%) Y-o-Y Growth (%) |
| 1 Total Deposits | 17037 | 18200 | 19749 | 108.51 | 15.92 |
| 2 CASA deposits | 9525 | 9600 | 10777 | 112.26 | 13.15 |
| 3 % of CASA Deposits | 56 | 53 | 55 | 103.45 | -2.40 |
| 4 Total Advances | 11414 | 13500 | 11866 | 87.90 | 3.97 |
| 5 Total Business | 28450 | 31700 | 31615 | 99.73 | 11.12 |
| 6 Interest Income | 1291 | 1440 | 1423 | 98.80 | 10.23 |
| 7 - Non-Interest Income | 200 | 220 | 270 | 122.89 | 35 |
| 8 Operating Profit | 213 | 230 | 246 | 107.14 | 15.49 |
| 9 Recovery in Write Off | 3 | 5 | 4 | 81.80 | 33.33 |
II. Branch Network Expansion:
a. As of March 31, 2025, MGB has a network of 427 branches covering 17 out of 36 districts in Maharashtra.
b. All branches and controlling offices are now under Core Banking Solution (CBS) for enhanced efficiency.
III. Financial Performance:
a. MGB achieved a total deposit level of 19749 Crore, with a healthy CASA (Current and Savings .12% Account) ratio of 54.57%.
b. The banks total business grew by 11.12% year-on-year to reach 31615 Crore. c. MGB generated an operating profit of 246 Crore, demonstrating financial stability.
IV. Supporting Government Initiatives:
a. MGB actively promotes government schemes like ( ) Pradhan Mantri Jan Dhan Yojana (PMJDY). During FY 2024-25, they opened 2.30 lakh PMJDY accounts, bringing the total to 29.57 lakh accounts as of March 31, 2025. Additionally, 11.42 lakh debit cards were issued to PMJDY account holders.
b. The bank plays a key role in social security 8.73 schemes, covering 8.73 lakh customers under PMJJBY (life insurance), 24.27 lakh under PMSBY (accident insurance), and 2.95 lakh under APY (pension scheme). c. MGB actively supports the PMMY (Micro Units Mudra Yojana) scheme, empowering micro-entrepreneurs.
V. Technological Advancements:
MGB has shifted all the Data Centres i.e. Data Centres (DC), Disaster Recovery (DR) and Near Disaster Recovery i.e. NDR from legacy area to the state of art data centers in Pune and Hyderabad.
a. Successfully migrated from the legacy .NET-based CBS to a modern Java-based CBS.
b. MGB has successfully integrated and launched the Jan Suraksha Portal. This portal facilitates the digitization of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY), covering the entire process from enrolment to claim processing and settlement.
c. MGB has launched Loan Originating System (LOTUS) for automatic processing of loan application. It auto generates implementation of the sanction letter and appraisal note. LOTUS is now available for Car Loan, GST MSME Scheme. Housing Loan & Personal Loan.
d. MGB has launched the dedicated tool for SMA and NPA Monitoring named SMAART (Special Mention Accounts and NPA Recovery Tool), which is one stop solution for monitoring of SMA and NPA Accounts. Bank has also launched the mobile version of SMAART portal.
e. MGB has successfully implemented Bharat E-commerce Payment Gateway for seamless digital transactions.
f. MGB has introduced Video KYC facility for saving account opening.
g. MGB has introduced UPI based scanned sound box service for account holders. The sound box service allows customers to receive real-time transaction updates and notifications regarding their accounts through audio messages, making banking more accessible and user-friendly.
h. MGB has introduced the services of UPI LITE with the help of NPCI which has increased the services of small token transaction.
i. MGB is one of the first RRBs to implement generation of UPI IDs based on Aadhaar instead of ATM cards.
j. MGB has centralized the system generated process of deposit of unclaimed deposit for more than 10 year at Head office level and also bank has developed in-house DEAF portal for monitoring and processing of DEAF claims through system.
VI. Door-Step Banking:
a. MGB leverages a network of 1,256 Business Correspondents (BCs) to provide convenient doorstep banking services to customers in rural areas.
VII. Amalgamation of Vidarbha Konkan Gramin Bank and Maharashtra Gramin bank.
The Government of India (GoI) vide Gazette Notification CG-DL-E-07042025-262329 dated 7th April 2025 has notified the implementation of amalgamation of RRBs in 11 States/UTs from 1st May 2025.
Maharashtra Gramin Bank and Vidharbha Konkan Gramin Bank sponsored by Bank of Maharashtra and Bank of India respectively in the State of Maharashtra are in process of amalgamation into a single Regional Rural Bank, which shall be called as Maharashtra Gramin Bank having its head office at Chhatrapati Sambhajinagar under the sponsorship of Bank of Maharashtra.
VII. MARDEFs Achievements:
a. Mahabank Rural Self Employment Training Institutes (MRSETIs): These institutes train individual youth for self-employment, with a , settlement rate of 73.08% for new business ventures initiated by trained participants. In 2024-25 alone 8600 individuals received training, and 3425 trainees secured credit linkages for their businesses.
b. Financial Inclusion: MRSETIs actively promote financial inclusion and literacy by raising awareness about government schemes and facilitating the opening of savings accounts and enrollment in social security programs to the last mile.
IX. Performance of METCO
a. Safeguarding Your Legacy with Maharashtra Executor & Trustee Company (METCO): A
Trusted Partner for Generations
The Maharashtra Executor & Trustee Company (METCO), a wholly-owned subsidiary of the Bank of Maharashtra, has been a trusted institution for over 79 years. Established in 1946, METCO offers a comprehensive range of services to manage your assets and ensure your wishes are honored.
b. Core Services offered by METCO:
i. Will Management Services: METCO provides expert assistance in drafting, safekeeping, and executing wills. Acting as an executor, they ensure the smooth distribution of assets, including the sale or transfer of property according to your wishes.
ii. Trust Creation and Administration: METCO facilitates the establishment and management of both private and public trusts. As a managing trustee, they oversee all aspects of trust administration, including asset management, regulatory compliance, and the fulfillment of charitable objectives.
iii. Power of Attorney: METCO can act as your appointed Power of Attorney, managing investments and immovable properties on your behalf. Their services cover property rentals, sales, and transfers.
iv. Guardianship Services: In cases of , court-appointed guardianship, METCO assumes the role of legal guardian, managing the properties of minors or individuals with special needs.
c. METCO s Expanding Footprint and Contributions:
i. Extensive Reach:
Headquartered in Pune, METCO operates through branches in Pune, Mumbai, Thane, and Nagpur, serving clients across Maharashtra.
ii. Trust Management Excellence:
By FY 2024-25, METCO successfully managed over 1,030 public 93 and private trusts.
iii. Comprehensive Will Execution
METCO added 93 new wills during the year, taking the total to 754 live wills under their execution portfolio.
iv. Asset Management Through Power of Attorney
METCO oversees movable and immovable properties for 46 clients under Power of Attorney agreements.
v. Dedicated Guardianship Services METCO manages the property of a special child as part of its guardianship responsibilities.
vi. SocialResponsibilityInitiatives As a managing trustee of 1,030 trusts, METCO extends financial assistance to support education, medical care, .201 cultural endeavors, religious activities, and the arts. In FY 2024-25, METCO s trusts donated Rs. 201 lakhs to 843 beneficiaries, significantly benefiting underserved communities.
d. Financial performance:
METCO continues to uphold sound financial practices. For FY 2024-25, it reported a net profit of Rs. 1.08 crore, showcasing its commitment to sustainable growth and efficient management.
15 Resources: Banking Outlets, Workforce, Technology, Customer Service & Beyond
15.1 Expanding Access: Banking Outlets, ATMs and Passbook Kiosks
Our Bank is steadily expanding its national footprint, serving customers across 28 states and 7 union territories. As of March 31, 2025, our network has grown to 2,761 banking outlets, a notable rise from 2,556 outlets as of March 31, 2024. This growth underscores our dedication to delivering convenient and accessible bankingservices nationwide.
A. Diverse Network for Every Need:
Ourrobust network is designed to meet a variety of customer requirements: i. Branches (2603 nos.): Comprehensive banking services tailored to everyday needs. ii. Digital Banking Units (3 nos.): Cutting-edge technology delivering a seamless digital banking experience.
iii. Customer Service Points (155 nos.): Operated by Bank Mitras, these points offer essential banking services in easily accessible locations.
B. Strategic Expansion: Bringing Banking Closer to You
During FY 2024-25, our network expansion focused on strategic initiatives: : i. New Branches: Bank has extended its branch network by opening 120 new branches, facilitating our services to more communities across diverse regions of the country.
ii. Enhanced CSP Network: Added new Customer Service Points (CSPs) and converted 2 existing branches into CSPs to ensure continued accessibility.
Effortswere made to minimize inconvenience during these transitions.
C. Specialized Branches: Tailored Financial Solutions
Our network includes specialized branches to address specific financial needs:
i. Foreign Exchange ii. Government Business iii. Treasury and International Banking iv. Industrial/Corporate Finance v. Micro, Small, and Medium Enterprises (MSMEs) vi. Hi-tech Agriculture vii. Mid Corporate viii.Housing Finance
Banking Outlet type wise classification of branches as on 31.03.2025, vis-a-vis 31.03.2024 is as under:
Banking Outlets Details As of 31.03.2025
| Type of Banking Outlets | Metro | Urban | Semi-Urban | Rural | Total |
| Branch | 643 | 577 | 770 | 613 | 2603 |
| Digital Banking Unit | 2 | 1 | 0 | 0 | 3 |
| Customer Service Point | 0 | 0 | 2 | 153 | 155 |
| Grand Total | 645 | 578 | 772 | 766 | 2761 |
15.2 ATM / CRM Network
| ATM | Recycler | Total | Passbook | MFK* | |||||
| Year | Onsite | offsite | Total - A | Onsite | Offsite | Total-B | A + B | Onsite | Onsite |
| Mar-24 | 755 | 32 | 787 | 1109 | 5 | 1114 1342 | 1901 | 1053 | 4 5 |
| Mar-25 | 814 | 246 | 1060 | 1339 | 3 | 2402 | 1353 |
*Multifunction Kiosks
16 Strategic Data Management: Building a resilient and future ready ecosystem:
Datamanagementandgovernanceisthenervesystem of Banking system. Realizing this critical aspect and to make the bank resilient and future ready with a data driven scientific approach, Bank has created Strategic Data Management vertical. Following are the important aspect -undertaken by the department.
