MAHA GROWTH

THERE ARE VERY few turnaround stories in the banking sector, particularly among mid-sized banks.

- NAVNEET DUBEY

In the past, many such banks either merged or remained stagnant, and some are still struggling to make their way up. However, Bank of Maharashtra is an outlier.

The bank, which reported a gross non-performing assets (GNPA) ratio of 1.84% in June 2024, an improvement from 2.28% a year earlier, has emerged as the winner in the Best Mid-sized Bank category of the BT-KPMG Survey of India's Best Banks and NBFCs.

The public sector bank (PSB) was put under the Prompt Corrective Action (PCA) framework in 2017 because of a high level of bad loans. In 2019, it was removed from PCA and has since become one of the most efficient PSBs.

Central to this transformation is Maha Parivartan, the bank's initiative aimed at effecting a complete digital transformation through advanced technologies such as Robotic Process Automation (RPA), AI-powered solutions, and digital lending platforms.

Under this programme, the bank has streamlined processes and implemented robust compliance measures, focussing on delivering seamless digital experiences.