Bank of Maharashtra

In a move that underscores its commitment to financial innovation and customer-centric solutions, Bank of Maharashtra has partnered with SBI Card to roll out a suite of co-branded credit cards. This strategic alliance aims to offer value-driven financial tools to customers, combining the bank’s strong regional presence and loyal customer base with SBI Card’s digital capabilities and product depth.

In response to the Reserve Bank of India's aggressive policy easing, the state-owned Bank of Maharashtra has announced a reduction of up to 50 basis points in interest rates across its retail lending portfolio, including home, auto, and education loans. The revised rates—effective from June 10—bring the bank's home loans to as low as 7.35%, and car loans starting at 7.7%, placing them among the most competitive offerings in the market. Bank of Baroda has followed suit by trimming its MCLR by 5 basis points.

India's public sector banks (PSBs) have collectively reported a record net profit of Rs 1.78 lakh crore in the financial year ended March 2025, marking a robust 26% year-on-year increase. This performance is a far cry from the staggering losses of Rs 85,390 crore reported in FY18 and reflects a significant turnaround driven by strategic reforms, recapitalisation efforts, and improved governance. The State Bank of India led the charge, contributing over 40% of total earnings.

In a significant regulatory move, the Reserve Bank of India (RBI) has imposed financial penalties on five prominent lenders for failing to comply with key banking guidelines. ICICI Bank, Bank of Baroda, Axis Bank, IDBI Bank, and Bank of Maharashtra are the affected institutions. The penalties, ranging from Rs. 29.60 lakh to Rs. 97.80 lakh, highlight the banks’ deficiencies in areas including cybersecurity, customer service, KYC compliance, and the handling of agricultural loan schemes.

Bank of Maharashtra (BoM), a state-owned lender based in Pune, reported a remarkable 23% increase in net profit, reaching Rs 1,493 crore for the March 2025 quarter, compared to Rs 1,218 crore in the previous year. The bank’s total income surged by nearly 19%, driven by a substantial rise in interest income. Additionally, BoM showed significant improvements in asset quality, with both Gross Non-Performing Assets (GNPAs) and Net NPAs declining. The bank has also recommended a Rs 1.5 per share dividend, reflecting its strong financial position and commitment to shareholder returns.

In a coordinated response to the Reserve Bank of India's latest policy rate reduction, two major state-run banks—Bank of Maharashtra (BoM) and Indian Overseas Bank (IOB)—have slashed their repo-linked lending rates (RLLRs) by 25 basis points. BoM’s revised RLLR now stands at 8.80%, while IOB’s has been lowered to 8.85%. This move is expected to enhance the affordability of loans across key retail segments including home, auto, education, and gold.

Bank of Maharashtra (BoM), a state-owned lender headquartered in Pune, has reported impressive financial results for the January-March quarter of FY24. The bank witnessed a robust 17.84% growth in credit, reaching Rs 2.40 lakh crore, compared to Rs 2.03 lakh crore in the same period last year. Additionally, the bank's total deposits surged by 13.45% to Rs 3.07 lakh crore, contributing to a 15.3% increase in total business.