16.1 Data Quality
, , Bank has implemented Data Quality Portal to ensure better data quality in MIS, regulatory returns, EASE, Credit information Companies (CICs), Business Requirements, Customer Personal Identification Information (PII) data and various data supplying requirements. The portal currently displays 106 data gap reports to field staffs, for data cleaning, which includes 52 reports triggered through EASE 7.0. Data Quality Index (DQI) Score is auto derived and are displayed daily basis to all locations for a seamlessusage.
Bank has taken significant efforts which includes control , implementation in data capturing level, data mapping level, data extraction level and data cleaning of legacy errors in CBS.
16.2 Data Governance
The Bank has a Board approved Data Governance Policy , in place along with DQI framework, DQI Score and SOP 7.0 which have been circulated for its effective utilization. In line with EASE 7.0 reform agenda, Bank is in the process of implementing the same, for enhancing control validations in various source systems to prevent new data gaps, in coordination with various user , departments. Linking of DQI score with staff s KRA, Business metrics, internal audit are in progress.
Training to field staffs on data quality & data governance is done periodically along with quiz programs for all staff members to generate awareness among all.
In line with IBA and EASE guidelines, Bank celebrated Data Governance Day on June 1, 2024, to enhance employee awareness. Staff took a pledge to uphold the highest standards of data governance in all areas of banking operations.
16.3 Central Data Repository
The Bank s central data repository, MIS-GANGA, is seamlessly interfaced with various source systems. Data is refreshed daily and supplied to various stakeholders, including OFSAA, AMC, AI/ML platforms, digital lending systems, and regulatory reporting frameworks like RBI CIMS internal MIS.
16.4 Automation Of Reports
i. In our constant bid to enhance efficiency, Bank during the financial year automated additional 13 RBI returns, increasing the total count to 45 automated regulatory compliance. ii. Further, 55 additional MIS reports are automated totaling to 135 which has significantly enhanced workplace efficiency and automation.
16.5 CIC Data Quality Index (DQI):
The Bank has prioritized the quality of borrower data shared with CICs, achieving significant milestones: i. Recognition: Won the “IBA & CIC Award on Commercial Acceptance Improvement” on February 12, 2025.
ii. Enhanced Data Quality: Improved acceptance rates and quality of CIC data, reaching peer benchmarks. iii. Key Data Enhancements: Included additional OVD data, PAN penetration, cheque dishonor data, related party information, collateral details, and CKYC data.
Further efforts are ongoing to achieve higher DQI and acceptance rates through improved data capture, mapping, and legacy error corrections.
16.6 CIC Policy
Bank has revised SOP and CIC Policy as per RBI s
Circulars, for enhancements in the process of CIC data sharing, CIC complaints handling, & steps towards achieving better CIC DQI.
16.7 CIC Products & Services
I. Risk Alerts for Borrower Data: The bank has implemented risk alerts on borrower data, covering lending accounts held with other banks. These alerts are triggered when any of our existing customers become delinquent with another bank, serving as an Early Warning System (EWS). Based on these alerts, the customer portfolio is categorized into four risk quadrants: Good-Good, Good-Bad, Bad-Good, and Bad-Bad customers.
II. Market and Business Insights: The bank utilizes market and business insight data provided by CIC to support strategic decisions such as branch openings, target setting, business reviews, and benchmarking with peer banks within specific pin code areas.
III. Enquiry Alert Data (Biz Triggers): Bank has partnered with Experian which provides daily enquiry alert data whenever our existing borrowers make loan inquiries with other banks. Upon receiving these alerts, the bank sends targeted emails and SMS messages to the borrowers, offering , similar loan products. For instance, if a borrower enquires about a personal loan with another bank, they will receive a communication from the bank regarding our personal loan offerings.
IV. Borrower Tracker (Skip Tracing): The Skip Tracing functionality provides incremental contact information for selected borrowers, aiding in recovery and collections for overdue or NPA accounts. The bank accesses the historical contact data available in the Bureau database on an ad-hoc basis to establish communication with these borrowers.
V. Fraud Prevention Platform HUNTER: The bank has implemented the HUNTER fraud prevention platform within its digital lending journey for products such as Gold Loans, e-GST loans, Mudra loans, and Pre-Approved Personal Loans (PAPL).
16.8 Customer Awareness
The Bank has initiated the practice of sending e-mail and SMS notifications to customers for any overdue amounts , reported to Credit Information Companies (CICs). To enhance awareness, the Bank has placed informative artwork on its corporate website and social media platforms, emphasizing the importance of updating e-mail IDs and mobile numbers in customer accounts. Simultaneously, efforts to clean legacy data, where invalid mobile numbers or email IDs are identified, are being carried out through field staff. This initiative aims to support digital adoption and improve Data Quality Index (DQI).
16.9 CIC Complaints Redressal
The Bank ensures timely resolution of customer complaints related to CIC data or reports in compliance with the RBI-stipulated Turnaround Time (TAT). The resolution rates are as follows: I. 26% of complaints are resolved on the same day, II. 63% within 2 to 7 days, III. 8% within 8 to 15 days, IV. 2% within 15 to 30 days, and V. 1% beyond 30 days due to technical issues on the CIC s end.
16.10 TrainingonSASVIYAplatform
The Bank conducted a specialized training program for select employees from Head Office departments on the SAS VIYA platform. This training equips employees with the skills to independently generate dashboards from data without requiring IT support, thereby enhancing their data-handling capabilities.
Through these initiatives Bank focuses on enhancing customer service, improving data quality, and fostering a , data-driven culture through , customer awareness campaigns, efficient CIC complaint resolution, and advanced employee training programs. These initiatives ensure regulatory compliance and strengthen the Banks position as a modern, customer-centric institution.
17 Business Development:
Our bank actively pursues business development initiatives aimed at expanding our customer base, enhancing services, and driving revenue growth. These efforts are rooted in our commitment to environmental, social, and governance (ESG) principles, reflecting our dedication to fostering a sustainable and inclusive future.
In the face of a challenging external environment, we remain steadfast in executing our strategic priorities. By embracing innovation and maintaining a customer-centric approach, we are committed to delivering exceptional value to our stakeholders, customers, and communities.
17.1 Strategic Partnerships:
Collaboration is the key to our growth strategy. Bank forged strategic partnerships with leading Fintech companies and other institutions to enhance our service offerings and reach new customer segments. These partnerships have resulted in mutually beneficial outcomes and strengthened our competitive position in the market.
| Maharashtra Common Entrance Exam (MHCET) | The Government of Maharashtra has established State Common Entrance Test (CET) Cell. |
| We have provided Payment Gateway to “MHCET: Maharashtra Common Entrance Exam to facilitate a seamless service | |
| Vadhvan Port project | Our Bank got associated with the Vadhvan Port project. We have provided software and technical solution for the project. |
| Property Tax Collection for Daman District | Integration of Payment Gateway for 14 Gram Panchayats of Daman has been completed. |
17.2 Government Partnership and rendering value added services:
The Bank has collaborated with various government departments across the country to enhance its reach and provide its tailored services according to their needs. Some of the important partnerships are as follows:
I. State Health Assurance Society Mahatma Jyotirao Phule-Jan Arogya Yojana: Mahatma Jyotirao Pule Jan Arogya Yojana is the flagship health insurance scheme of the Government of Maharashtra. Bank has onboarded the scheme in Mumbai.
II. Maharashtra Medical Goods Procurement
Authority: The procurement authority has been formed for procuring medical goods for the Public Health Department, the Medical Education & Drug Administration Department of Government of : Maharashtra.
III. Scheme for Special Assistance to State for
Capital Investment for 2024-25 under Part-1: The Department of Expenditure, Ministry of Finance, Government of India, has approved capital investment proposals in 16 States. The scheme got onboarded by the Bank in Patna, Bihar.
IV. PM Electric Bus Service: Bank has received letter for implementation of “PM Electrtic Bus Service” scheme of Urban Development Ministry in Mumbai.
V. GOI Social Justice Ministry- SMILE scheme: The Ministry of Social Justice and Empowerment has launched an umbrella scheme “SMILE - Support for Marginalized Individuals for Livelihood and Enterprise”. Single Nodal Account (SNA) for “GOI
Social Justice Ministry for SMILE scheme” was opened.
VI. CAMPA (Compensatory Afforestation Fund Management and Planning Authority): CAMPA
was created to ensure that funds collected for compensatory afforestation, net present value (NPV) and interest of forest land, and other forest-related purposes are effectively utilized for the restoration and development of forest ecosystems. We initiated the process of account opening under CAMPA.
VII. Bihar Planning and Development Department- Under Bihar Panning and Development Department, we have opened account for Bihar Local Area Development Agency (CEO BLADA).
VIII. PCMC (Pimpri Chinchwad Municipal Corporation): We have executed MOU with “Pimpri Chinchwad Municipal Corporation (PCMC)” for providing and maintaining payment gateway and collection of PCMC taxes. We received the mandate to open 48 accounts of PCMC.
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IX. Strategic MoUs with Railway Dept- MOUs have been signed between Bank of Maharashtra, Solapur Zone, and Central Railway Solapur. Another MOU was signed between Bank of Maharashtra, Jalgaon Zone and Central Railway Bhusaval Division as well.
X. Tribal Department Single Nodal Account (SNA) Account- We have opened new SNA Account of (1) Tribal Department at Nashik with the name “SNA
GIA article 275 (1) of Constitution of India”.
XI. Himachal Pradesh Power Corporation Ltd- We have received the letter from Himachal Pradesh Power Corporation Ltd. for receiving the proceeds of disbursements and payment of eligible expenses for their new project in association with Asian Development Bank.
XII. Strategic Engagement with Top B Schools and
Prestigious Colleges- Bank has made tie-up with various Top Business Schools. Under this Strategic Partnership, our one pager marketing material was displayed on the student portal/college website.
17.2 Few New Accounts/Schemes onboarded:
17.4 Introduction of Innovative Products and Services:
Bank is committed to innovation and customer- , centricity. In line with this commitment, bank launched several new tailored financial products and services to meet the evolving needs of our customers. Bank is giving , , bundle of new services with MAHAPAY like QR code, , Payment gateway, UPI, e- Rupee. In Bhopal, we have on boarded the Farmer Welfare and Agriculture Department by providing e- Rupee facility
17.5 Digital Transformation:
Bank continues to invest in digital technologies and platforms to enhance the customer experience, streamline operations and drive efficiency. Bank s efforts of automation of Cotton Corporation of India daily payment processes have yielded positive results, with a significant increase in Mahapay adoption among our , customers. Further, we are now on-boarding customers for Host-to-Host Integration under Mahapay.
17.6 Focus on enriching Customer Experience:
Bank remains dedicated to deliver exceptional customer experiences at every touchpoint. Through continuous ( ) feedback, collection and process improvements, bank have optimized its service delivery channels though Public Financial Management System (PFMS). Bank is committed to customer convenience, reliability, and responsiveness as we excel forward.
