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Bank of Maharashtra is targeting 2,500 branches by the end of FY24, with a focus on growing high-quality assets

- ASHISH RUKHAIYAR

WHEN THE NAME is ‘Bank of Maharashtra’, it’s natural to assume that the lender primarily operates in Maharashtra and the bulk of its branches are in the state, with a focus on Mumbai.

There was a time when the majority of the bank’s business, up to 70%, originated in Maharashtra. However, the Pune-based lender, which emerged as the Best Midsized Indian Bank in the BT-KPMG Best Banks and NBFCs Survey 2022-23, has ensured over the years that the concentration risk has been handled effectively.

At one point, 712 out of 1,833 branches were located outside Maharashtra. Now, there are 1,260 branches out of a total of 2,401 outside Maharashtra, according to Asheesh Pandey, Executive Director, Bank of Maharashtra, and currently the acting head of the bank.

Incidentally, A.S. Rajeev, the former MD & CEO of the bank, exited the bank on February 22 as the government appointed him Vigilance Commissioner in the Central Vigilance Commission.

“Every year, under the direction of our board, we have continued to have a strategy for opening a branch in each of the districts... So now around 40% of business is [from] outside Maharashtra,” says Pandey, who joined the bank as ED in December 2021.