18 Human Resources Management
At Bank of Maharashtra, we believe in fostering a competent and passionate workforce to achieve business excellence. Aligned with the bank s HR mission of “Creating Competence and Passion for Business Excellence,” the Bank focusses on the following key areas.
I. Talent Acquisition and Recruitment II. Employee Development and Training III. Performance Management IV. Policy Formulation and Compliance V. Employee Relations and Welfare
18.1 Manpower Strength:
14591 The total Manpower of the Bank as on 31st March 2025 stood at 14591. The following are the details of category of employees.
| CADRE | OFFICERS | CLERK | SUBSTAFF | TOTAL |
| COUNT | 9218 | 3686 | 1687 | 14591 |
The Bank undertakes a comprehensive annual review of staffing needs across various cadres, meticulously analyzing vacancies in light of the business growth, future branch expansion and rationalization plans, and anticipated attrition due to resignations, superannuation, and voluntary retirements, ensuring a well-aligned and forward-looking human resource strategy.
18.2 Gender Diversity:
Gender sensitivity, inclusivity, and the creation of gender-friendly workspaces have consistently been fundamental principles of our Banks HR policy. Women 28.02% comprise 28.02% of our total workforce, with representation across all regions and levels of the organizational hierarchy. The average age of our employees is 37 years.
| Category | Male | % | Female | % | Total |
| Officers | 6642 | 72.05 | 2576 | 27.95 | 9218 |
| Clerks | 2373 | 64.38 | 1313 | 35.62 | 3686 |
| Sub-staff | 1488 | 88.20 | 199 | 11.80 | 1687 |
| Total | 10503 | 71.98 | 4088 | 28.02 | 14591 |
18.3 Reservation Cell:
Inlinewith the directives of the Government of India, ( ), the Bank ensures reservation in direct recruitment for candidates belonging to Scheduled Castes (SCs), Scheduled Tribes (STs), Other Backward Classes (OBCs), Economically Weaker Sections (EWS) and Persons with Benchmark Disabilities (PwBDs), while promotional reservations for SC/ST employees are extended in , accordance with the prescribed guidelines. To uphold theprinciples of equity and inclusion, Special Cells are operational at the Head Office and all Zonal Offices to oversee the effective implementation of reservation policies and to address the grievances of SC/ST/OBC employees, persons with benchmark disabilities (PwBDs), and Ex-Servicemen. Additionally, the Bank has appointed Chief Liaison Officers at the Head Office and established dedicated SC/ST/OBC/PwBD Cells in every Zonal Office to reinforce its commitment to social justice and inclusive growth.
| CASTE/CADRE | GEN | OBC | SC | ST | EWS | PwBD | ESM | TOTAL |
| OFFICERS | 4195 | 2734 | 1412 | 632 | 245 | 232 | 52 | 9218 |
| CLERKS | 1686 | 962 | 622 | 340 | 76 | 120 | 189 | 3686 |
| SUBSTAFF | 525 | 428 | 550 | 184 | - | 21 | 101 | 1687 |
| TOTAL | 6406 | 4124 | 2584 | 1156 | 321 | 373 | 342 | 14591 |
PwBD: Persons with Benchmark Disabilities
InalignmentwiththeGovernmentofIndia sguidelines, , continuous efforts have been made by the Bank to address and resolve grievances of employees belonging to reserved categories, fostering cordial relations and / assisting in their career progression. The Bank has also organized various training programs for SC/ST employees and Welfare Associations, covering important areas , such as the reservation policy, pre-promotion training, and related topics aimed at empowering and preparing them for future responsibilities
18.4 HR Administration & Policies:
Managing human capital remains one of the most vital and dynamic functions in steering the organization towards sustained success. The efficiency and effectiveness of the Bank s operations are deeply , interconnected with the performance and engagement of its employees. Recognizing this, the Bank has implemented a range of HR initiatives aimed at strengthening its administrative foundation. ( ) Key developments during the year include: I. Implementation of an integrated Human Resource Management System (HRMS), covering the full employee lifecycle from entry to exit. II. Adoption of various IT-enabled platforms for maintaining employee data and records.
III. Periodic review and renewal of HR policies in line with industry best practices and regulatory guidelines.
IV. Active promotion of dialogue with key stakeholders, , including team leaders, union representatives, and other field functionaries to foster collaborative development.
V. Framing policies that emphasize discipline, commitment, and devotion to duty, thereby enhancing employee productivity and organizational efficiency.
VI. Optimizing Recruitment process
18.5 Holistic Learning & Development of workforce
The financial year 2024-25 has been a landmark period for the holistic Learning and Development (L&D) of Bank s staff. Our initiatives have been meticulously designed to bridge skill gaps, foster innovation, and enhance productivity across all levels of the organization. This report highlights key programs and initiatives undertaken to strengthen the professional capabilities of our employees, ensuring a future-ready workforce
18.6 Strategic Learning Initiatives
I. Directors Development Program (DDP) 2025:
, Aimed at providing a self-paced, personalized learning experience to the whole time Directors of the Bank. The program offered flexible, conceptualized, and engaging learning experiences tailored to leadership needs.
II. Overseas Training & Study Tours:
A total of 17 employees were nominated for overseas training, foreign study tours, and executive education at premier global institutions.
III. One-on-One Coaching Sessions:
In line with EASE guidelines, Bank extended one-on-one coaching sessions for eligible executives with the help of certified external professional coaches to enhance leadership capabilities and decision-making skills.
IV. Individual Development Plans (IDP) for AGMs:
A structured Individual Development Plan was implemented for newly promoted Assistant General Managers (AGMs) to facilitate career growth and competency enhancement. An external certified , agency conducted an analysis and competency assessment for 49 executives, who then underwent personalized development training based on predefined IDP parameters at IIM Kozhikode.
V. Leadership Development Program for Chief Managers:
A Leadership Development Program was designed for 57 newly promoted Chief Managers, focusing on organizational growth and leadership skills.
VI. Hi-Potential (Hi-Po) and Hi-Performance (Hi-Per) Analysis:
Building on previous leadership initiatives, an extensive Hi-Po and Hi-Per analysis - was carried out for executives across levels.
VII. Succession Planning Strategy:
To ensure a seamless leadership pipeline, a structured succession planning framework has been developed.
VIII.Mentor Allotment Program (MAP):
A structured mentor-mentee initiative was launched in phases to support new recruits in their career progression.
1. Phase 1 & 2: 433:929 identified mentors: mentees
2. Online Webex training was conducted for mentors to expand the reach and effectiveness of the program.
IX. Employee Well-being:
Specialized Webex sessions on "Mental Health" and "Postpartum Blues" were conducted, benefiting approximately 1600+ employees by addressing key well-being issues and work-life balance strategies. New courses were also added under the revised Scheme of Reimbursement to promote a culture of continuous learning within the workforce.
X. Business Development Officers (BDO) Training:
A dedicated training initiative for performing employees under BDO & CAR campaign, was launched to enhance the skills of Business Development Officers in sales acumen, relationship management, and strategic business growth.
XI. Technology-Driven Learning Solutions:
Technology was seamlessly integrated into training methodologies through:
i. Virtual instructor-led sessions
ii. Snippets, Podcasts, Seminars
iii. E-Learning Modules on HRMS
iv. Quiz Competitions to Enhance Employee Engagement
XII. Onboarding of Training Partners:
Through the Expression of Interest (EoI) process, Bank has onboarded new training partners to scale up training programs in large numbers and create a highly skilled workforce.
XIII. Industry Collaborations & External Training: Several , executives participated in industry-leading training programs, including:
i. Cross Bank Trainings at Various Institutes
ii. Training for CxOs & Deputy CxOs at ISB
iii. Workshop for Central Processing Centres & MSME
Hubs (via RBI-NAMCABS) iv. Credit Analysis & Risk Management Training by CRISIL Security & Risk Management Workshop at NIBM
v. Agro MSME Financing Program at RBICAB
The performance of the Bank in terms of learning parameters are as under.
| Key Parameters | 25 ( ) Mar 25 (Actual) |
| Unique Learning Interventions | 11,169 |
| 5 | |
| Classroom Training Program (Internal) | 374 |
| Classroom Training Program (External) | 118 |
| 42 | |
| Virtual Training Program (External) | 8 |
| - Use of ICT- Webinars | 22 |
| - Use of ICT- Podcast | 16 |
| Cross Bank Training | 7 |
| Quiz on LMS and Skill Gap Analysis | 36+ |
Learning & Development at Bank of Maharashtra stands as a testament to our commitment for nurturing a culture of excellence. Continuous learning is not just an initiative but a way of life, driving both individual and organizational success.
18.7 Employee Engagement Initiatives:
Bank undertakes various employee engagement initiatives to improve the work environment and culture and to encourage staff to be effectively aligned towards corporate goals. Some of the initiatives are as under.
i. Friendly Volleyball Match
ii. Case Study Writing Competition
iii. Traditional Day celebrations
iv. Christmas Celebrations
v. Dandiya Evening
vi. Session on Mental Health, Mentorship, Parenting etc.
18.8 Recruitment:
, I. Bank has identified vacancy of 1895 officers in various scales & 600 Clerks, as per Manpower 600 planning based on certain parameters like attritions, 1248business position, minimum staffing pattern etc. Out of which 1248 officers (Scale I - 936, Scale II 220, Scale III 75, Scale IV 15, Scale V 1 & Scale VI 1)& 499 Clerks have joined.
II. Direct Recruitment of Meritorious Female Sportspersons:
Sports is one of the eminent areas for human activities which builds youth to become face of the nation. The bank admires excellent performances of Indian Sportspersons in achieving different awards and accolades at the International as well as National level in the recent years. It is the most influential medium for promoting our brand value to our patrons.
III. Bank is making waves in sports by recruiting India s first all-women volleyball team constituting exceptionally talented players who played at National/ International level and represented India in the world tournaments, a move that aligns with the governments vision of empowering youth and promoting gender equality in sports.
IV. The Bank has transitioned to a fully in-house, online recruitment process, marking a significant shift from the earlier practice of relying on the Institute of Banking Personnel Selection (IBPS) for application management. With the development of our own recruitment portal, the Bank now independently handles the entire application process, ensuring greater efficiency, transparency, and control over talent acquisition.
V. Bank has reviewed the scheme of Compassionate Appointment scheme in line with Govt. of India / IBA guidelines, which is aimed at providing financial relief to the indigent family of deceased employees.
Bank has offered compassionate appointments to 27 27 candidates in clerical cadre.
18.9 Career Progression (Promotion):
Promotion serves as a key motivator for employees, offering greater responsibilities, financial rewards, and enhanced status. The Bank conducts the promotion process annually in accordance with a Board-approved Promotion Policy, aligned with Government of India and regulatory guidelines. This policy ensures an adequate workforce at each level to support the Banks business growth while meeting the need for capable employees to take on higher responsibilities.
The Bank has made dedicated efforts to promote career progression, recognizing and rewarding employee performance and fostering motivation. To provide broader exposure, opportunities for horizontal movement across various functions and overseas trainings are also offered to officers.
The number of promotees in various cadre in FY-2024-25 are as under.
| JMGS-I TO MMGS-II | MMGS-II to MMGS-III | MMGS-III TO SMGS-IV | SMGS-IV TO SMGS-V | SMGS-V TO SMGS-VI | TEGS-VI TO TEGS-VII | TEGS-VII TO TEGS-VIII | Clerical to JMGS - I |
| 194 | 200 | 65 | 27 | 09 | 03 | 03 | 218 |
18.10 Improvisation of Staff Benefits and Welfare Activities:
The Bank believes that the staff are the backbone of the institution, and they are the architect of its growth and progress. To recognize the efforts of employees and to motivate them the Bank has taken several initiatives.
I. Special consideration for female : employees:
Having a sensitive view towards female staff, Bank has introduced special clause i.e. “Female officers may be exempted from inter-zonal transfer and will be retained in the existing zone / place of posting in the cases,
• a. If they are in a family way, the exemption will be for a period of two years (excluding 9 months of family way) OR
• the exemption will be till the period the child turns 2 years of age.”
II. Payment of Performance Linked Incentive (PLI) :as per 8th Joint note & XI-Bipartite Settlement:
, Based upon Banks financial results for the year 95% 2023-24 wherein the YOY operating profit soared to
19.10% & net profit 44.95%, bank has paid 15 days Performance Linked Incentive to all the employees.
III. Wellness & Fitness Drive: In line with GOI directions, Bank has organized 10th International Yoga Day with a theme “Yoga for Self & Society” on 2024 21st June 2024 in all the offices for maintaining ” good health & enduring a sustainable life style.
IV. Introduction of Bereavement Leave: Introduction of bereavement leave on demise of family members of Employees. Bereavement Leave will be a paid leave granted to an employee on loss of family member.
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V. Payment of Rs. 1,000 /- to all employees & retirees in view of Banks outstanding
performance in FY 2024-25: Taking into consideration of Bank s transformative performance in FY2024-25 & to celebrate the occasion, bank has paid Rs. 1,000 /- to all employees & retirees towards purchase of gifts, sweets, dry fruits etc. as a token of appreciation for their service to the Bank.
VI. Bank s Residential Accommodation Facility for Officers: To enhance the ease of living, the existing rental ceiling has been enhanced for officers as per market rates & industry practices.
VII.Considering the rise in transportation expenses, Bank has enhanced the reimbursement of local shifting / transportation charges upto Rs.12,000/- or the actual expenses incurred, whichever is lower.
VIII.Enhancement in rates for reimbursement of
: lodging expenses to officers: In view of the present market rates of lodging expenses and revision of lodging allowance to award staffs in Bipartite Settlement, Bank has enhanced the reimbursement of lodging expenses to officers.
IX. Reimbursement towards expenses for Maintenance of Good Health: With a motive to promote well-being amongst the staff members, the Bank had announced a reimbursement of Rs. 6,000/- per employee, as a special one-time gesture towards Maintenance of Good Health (Joining Yoga / Meditation / Health Club etc.)
19 EASE Initiatives
2018I. Enhanced Access and Service Excellence (EASE) is a flagship reform initiative launched in January 2018 by the Department of Financial Services (DFS), , , Ministry of Finance, Government of India. The program aims to enhance the performance of Public Sector Banks (PSBs) through improved efficiency, transparency, governance, and customer-centric service delivery.
II. The latest phase, EASE 7.0, was launched on 25 April 2024 by the Secretary, DFS. It reaffirms the Government s commitment to transforming public sector banking into a more digitally empowered, modern, and customer-first ecosystem. This phase focuses on aligning banking operations with national priorities while fostering innovation and resilience within PSBs. Key Objectives of EASE 7.0:
a.Alignment of banking services with national development goals
b. Strengthening of customer service excellence
c. Risk mitigation and operational resilience.
d. Adoption of advanced technologies and digital capabilities
e. Employee development for future-ready banking
, III. EASE 7.0 emphasizes inclusive and integrated banking, with a particular focus on the needs of Micro, Small & Medium Enterprises (MSMEs) and the agricultural sector, contributing to the overarching 21 vision of a Viksit Bharat (Developed India). The framework is structured around 21 Action Points, grouped under five strategic themes:
| Banking towards Viksit Bharat | Excellence in customer service |
| Adoption of new-age technology and other advanced capabilities | Effective risk/ fraud Management, collections and recovery |
| Developing employees for emerging banking priorities |
III. In the first and second quarters of EASE 7.0, Bank of Maharashtra was ranked 8th, a slight drop from its 7th position in March 2024. The result of Q3, FY 2024-25, was approved in the Steering Committee Meeting on 17/03/2025, showed an improvement in ranking from 8th to 7th. The Bank emerged as the top improver, gaining 68.5 marks (Q3 Vs Q2) quarter-on-quarter basis, and ranked among the top three improver i.e. March 2024 vs December 2024 based on baseline comparison. Detailed Results is as below:
| - As on | |||
| Position of the Bank | 30.09.2024 Q2 FY 24-25 | 31.12.2024 Q3 FY 24-25 | Improvement |
| Total marks obtained | 47.0 | 68.5 | 68.30% |
| Position of Bank out of 12 Banks | 8th | 7th | 1 |
20 Technology Initiatives
20.1 Process Centric Initiatives
Bank has upgraded its CBS hardware and core network - with high-end equipment. This hardware refresh has greatly improved transaction processing speed, enhanced overall system efficiency, and increased both , reliability and scalability, ensuring seamless branch operations even during peak loads and growth periods Bank has successfully deployed the DR Automation Tool to automate disaster recovery drills reducing manual , intervention, improved recovery time, and ensures robust operational resilience. Bank has successfully implemented Apigee platform for API management which will enhance compliance, security, and governance of API integrations for internal & external APIs Bank has extended EFRMS integration to EFT Switch, in addition to Mobile Banking, Internet Banking, CBS, UPI, and AePS. This ensures real-time fraud monitoring across all digital channels, enhancing security and customer trust.
Bank has implemented O365 email solution which is user friendly and work smoothly with all email clients where in - bank staff can sign into the office on five different devices at the same time. This comes with Advance Threat Protection, and advance Phishing protection.
Bank has undergone, Application Centric Interface (ACI)
Controllers, ACI Leaf and Fex Switches with new devices which comes with improved performance, enhanced security, better scalability, reduced downtime, lower maintenance and improved compliance.
- Bank has successfully deployed Offus and Onus Cash deposit at Business Correspondent locations. In addition, many other services are deployed under Financial Inclusion Gateway.
: 20.2 Straight-Through Processing (STP) Journeys for Customer Convenience:
Several customer centric Straight Through Processing (STP) journeys have been implemented, allowing for faster and more efficient transactions. These include:
I. Working Capital Auto Renewal: Auto renewal of working capital loans up to 10 lakh electronically, eliminating the need for branch visits.
II. Mudra CC Loan Scheme: The Bank offers a streamlined online application process for the Mudra CC loan scheme.
III. Online Account Opening: Online Savings Account Opening via Video KYC: The Bank has successfully facilitated the opening of over 35,000 savings , accounts through its secure and fully compliant Video KYC platform, enabling customers to open accounts remotely without the need for physical documentation.
To enhance customer convenience and streamline the onboarding process, the Bank extended its services to include savings account openings on Sundays and Holidays. As of March 31, 2025, more than 1,400 accounts have been opened on these additional days.
Currently, the Bank offers five distinct types of savings accounts that can be opened through the Video KYC process, further expanding access and flexibility for customers.
IV. eFD RD through Mobile Banking & Internet Banking: Customers can invest in fixed deposit (FD) and recurring deposit (RD) accounts conveniently through mobile banking and internet banking applications. This digital channel has mobilized over
770 Crore as on 31st March 2025.
V. Digital Gold Loan Journey: Bank has introduced Gold Loan Digital Journey for customers to avail loans up to 10 lakh with an option to book an appointment with an appraiser, ensuring a quicker and more efficient in-branch loan process.
VI. e-GST Credit Scheme: Bank has implemented digital journey for business owners to apply for GST-based loans ranging from 10 lakh to 25 lakh, simplifying access to working capital with minimal paperwork.
VII. Digital Car Loan: Customers can apply for car loans up to 10 lakh digitally, eliminating manual intervention, with dealers also able to apply on their behalf for faster loan approval.
VIII. PM Vishwakarma Scheme: Bank has implemented a Straight Through Process (STP) digital loan for a government initiative to support artisans and craftspeople in 18 trades, providing skill training, financial aid, digital incentives, and marketing support.
The Bank is dedicated to continuous innovation and expanding its product portfolio to better meet the needs of our customers. Our robust pipeline of new offerings, such as Digital Corporate Salary Account Opening, Earned Salary Advance, ATL Dairy Loan, and Kisan Tatkal, is designed to enhance convenience and address the evolving financial requirements
20.3 Modernizing ATM Infrastructure:
Enhanced Accessibility: To enhance accessibility and convenience, we have upgraded our ATM network with , the latest technology. This includes ATMs and Cash Recyclers equipped with disability-friendly features, along with Self-update Passbook Kiosks and Multifunction Kiosks deployed at strategic locations.
During FY 2024-25, we installed over 500 new ATMs and Cash Recyclers, significantly expanding our network and improving access to essential banking services such as cash withdrawals, deposits, and more.
20.4 Optimizing Efficiency:
I. ATM Infrastructure related: In FY 2024-25, we , achieved a milestone in operational efficiency by equipping all newly established branches with Cash Recycler Machines from their opening day.
Customers were introduced to these machines for seamless cash deposit and withdrawal services right from the start. This proactive approach led to a , substantial increase in ATM/Recycler usage, with 60% of customers preferring these machines for cash withdrawals and 20% utilizing them for cash deposits.
II. Overall Process related:
i. Bank has upgraded its CBS hardware and core network with high-end equipment. This hardware , refresh has greatly improved transaction processing speed, enhanced overall system efficiency, and increased both reliability and scalability, ensuring seamless branch operations even during peak loads and growth periods. Bank has successfully deployed the DR Automation Tool to automate disaster recovery drills reducing manual intervention, improved recovery time, and ensures robust operational resilience.
, ii. Bank has implemented Office 365 email solution which is user friendly and work smoothly with all email clients where in bank staff can sign into the office on five different devices at the same time. This comes with Advance Threat Protection, and advance Phishing protection. iii. Bank has undergone, Application Centric Interface (ACI) Controllers, ACI Leaf and Fex Switches with new devices which comes with improved performance, enhanced security, better scalability, reduced downtime, lower maintenance and improved compliance.
iv. Bank has successfully deployed Offus and Onus , Cash deposit at Business Correspondent locations.
In addition, many other services are deployed under Financial Inclusion Gateway.
20.5 Envisioning a Holistic Banking Platform:
• Integrated Customer Experience: Bank has undertaken development of lifestyle banking application that combines financial services with features tailored to enhance daily life. It allows users to manage accounts, track expenses, and make seamless payments, whether online, in-store, or peer-to-peer.
20.6 HARNESSING FINTECH PARTNERSHIPS:
I. Accelerated Digital Transformation:
) The Bank has strategically empaneled 139 FinTech (Financial Technology) companies and is working with 15+fintechs for development of various technological initiatives.
20.7EXPANSIONOFDIGITAL BANKING SERVICES IN FY 2024-25 i. Enhanced Digital Platforms: In FY 2024-25, we significantly upgraded our Mobile Banking (MB), Internet Banking (IB), and WhatsApp Banking platforms, adding new features to enhance , customer experience. Mobile Banking now offers , 30 additional services, Internet Banking has been enriched with 6 new services, and WhatsApp , Banking features 19 new offerings, enabling seamless and convenient financial management.
ii. Innovative UPI Solutions: The Bank introduced groundbreaking enhancements to its UPI offerings during the year. UPI Lite was launched to facilitate faster, low-value transactions without requiring a , PIN, streamlining customer convenience.
( ) Furthermore, the Interoperable Cardless Cash Withdrawal (ICCW) feature was integrated, allowing secure and PIN-free cash withdrawals from ATMs using UPI, combining accessibility with enhanced security.
20.8 Cyber Security
In the FY 2024-25, the Bank of Maharashtra has demonstrated an unwavering commitment to enhancing its cybersecurity infrastructure to protect its systems, data, and stakeholders. This commitment is reflected in a series of initiatives and advancements aimed at fortifying the Bank s defenses against evolving cyber threats 25
I. Strengthening Cybersecurity Framework:
The Bank has deployed a comprehensive "suite of security solutions" comprising over 25 advanced technologies. These solutions address multiple , aspects of cybersecurity, including authentication, , threat detection, and network security, ensuring a robust defense mechanism.
a. Project KAVACH 2.0: A Milestone in Cyber Resilience :
Under the Cyber Resilience initiative, Project KAVACH 2.0 was implemented in 2024-25 to tackleevolving cyber challenges. Key features include:
i. Cyber Security Operations Center (CSOC) Refresh:
Upgraded the Security Information and Event Management (SIEM) system to IBM Q-Radar s Enterprise version and introduced Q-Radar Network Insights (QNI) for advanced network detection and response.
ii. Anti- Advanced Persistent Threat (APT)
Appliance:
Deployed to enhance network monitoring capabilities and services Strengthened mechanisms to detect and prevent any phishing or brand abuse activities and to monitor any Advanced Security Enhancements.
iii. National Cyber Coordination Centre (NCCC):
Successfully completed Phase 2 of the NCCC project, which included the deployment of Honeypot Devices for Cyber Threat Intelligence.
iv. Anti-DDOS Solution:
Provides protection against Distributed Denial of Service (DDoS) attacks by filteringmalicioustraffic.
v. SAST & DAST Solutions: Integrated Static and
Dynamic Application Security Testing for continuous security auditing.
vi. Privilege Access Management (PAM) Upgrade:
Transitioned to the latest U16 version, enhancing access control at data centers and disaster recovery sites.
vii. Endpoint Detection and Response (EDR):
Implemented advanced endpoint security solutions for threat detection and response.
b. Commitment to Global Standards:
The27001:2022 Bank has made significant progress toward ISO 27001:2022 certification, with guidance from M/s Deloitte. This certification ensures alignment with global cybersecurity standards. Additionally, the PCI DSS 4.0 , certification initiative is in advanced stages, enhancing the security of financial transactions
c. CyberAwarenessCampaigns :
Recognizing the importance of awareness in preventing cyber fraud, the Bank has conducted extensive campaigns targeting employees and customers:
i. Monthly Phishing Simulations:
Regular training for staff to identify and mitigate phishing attacks.
ii. Awareness Circulars:
Disseminated updates on scam tactics and preventive measures.
iii. Social Media Outreach:
Cyber tips and best practices shared through "Sayane Cyber Tips" videos and regular updates.
iv. SMS and Email Alerts:
Proactive communication of cybersecurity best practices.
v. Interactive Training Programs:
Engaged staff through quizzes and specialized training sessions on cyber hygiene
d. Cybersecurity Tabletop Exercises:
A tabletop exercise was conducted with M/s Deloitte, focusing on awareness and response strategies for senior executives and top management. This initiative emphasized preparedness and vigilance against cyber threats.
e. Collaborative Efforts for Threat Intelligence :
The Bank collaborates with external agencies, including CERT-IN, NCIIPC, IDRBT, and DSCI, to stay informed about the latest vulnerabilities and threats. This proactive approach ensures robust preventive measures.
To create a secure ecosystem, the Bank organized webinars on cybersecurity hygiene for vendor employees. These efforts underline the importance of collective responsibility in maintaining cybersecurity.
f. Enhanced Cyber Resilience:
The Bank s categorization into Category “A” and improved performance in cyber drills reflect its enhanced resilience. Additionally, higher scores on platforms like BitSight highlight the robustness of its cybersecurity measures.
These initiatives reaffirm the Bank of Maharashtra s dedication to leveraging technology to protect its stakeholders, achieve sustainable IT compliance, and ensure a secure operational environment.
Bank has successfully implemented Apigee platform for API management which will enhance compliance, security, and governance of API , integrations for internal & external APIs. Bank has extended EFRMS integration to EFT Switch, in addition to Mobile Banking, Internet Banking, CBS, UPI, and AePS. This ensures real-time fraud monitoring across all digital channels, enhancing security and customer trust.
20.9 Driving Digital Transformation:
The Success of Bank of Maharashtras Digital Business Zone
I. The Digital Business Zone, a dedicated cross-functional unit, is at the forefront of Bank of Maharashtra s digital transformation journey. Established to streamline and strengthen the Bank s digital initiatives, it takes end-to-end ownership of the customer s digital journey, delivering agile, innovative, and customer-focused solutions across all digital channels.
II. As of 31st March 2025, the Digital Business 31 Zone has mobilized a remarkable business of 6,700 over 6,700 Crore, cementing its role as a pivotal enabler of the Bank s digital growth agenda.
III. Looking ahead, the Bank remains committed to innovation and expanding its digital offerings. A robust pipeline of upcoming products such as the Digital Vehicle Loan and Digital PM Surya Ghar Yojana Scheme is poised to further enhance customer convenience and address evolving financial needs.
20.10 Future Enhancement:
I Building Workforce Capability - IT & Digital transformation is only as strong as the people behind it. Bank aims to empower employees through future-ready skills:
a. Structured Learning Programs: Creating certification-based and hands-on learning paths.
b. Target: A substantial percentage of IT staff trained and certified by the end of FY25 26. c. Culture of Innovation: Encouraging employees to participate in idea generation and digital innovation initiatives.
II.Establishing Centralized Monitoring & Control -
Operational visibility and control are critical to managing a large-scale IT landscape. To this end, the : bank has operationalized a state-of-the-art ,monitoring infrastructure:
a. 24x7 IT Command Centre: Equipped to monitor , mission-critical infrastructure, applications, and networks in real-time.
b. 14 HD Dashboards: Visual representations of system health, transaction volumes, incident status, and uptime metrics.
c. Proactive Alerting & Response: Enabling immediate intervention for system anomalies or performance degradation.
III. Key Action Points Future Goals - Looking ahead, Bank is focused on executing the next wave of strategic enhancements: a. Implementation of Use Cases in AI/ML b.Completion of Infrastructure Modernization Projects c.DR Automation Rollout Bank-wide d.Rollout of Inclusive Banking Features e.Launching Digital Accessibility Enhancements f. Expansion of Command Centre Capabilities g.Targeted Cybersecurity Drills and Threat Simulation
21 Commitment to Excellence: Bank of Maharas-htraS Customer-Centric Approach
21.1 Adopting Industry-Leading Practices:
I. Incorporation of recommendations from - renowned committees like Goiporia, Dr. S.S.
Tarapore, and Damodaran, ensuring adherence to top-tier customer service standards.
II. Active membership in the Banking Codes and Standards Board of India (BCSBI), implementing the Code of Banks Commitment to Customers and MSMEs to uphold ethical and transparent banking practices.
21.2 Adopting Industry-Leading Practices:
I. Protecting and Promoting Customer Rights a. Following the recommendations of the Damodaran Committee, we have appointed an Internal Ombudsman at our Head Office to ensure fair and timely resolution of customer concerns. b. Our Board-approved policies on key aspects, such as deposits, cheque collections, grievance redressal, compensation, deceased depositor claims, and customer rights, provide a transparent and consistent framework for customer interactions.
21.3 Robust Customer Service Structure I. Branch-Level Support: Customer Service Committees are operational at all branches, meeting monthly to address customer concerns and implement localized service improvements.
II. Zonal and Head Office Oversight: Zonal Level Customer Service Committees and a Standing Committee on Customer Service at the Head Office ensure systematic review and guidance for service enhancements.
III. Board-Level Monitoring: The Committee of the Board on Customer Service meets quarterly to oversee service quality, grievance redressal mechanisms, and customer satisfaction.
21.4 Comprehensive Grievance Redressal System
I. We have deployed a Standard Public Grievance Redressal System (SPGRS) to ensure swift and effective resolution of customer complaints. II. SPGRS integrates complaints received via multiple channels, including social media, our website, branches, zonal offices, call centers, and Head Office departments.
III. By leveraging Robotic Process Automation (RPA),
SPGRS efficiently tracks and records complaints, , , notifies stakeholders, and escalates unresolved grievances to higher authorities within defined timelines.
21.5 Commitment to Service Quality:
I. The Standing Committee on Customer Service includes industry experts whose insights drive continuous service improvements.
II. A QR-based feedback system at branches allows real-time collection of customer opinions on service quality. Post-resolution feedback is also sought through email and SMS links to ensure satisfaction.
21.6 Enhanced Customer Support Accessibility:
I. Weve expanded our customer support network with a revamped inbound call center in Pune and a new inbound/outbound call center in Noida.
II. These centers provide services in seven regional languages Kannada, Tamil, Telugu, Marathi, , Gujarati alongside Hindi and English, ensuring accessible grievance redressal for a diverse customer base.
21.7 Cybersecurity Awareness and Education:
I. We actively promote cybersecurity awareness through mass campaigns, educating customers about cybercrime prevention and best practices for maintaining cyber hygiene.
II. These messages are disseminated via WhatsApp, email, branch digital displays, and monthly events like “Cyber Jaagrukta Diwas” (Cyber Awareness Day).
III. By integrating advanced technology, comprehensive policies, and customer-focused initiatives, we continue to enhance service quality, ensure customer satisfaction, and uphold the trust our customers place in us.
22 Internal Ombudsman:
Commitment to Uphold customer rights:
In adherence to Reserve Bank of India (RBI) guidelines, the Bank of Maharashtra has established an Internal Ombudsman (IO) framework to ensure fair and independent grievance redressal for its customers. This initiative reflects the Banks dedication to providing transparent and efficient complaint resolution mechanisms.
22.1 Independent Review and Objective Insights:
I. The Internal Ombudsman (IO) reviews complaints that have been either partially or fully rejected by the Bank, ensuring a neutral and thorough reassessment.
II. Periodic reports prepared by the IO are submitted to the Customer Service Committee of the Board, highlighting complaint patterns and uncovering root causes for systemic improvements.
22.2 Driving Continuous Improvement:
I. The Customer Service Committee leverages the IO s insights and recommendations to refine internal procedures and guidelines.
II. This proactive approach aims to address recurring issues, enhance service delivery, and prevent future complaints by tackling root causes effectively.
22.3 Strengthening Oversight with New Appointment:
, I. In alignment with its commitment to operational continuity, the Bank of Maharashtra appointed a new Internal Ombudsman on November 30, 2022, following the conclusion of the previous Ombudsman s term.
Customer camplaint Status
| Sr.No Particulars | FY 2024-25 | FY2023-24 |
| 1 Customer Complaints at the beginning of the year | 64 | 37 |
| 2 Complaints received during the year | 14632 | 17235 |
| 3 Complaints redressed during the year | 14556 | 17208 |
| 4 Complaints pending at the end of the year | 140 | 64 |
This structured grievance redressal mechanism underlines the Banks unwavering focus on customer satisfaction and its commitment to maintaining the highest standards of service excellence.
23 KYC-AML-CFT Compliance: Ensuring Financial Integrity
The Bank of Maharashtra is committed to upholding financial integrity and combating money laundering and , terrorist financing activities. Our approach includes robust policies, advanced technology, and proactive measures to mitigate financial crime.
23.1 Comprehensive KYC-AML-CFT Framework:
We have implemented a comprehensive Know Your Customer (KYC), Anti-Money Laundering (AML), and Combating Financing of Terrorism (CFT) policy, approved by our Board of Directors. This framework is the foundation of our efforts to ensure regulatory compliance and prevent financial crime.
23.2 Key Elements of KYC Compliance: I.Customer Awareness:
i. We empower customers by providing a detailed list , of eligible KYC documents on our website, ensuring transparency and ease of access.
ii. This initiative fosters informed customer participation in the KYC process.
II.Employee Training:
i. Regular training sessions are conducted at our dedicated training centers to equip staff with up-to-date knowledge of KYC-AML-CFT guidelines.
ii. Employees are trained to identify suspicious activities and protect the Bank s financial systems
23.3 Enterprise Fraud and Risk Management System (EFRMS):
• Proactive Fraud Detection
i. The EFRMS operates in monitoring and preventive , modes across major digital transaction channels, including Core Banking, Internet Banking, Mobile Banking, UPI, AePS, IMPS, ATM, E-commerce, POS, and CMS.
ii. The system leverages a comprehensive set of key risk parameters as advised by RBI. These rules implemented in real time to detect anomalies & automatically block or flag suspicions transactions, thereby enhancing fraud prevention.
23.4 Interactive Voice Response System (IVRS)
i. An automated IVRS solution is being implemented to verify genuine customer transactions in real-time.
ii. This system minimizes disruptions for legitimate transactions while effectively curbing fraudulent attempts.
23.5 Off-site Monitoring for mitigating operational risk in internal accounts:
i. Our Off-site Monitoring Unit (OMU) proactively detects suspicious transactions in internal accounts.
ii. Early detection allows the Bank to address irregularities swiftly, mitigate potential risks, and strengthen internal controls.
23.6 Cyber Complaint Redressal Mechanism
i. A dedicated team addresses cyber complaints by implementing proactive measures such as account freezes and creating holds for disputed amounts during the critical "golden hour."
II. As the second public sector we have integrated with the NCRP Portal, we share suspicious account details with cyber police to expedite investigations.
We actively assist in grievance resolution, including executing court orders to debit fraudulent accounts when funds are available.
23.7 Law Enforcement Agency Compliance
I. Bank has a dedicated single-point contact which , handles data submissions to various law enforcement agencies, ensuring seamless and efficient investigations.
II. We provide digital and physical records, such as account statements, KYC documents, IP logs, and CCTV footage, to agencies like Cyber Police, CBI, SFIO, ED, SEBI, PMLA and others under legal mandates.
24 Managing Risks and Advancing Sustainable Practices and ESG initiatives:
24.1 Risk Management: Strong and Resilient Risk Culture
I. The Banks Risk Management function is designed to identify, measure, monitor, and control risks to ensure that they remain within the defined tolerance levels.
An independent Integrated Risk Management Department (IRMD) oversees these activities, operating under the guidance of the Risk Management Committee (RMC) of the Board. The , department is led by the Chief Risk Officer (CRO), who reports to the Managing Director & CEO and the RMC.
At the zonal level, risk management is overseen by Zonal Risk Officers.
,
II. The Bank has established comprehensive risk management frameworks and policies, including: a.Enterprise-wide Risk Management Policy b.Policy on Operational Risk Management and Risk Culture c.Asset Liability and Market Risk Management Policy d.Credit Risk Management and Collateral Management Policy e.Fraud Risk Management Policy
III. To enhance credit risk management, the Bank has adopted the CRISIL BOM ICON Model for borrower , credit risk ratings. Monitoring of compliance of Prudential Exposures, Corporate Credit Utilization and risk associated with Third-party vendors and Outsourced services are carried out digitally.
IV. Bank monitors its liquidity and asset-liability mismatch position through Liquidity Coverage Ratio (LCR), Net Stable Funding Ratio (NSFR), Stock Approach Ratios, Statement of Interest Rate Sensitivity (IRS), Statement of Structural Liquidity (SLS) etc. Bank has implemented OFSAA solution for strengthening and automation of Asset Liability Management and Liquidity Risk Management. The automation of Market Risk Management is under process.
V. Bank has taken various initiatives for Climate Risk Management such as issuance of Policy on Climate Risk Management, disclosure of Scope 1 / 2 emissions, Disposal of E-waste in an environment friendly manner etc. Bank has also put in place short term, medium term and long term strategies for mitigating the impact of Climate Risk.
VI. Bank s Operational Risk management framework is based on three pillars and three lines of defense. All the existing as well as new policies / products of the bank are vetted by Risk management department to assess and identify the inherent and potential risks and taking suitable mitigation measures. The Risk Control and Self Assessment (RCSA) exercise of various products, processes and systems are also conducted for identifying the inherent risk and measuring the effectiveness of controls.
VII. Key Risk Indicators (KRIs) based monitoring system have been put in place by Bank and Risk management department monitors that all prudential ceilings as well as internal limits / triggers are well within limit and in case of any breach, corrective actions are taken immediately to mitigate the risk.
VIII. In order to strengthen the Fraud Risk Management System, Bank has implemented EFRMS (Enterprise , fraud risk management solution) to prevent the digital and other transactional frauds.
IX. Root Cause Analysis of fraud events are done, and modus operandi of these events are analyzed to identify the control gaps and framing suitable strategies to avoid the recurrences of such incidents.
24.2 Environmental, Social, and Governance (ESG) initiatives: :
MAHA GREEN PEHAL: Leading the Sustainable Banking Practices: Under the banner of "MAHA GREEN PEHAL," the Bank reaffirms its commitment to environmentally sustainable practices. This initiative is a cornerstone of our ESG strategy, encompassing diverse programs to reduce our environmental impact and foster sustainable banking.
• Key Highlights of Our Environmental Sustainability Efforts:
i. Paper Reduction: Embracing digital transformation to minimize paper consumption. Promoting virtual meetings to reduce dependency on printed materials.
, ii. Eliminating Single-Use Plastics: Complete ban on single-use plastics across all facilities.
iii. Energy Efficiency: Prioritizing energy-efficient equipment for computers, lighting, air conditioning, and other systems to reduce energy consumption.
iv. Green Energy Adoption: Installation of solar panels at owned premises to harness renewable energy.
v. Green Financing: Introduction of innovative financial products to support eco-friendly initiatives such as: 01. Electric vehicle (EV) financing.
02. Solar energy projects. 03. Green housing initiatives. 04. Renewable energy developments.
VI.E-Waste Management: Adopting eco-friendly disposal methods for electronic waste.
VII. Carbon Footprint Reduction: Conducting carbon 2 impact assessments for selected branches and offices. Tracking and disclosing Scope 1 and Scope 2 greenhouse gas emissions quarterly to ensure transparency with stakeholders.
, VIII.Green Cell Initiative: To drive these efforts further, the Bank has established a dedicated Green Cell, an executive-level committee tasked with:
• Developing policies and strategies to promote environmentally friendly practices.
• Encouraging green and climate-resilient products.
• Crafting a comprehensive green finance framework.
• Monitoring progress and providing actionable recommendations to achieve the Bank s environmental objectives.
Through these initiatives, the Bank aligns with
Sustainable Development Goals (SDGs) and demonstrates , its commitment to fostering a secure, sustainable, and prosperous future for our stakeholders, the environment, and the communities we serve.
25 Driving Brand Excellence: Marketing and Public Relations at Bank of Maharashtra:
Marketing and Publicity play a vital role in the growth and success of the bank by enhancing its visibility, building trust, and attracting new customers. In today s competitive financial landscape, effective marketing helps banks communicate their products, services, and unique value propositions to a wider audience. Publicity, , whether through traditional media or digital
platforms, creates awareness about the bank s initiatives, achievements, and innovations, shaping a positive public image. It also strengthens customer , engagement, promotes brand loyalty, and supports the bank s efforts in financial inclusion by educating the public about various banking solutions. We understand the strategic marketing and publicity contribute to business expansion, customer retention, and long-term sustainability.
: 25.1 Reaching Customers Through Integrated Marketing: Omnichannel Strategy: We embrace a modern approach that blends traditional media (print, radio, television, and outdoor advertising) with the power of digital marketing & social media marketing to
maximize reach and impact. Our print media campaigns raise brand awareness, while radio and television commercials cater to specific regional audiences. Local cable placements and strategic outdoor advertising further amplify our message.
Digital Engagement: Recognizing the growing influence of online platforms, digital marketing campaigns are run extensively across various , platforms. These campaigns focus on promoting key products such as home loans, car loans, gold loans, term deposits, account opening through video KYC, and loan options for agriculture, MSMEs etc. These digital initiatives not only raise product awareness but also generate leads that branches can convert into business opportunities.
25.2 Educating and Empowering Our Customers:
I. Digital Advocacy: Promoting our digital banking solutions and cybersecurity awareness is central to our marketing efforts. We leverage social media to share important announcements, festive greetings, and informative content through engaging knowledge series.
II. Mr. Gyaani & Miss Sayani: Our creative educational " " video series, "Mr. Gyaani ka Banking Gyaan" (Mr.
Gyaani s Banking Knowledge) and "Miss Sayani ke Sayane Cyber Tips" (Miss Sayani s Smart Cyber Tips), provides viewers with valuable insights on banking and cybersecurity best practices.
, III. Our Saturday quiz series, Curious Minds, is an engaging initiative designed to captivate our audience with thought-provoking questions related to banking, finance, and the broader industry. It not only sparks curiosity and encourages learning but also fosters meaningful interaction with our followers. By blending fun with knowledge, Curious Minds serves as an effective platform to raise financial awareness, promote our brand, and build a more informed and connected community.
25.3 Staying Ahead of the Curve:
I. Social Listening & Market Research: To continuously refine our strategies, we actively utilize social media listening tools. These tools provide valuable data on audience engagement, brand sentiment, and competitor activity, allowing us to adapt and improve our marketing efforts.
II. Bank through its defined social media strategy and engaging content have a follower base of more than 65 lakh across all social media platforms (Facebook, X, LinkedIn, Instagram & Youtube) taken together.
25.4 Building Trust Through Public Relations:
I. Community Engagement: We actively participate in sponsorships, CSR (Corporate Social Responsibility) activities, and charitable initiatives. These efforts not only demonstrate our commitment to social good but also help build strong public relations and reinforce our positive brand identity.
25.5 Looking Forward:
Bank is taking progressive efforts for embracing digital transformation while maintaining a strong focus on personalized customer engagement. By leveraging advanced data analytics, Bank understands customer behavior, tailor marketing strategies, and launching targeted campaigns that resonate with diverse audience segments.
26 Citizen s Charter
The Bank has adopted the Citizen s Charter since 2000-01, which details the duties and responsibilities of the Bank towards its customer. The charter is displayed at all the branches and Bank s website.
- 27 Corporate Social Responsibility (CSR) at Bank of Maharashtra Creating a better tomorrow:
Bank of Maharashtra is deeply committed to its Corporate Social Responsibility (CSR), consistently striving to give back to society and contribute to nation-building. The bank actively engages in initiatives that support education, healthcare, promoting sports and women empowerment, environmental sustainability, and community development. By aligning its CSR efforts with the broader goals of social welfare, it aims to uplift underprivileged sections of society and promote inclusive growth. Whether it is through financial literacy programs, rural development projects, or wildlife conservation, Bank of Maharashtra continues to uphold its responsibility as a socially conscious and compassionate institution dedicated to the well-being of the communities it serves.
27.1 Focus Areas:
Our CSR activities target a range of critical areas, aiming to create a measurable difference in the lives of the underprivileged:
I. Healthcare:
We support essential medical services by providing financial assistance for ambulances, dialysis machines, eye checkup camps, and awareness campaigns on various health issues.
II. Education:
We promote educational opportunities for underprivileged children by sponsoring admissions, scholarships, and infrastructure upgrades in schools.
III. Sports & Skill Development:
Sports is one of the eminent areas for human activities which enables youth to become face for the nation. The bank admires excellent performances of Indian Sportspersons in achieving different awards, accolades, medals, and souvenirs at the International as well as National level in the recent years. It is the most influential medium for promoting our brand value to our patrons.
Accordingly, Bank has recruited 12 Meritorious Volleyball Sportswomen in the FY 2024-25.
IV. Women Empowerment:
We champion womens empowerment through initiatives that provide training for self-employment, support women entrepreneurs, and facilitate access to resources.
V. Sanitation:
We contribute to improved sanitation by sponsoring sanitary pad vending machines and beautification projects for garbage collection points.
VI. Environment:
We actively support environmental sustainability through tree plantation drives and installation of solar power grid systems.
VII. Wildlife Conservation:
The Bank partners with environmental organizations to protect endangered species and natural habitats. Bank has provided an Animal Ambulance with medical equipment to Ranthambore National Park. Also, Electric Carts were provided to Keoladeo National Park (erstwhile Bharatpur Bird Sanctuary), Bharatpur.
VIII. Research & Development projects:
Contribution to incubators, supporting their entrepreneurial journey through contributions to International Centre for Entrepreneurship and Technology (iCreate) corpus fund to Gujarat Foundation for Entrepreneurial Excellence.
27.2 Key Initiatives:
I. Financial Assistance:
We have provided financial aid for various projects, including ambulances, medical equipment installations, electric carts, educational scholarships, and skill development programs.
II. Empowering Women:
We have supported womens self-employment through training programs, sponsorships for exhibitions, and events promoting entrepreneurship.
III. MSME Support: We have facilitated the growth of Micro, Small, and Medium Enterprises (MSMEs) by sponsoring exhibitions and conferences specifically designed for women entrepreneurs.
27.3 Looking Ahead:
Bank of Maharashtra is firmly committed to its social responsibility, recognizing its role in driving positive change , beyond banking. With a strong belief in giving back to society, Bank of Maharashtra continues to integrate social responsibility into its core values, reinforcing its identity as a responsible and compassionate corporate citizen.
28 Championing Hindi: Official Language Implementation at Bank of Maharashtra
During the year 2024-25, the Bank has achieved various remarkable achievements in the field of Official Language implementation:
28.1 Path of Excellence in promoting Hindi Language:
I. Bank was awarded "Rajbhasha Kirti Puraskar" for better implementation of Rajbhasha Hindi, which is the highest award given by MHA, GoI for Rajbhasha.
The award was given in "Best House Magazine" " category in a grand function on 14th September, 2024, held at Bhart Mandapam, New Delhi.
II. Bank was awarded “First Prize” by Department of " Financial Services, Finance Ministry, Govt. of India for better implementation of Rajbhasha Hindi. III. Bank was awarded “Utkrisht Rashtriykrit Bank”, " "Shreshth Grih Patrika" and “Rajbhasha Gaurav Award” by the Mumbai based prestigious institution ‘Aashirwad for progressive use of Hindi during the year.
28.2 Fostering a Culture of Hindi:
I. Town Official Language Implementation Committees
(TOLIC) convened by other banks awarded our Bhubaneshwar Zonal Office for excellent implementation of Official Language.
II. Various Town Official Language Implementation
Committees (TOLIC) convened by other banks awarded our branches of Lucknow Zone (Varanasi and Ayodhya) & Jaipur Zone (Ajmer and Jodhpur) for excellent implementation of Official Language.
III. Banks E-Magazine Mahabank Samvad Sarita and Quarterly House Magazine Mahabank Pragati are being regularly published. As a new initiative, Mahabank Samvad Sarita in Braille script is also published for the benefit of visually challenged employees of the Bank.
IV. Parliamentary Committee on Official Language inspected our Hyderabad Zonal Office, Bhiwani ), Branch (Gurugram Zone), Mumbai South Zonal Office and Jaipur Zonal Office during the financial year. Committee expressed its satisfaction about the Implementation of Rajbhasha Hindi in these Offices.
V. Our bank is the convener Bank of Town Official Language Implementation Committee (TOLIC) in Mumbai, Pune, Solapur, Latur & Jalgaon. Meetings of these committees were held regularly during the year and various activities of the committees were organized throughout the year as per schedule.
28.3 Promoting Hindi Accessibility:
"- , , "WhatsApp Banking" - WhatsApp Banking facility is ( available in bilingual (Hindi and English) along with other Indian Languages such as: Marathi, Tamil, Malayalam and Telugu.
I. "Hindi Karya Diwas" (Hindi Working Day) is being observed by all the branches & offices of the Bank on the third Saturday of every month. All the staff are doing their maximum work in Hindi on this day. II. Hindi version of Banks new mobile banking platform Maha-Mobile Plus has been made available for the convenience of the customers.
III. Banks website is available in bilingual (Hindi and English) along with Marathi.
IV The facility of "Online Rajbhasha Kosh" is made available on banks Intranet for the use of all employees.
29 Ensuring a Safe and Secure Banking Environment: Bank of Maharashtras Initiatives:
29.1 At the Bank of Maharashtra, safeguarding the interests of our customers, employees, and assets is our top priority. Our comprehensive Security Policy is designed to address multiple critical areas, ensuring a safe and efficient banking experience for all.
I. Protecting Bank Resources: We have implemented robust measures with rigorous protocols to secure our financial and physical assets, including cash, gold, important documents, and other valuables. ,These measures span across all branches, administrative offices, currency chests, data centers, and other key locations. From secure cash handling practices to advanced vault systems, we are committed to minimizing risks effectively. II. Promoting a Safe Banking Environment: Creating a secure and welcoming environment is essential to , fostering trust. Our bank ensures that customers, staff, and visitors feel confident while conducting their banking activities. This commitment enhances the overall experience and peace of mind for everyone involved.
III. Preparing for Emergencies: Being ready for unforeseen circumstances is a cornerstone of our policy. Whether it s a natural calamity or a man-made incident, our disaster preparedness initiatives prioritize the safety of all stakeholders and the continuity of operations.
29.2 Enhancing Security Through Proactive Measures
Bank is committed to safeguarding its operations by continuously analyzing and mitigating potential risks. Our proactive approach includes: : , I. Comprehensive Threat Intelligence: We actively monitor and analyze trends in crime, bank robbery tactics, security breaches, and fire incidents. This allows us to anticipate potential threats and implement measures to counteract them effectively.
II. Advanced Training for Personnel: Our security personnel and bank staff receive regular training to handle various security scenarios. These programs ensure they are equipped with the skills and knowledge to respond promptly and efficiently in any situation.
III. Innovative ATM E-Surveillance: As part of our commitment to security, we have implemented a cutting-edge E-surveillance system to safeguard our ATM network.
IV. Functioning of Revolutionizing ATM Security (E-Surveillance): The Bank has introduced an advanced ATM E-surveillance system to ensure the safety of our customers and assets. The system operates through: a)24/7 Command Center Monitoring: A centralized facility staffed round-the-clock monitors ATMs using state-of-the-art technology.
, b)Integrated Sensors and Surveillance: Motion detectors, thermal sensors, high-definition CCTV cameras, and two-way audio systems provide comprehensive coverage. c)Immediate Response Protocols: In case of suspicious activity, audible warnings are issued directly to intruders. Simultaneously, alerts are sent to local authorities and bank officials, enabling swift action and ensuring a secure environment.
By adopting innovative security measures and a robust Security Policy, the Bank remains dedicated to providing a safe and reliable banking experience.
30 Performance Evaluation of The Directors and The Board:
In terms of Regulation 25 of SEBI LODR, 2015, the performance of the Independent Directors were evaluated by the Board of Directors in the Meeting dated 24.01.2025.
Further, the performance evaluation of Whole Time Directors is carried out by Committee of Board for Performance , Evaluation on the basis of guidelines - prescribed by Government of India. Further, Performance of non-official Directors/ Shareholder Director is done by Board of Directors on annual basis.
: 31 Declaration By Independent Directors During The Year:
All the Independent Directors of Bank have submitted the declaration confirming that they meet the criteria of independence as provided under Regulation 25 of SEBI
(LODR) Regulations, 2015.
32 - : BoardAndIts Sub-Committees:
The composition of the Board and its Sub-committees as required to be constituted as per the SEBI (LODR) Regulations, Government of India / Reserve Bank India Guidelines and the meetings held therein are mentioned in the Corporate Governance Report.
33 Secretarial Audit :
Pursuant to Regulation 24A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Circular No. CIR/CFD/CMD1/27/2019 dated February 08, 2019, Bank had appointed M/s S. R. Siddheshwar & Co., Practicing Company Secretaries, . . Pune as a Secretarial Auditor to undertake Secretarial audit of Bank for the financial year 2024-25.
The Secretarial Audit Report is annexed to this Report.
| Observation of Auditer | Management s reply |
| There is no Independent Woman Director on the Board of the Bank as required by SEBI LODR Regulations, 2015. | In terms of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 read with the Nationalized Banks (Management and Miscellaneous Provisions) Scheme, 1970, the appointment of Directors on the Board of the Bank is done by Government of India except Shareholder Directors who are elected to the Board as per public shareholding of the Bank. |
| Request for appointment of Directors on the Board of the Bank to fill the vacant positions has been taken up with DFS, MoF, GoI vide letters written on monthly basis. Further, position of Directors on the Bank s Board, highlighting the vacancies therein, is submitted to DFS, MoF, GoI on regular basis. | |
| Number of Independent Directors was less than 50% of its total strength of Board members as required by SEBI LODR Regulations, 2015. | In terms of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 read with the Nationalized Banks (Management and Miscellaneous Provisions) Scheme, 1970, the appointment of Directors on the Board of the Bank is done by Government of India except Shareholder Directors who are elected to the Board as per public shareholding of the Bank. |
| Request for appointment of Directors on the Board of the Bank to fill the vacant positions has been taken up with DFS, MoF, GoI vide letters written on monthly basis. Further, position of Directors on the Bank s Board, highlighting the vacancies therein, is submitted to DFS, MoF, GoI on regular basis. | |
| Vacancy of directors is not filled within three months as per Regulation 17(1E) of SEBI LODR Regulations, 2015. | In terms of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 read with the Nationalized Banks (Management and Miscellaneous Provisions) Scheme, 1970, the appointment of Directors on the Board of the Bank is done by Government of India except Shareholder Directors who are elected to the Board as per public shareholding of the Bank. |
| Request for appointment of Directors on the Board of the Bank to fill the vacant positions has been taken up with DFS, MoF, GoI vide letters written on monthly basis. Further, position of Directors on the Bank s Board, highlighting the vacancies therein, is submitted to DFS, MoF, GoI on regular basis. | |
| The Audit Committee of the Bank was not comprises of minimum 3 members and 2/3rd of Independent Directors as its members as well as committee do not have regular chairperson from 20.12.2024 till 31.03.2025 as required by SEBI (LODR) Regulations, 2015 due to completion of tenure of two independent directors. | In terms of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 read with the Nationalized Banks (Management and Miscellaneous Provisions) Scheme, 1970, the appointment of Directors on the Board of the Bank is done by Government of India except Shareholder Directors who are elected to the Board as per public shareholding of the Bank. |
| Request for appointment of Directors on the Board of the Bank to fill the vacant positions has been taken up with DFS, MoF, GoI vide letters written on monthly basis. Further, position of Directors on the Bank s Board, highlighting the vacancies therein, is submitted to DFS, MoF, GoI on regular basis. | |
| Nomination & Remuneration Committee of the Bank was not comprises of minimum three non-executive directors and 2/3rd of Independent Directors as its members from 20.12.2024 till 31.03.2025 as required Regulations, 2015 due to completion of tenure of two independent directors. The bank has also received an administrative warning letter from SEBI for non-conduct of NRC meeting in the FY 2022-23 & 2023-24. | In terms of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 read with the Nationalized Banks (Management and Miscellaneous Provisions) Scheme, 1970, the appointment of Directors on the Board of the Bank is done by Government of India except Shareholder Directors who are elected to the Board as per public shareholding of the Bank. |
| Request for appointment of Directors on the Board of the Bank to fill the vacant positions has been taken up with DFS, MoF, GoI vide letters written on monthly basis. Further, position of Directors on the Bank s Board, highlighting the vacancies therein, is submitted to DFS, MoF, GoI on regular basis. | |
| With regard to non-conduct of NRC meeting in the FY 2022-23 & 2023-24, we wish to inform that Bank has initiated necessary corrective actions in this regard. Bank has conducted NRC meeting in FY 2024-25. | |
| Risk Management Committee of the Bank does not have regular chairman from 20.12.2024 till 31.03.2025 as required by SEBI LODR Regulations, 2015 due to completion of tenure of two independent directors | In terms of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 read with the Nationalized Banks (Management and Miscellaneous Provisions) Scheme, 1970, the appointment of Directors on the Board of the Bank is done by Government of India except Shareholder Directors who are elected to the Board as per public shareholding of the Bank. |
| Request for appointment of Directors on the Board of the Bank to fill the vacant positions has been taken up with DFS, MoF, GoI vide letters written on monthly basis. Further, position of Directors on the Bank s Board, highlighting the vacancies therein, is submitted to DFS, MoF, GoI on regular basis. | |
| As per the Rule 3 of National Financial Reporting Authority Rules, 2018 every Body Corporate not being a Company should file form NFRA-1 and NFRA-2 the same has not been complied by the Bank. | The Bank is in the process of filing the necessary forms. |
| Since the applicability of SEBI (LORD), 2015 (3rd amendment) Regulation, 2024, effective from 13.12.2024, the bank is regular in informing all the fines occurred due to operational deficiency and has ensured periodic reporting and disclosures to the stock exchanges | As mentioned, Bank is regular in informing all the fines occurred due to operational deficiency and has ensured periodic reporting and disclosures to the stock exchanges. |
34 Directors Responsibility Statement:
The Directors confirm that in the preparation of the annual accounts for the Financial Year ended March 31, 2025 I. The applicable accounting standards have been followed along with proper explanation relating to material departures, if any; II. The accounting policies framed in accordance with the guidelines of RBI were followed and applied consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Bank at the end of the financial year and of the profit and loss of the Bank for that period; III. Proper and sufficient care were taken for the maintenance of adequate accounting records in accordance with the provisions of applicable laws to the Bank for safeguarding the assets of the Bank and for preventing and detecting fraud and other irregularities.
IV. Annual accounts have been prepared on a going concern basis.
V. Internal financial controls followed by the Bank are in accordance with guidelines issued by RBI in this ; regard and that such internal financial controls are adequate and were operating effectively. VI. Proper systems were in place to ensure compliance , with the provisions of all applicable laws and that such systems were adequate and operating effectively.
35 Changes In The Board Of Directors:
During FY 2024-25, the following changes took place in the Board of Directors: I. Shri Shashank Shrivastava, ceased to be a Director on the Board of the Bank w.e.f. 20.12.2024 on completion of his tenure as a Director in the Bank II. . Shri S. Baljit Singh, ceased to be a Director on the Board of the Bank w.e.f. 20.12.2024 on completion of his tenure as a Director in the Bank
36 Dividend Distribution Policy:
) In terms of Clause 43A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Bank has formed a Dividend Distribution Policy and the same is available on the Banks website i.e. www.bankofmaharashtra.in.
37 Business Responsibility and Sustainability Report:
) As per the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, business responsibility and sustainability report for the year 2024-25 has been prepared and is part of Annual Report and also is available on the Banks website i.e. www.bankofmaharashtra.in.
38 Major Awards won by Bank in FY 2024-25.
I. Bank has been awarded in all seven categories in 20th Annual Banking Technology Conference, Expo & Citations by IBA in the year 2024-25. This was second consecutive time for our bank in the category of mid-size bank.
II. The Bank was honored with the prestigious best Mid-sized Bank award in the Best Bank Awards by Business Today.
III. The Bank has been recognized as India s ‘Leading Mid-Sized Public Sector Bank at the Dun & Bradstreet BFSI & FinTech Summit 2025.
IV. Your Bank was conferred with IBEX Award for excellence in ESG & Sustainability initiatives and Operational Efficiencies.
V. Your Bank also received "Best MSME Lending (PSU) Winner Award” in 11th MSME Excellence Awards 2025 hosted by ASSOCHAM.
VI. CSR Initiative & Business Responsibility" in MSME Banking Excellence Awards 2024 hosted by Chamber of Indian Micro, Small & Medium Enterprises
39 Acknowledgement:
The Board of Directors place on record their appreciation for the contribution made by the outgoing Directors.
The Board of Directors wishes to express sincere gratitude to the Government of India, the Reserve Bank of India, the Securities and Exchange Board of India, Insurance Regulatory and Development Authority, Indian Banks Association, Stock Exchanges and Depositories for their valuable advice, guidance and support; to the Customers and Stakeholders for their patronage; to the correspondents and associates for their co-operation and to all the members of staff of “Mahabank Family” for their unstinted commitment and contribution to the overall development of the Bank.
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