Bank of Maharashtra Directors Report, Bank of Mah Reports by Directors

Bank of Maharashtra

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Directors Report Year End : Mar '15    « Mar 14
Dear Members,
 The Directors have pleasure in presenting the Annual Report of the
 Bank with the audited Balance Sheet, Profit and Loss Account and the
 Report on Business and Operations for the year ended March 31,2015.
 3.7 Vigilance:
 As a measure of strengthening preventive vigilance in the bank, the
 vigilance inspection of the select branches was undertaken during the
 year based on their risk categorisation and accordingly 138 branches
 have been inspected during the year to ensure that the system and
 procedures laid down by the bank are followed by the branches. Zonal
 offices have to ensure the removal of any deficiencies observed during
 such inspection.
 In compliance to regulatory guidelines, a Fraud Monitoring Cell has
 been set up under administrative control of Risk Management Department
 since July-14. This will facilitate effective investigation in fraud
 cases and prompt as well as accurate reporting of fraud cases to proper
 regulatory and law enforcement authorities including Reserve Bank of
 3.8 Compliance:
 The Bank has put in place a Compliance Policy, based on the guidelines
 of Reserve Bank of India. The Compliance Department headed by Chief
 Compliance Officer monitors the compliance functions. It ensures the
 implementation of the statutory / regulatory guidelines coming into
 force from time to time. The issues relating to regulatory / statutory
 compliances are addressed appropriately. Submission of various
 regulatory returns is also monitored.
 3.9 Marketing and Publicity:
 Bank of Maharashtra Introduced a Premium Savings Bank Deposit Scheme
 Purple Privileges for High Net worth Individuals(HNIs) covering
 specialized services to the customers having quarterly average balance
 (QAB) of Rs. 3 Lakh in their Savings Bank account.
 The slew of benefits offered to the account holder under the product
 - Assistance of Dedicated Relationship Manager
 - Specially designed Purple lounges
 - Free unlimited No. of Debit card transactions at ATMs of our Bank
 and any other banks.
 - Higher Transaction Limit on ATM-cum-Debit card(per day)
 - Free NEFT/RTGS through Internet Banking etc.  Features of the
 product also include:
 Personalized ATM-cum-Debit Card and Cheque Books,50% concession in
 processing fees of retail Loans,200 free Personalized Cheque leaves
 p.a., Free (100% concession on annual maintenance charge) Gold Credit
 Card, Reward Points and Free Demat account facility for the first year.
 3.10 Citizen''s Charter:
 The Bank has adopted the Charter since 2000-01, which details the
 duties and responsibilities of the Bank towards its customers.  The
 charter is displayed at all the branches and Bank''s website.  The Bank
 has also adopted a citizen''s charter of RBI on exchange of notes and
 4.1 Priority Sector Lending
 It has been the constant endeavor of the Bank to facilitate equitable
 and sustainable economic development by timely and hassle-free
 availability of credit for productive purposes to Small and Marginal
 Farmers, Micro and Small Enterprises, Retail Traders, Professional and
 Self Employed, Women Entrepreneurs and entrepreneurs from economically
 weaker sections.
 The outstanding advances under Priority Sector as of 31st March, 2015,
 aggregates to Rs. 39,095 Crore constituting 41.76% per cent of the
 Adjusted Net Bank Credit. (growth of Rs. 4,269 Crore, 12.26% over last
 4.2 Agriculture
 The Bank disbursed Rs. 6799.90 Crore for agriculture and allied
 activities during the year 2014-15. The total outstanding advances to
 agriculture sector reached a level of Rs. 15,521.30 Crore as on
 31.03.2015 (growth of 18.56 per cent). Bank focused on growth of
 investment credit under Agriculture during the year 2014-15 and
 disbursed Rs. 1,300 Crore. Bank also entered into strategic tie-up
 arrangements with Tractor Manufacturers, Micro Irrigation Companies for
 promoting farm mechanization and micro irrigation activities during the
 The Bank undertook awareness/sensitization programmes for all the
 branches for increasing advances to agriculture by providing hassle
 free credit to farmers.
 4.2.1 Mahabank Kisan Credit Card (MKCC)
 This scheme gained popularity especially in rural areas where it is
 being propagated successfully and vigorously. The Bank has issued total
 4,92,683 Kisan Credit Cards to farmers. Credit flow to MKCC
 beneficiaries has reached to the level of 5,597.89 Crore as on
 31.03.2015 (growth of 29.80 %).
 4.3 Micro, Small and Medium Enterprises (MSME)
 SMEs are recognized as a major growth engine for the Indian economy.
 They generate opportunities for direct and indirect employment by
 facilitating use of natural resources and local skills to stem the tide
 of migration to urban areas and promote low investment enterprises.
 Finance is made available to viable enterprises at an attractive and
 low rate of interest. On line enquiry portal is made available on the
 Bank''s website.
 Our Bank has adopted Simplified Loan Application for MSEs and the same
 is displayed on the Bank''s website. The Bank has also adopted Bank''s
 Code of Commitment to Micro and Small Enterprise and the same is
 displayed on the Bank''s website.
 The Bank''s lending to Micro, Small and Medium Enterprises which was at
 the level of Rs.15,098 Crore as at 31.03.2014, increased to Rs.16,796 Crore
 as at 31.03.2015(growth of 11.24 per cent).
 For promoting finance under this category, Bank has entered into
 strategic tie up arrangements with Truck / Vehicle / Tractor /
 Passenger car manufacturers. Bank has also entered into an MoU with
 Bharatiya Yuva Shakti Trust for Credit facilitation and hand holding of
 the Micro entrepreneurs specially under Women and SC/ST categories.
 Centralized Processing Cell have been set up at all Zonal Offices for
 speedy disposal of MSME proposals.
 Bank has launched 5 new products for financing to MSME borrowers,
 1. Maha MSME Project Loan Scheme
 2. Maha MSME Machinery/Equipment Scheme
 3. Maha MSME Cash Credit Scheme
 4. Maha MSE Collateral Free Term Loan Scheme
 5. Maha MSE Collateral Free Cash Credit Scheme
 Bank has been awarded best MSME Bank Award 2014 for large Bank- Runner
 up category, by the Chamber of Indian Micro, Small and Medium
 Enterprises (CIMSME).
 4.3.1 Coverage under CGTMSE Scheme
 Under Credit Guarantee Fund Scheme for Micro, Small and Medium
 Enterprises of Government of India credit facilities up to Rs..100.00
 lakh are covered, wherein no collateral security and third party
 guarantee are insisted by the Bank. For the accounts covered under this
 scheme, Bank is bearing 50% annual guarantee fee for loans above 10.00
 lakh and entire annual guarantee fee for loans below 10.00 lakh. The
 Bank has sanctioned loans of Rs.1805.13 Crore to 17,058 borrowers under
 this scheme up to March 2015. During the current FY, coverage under
 Credit Guarantee Fund Scheme has increased by 36.11%.
 5.1. Credit Flow to Retail Sector
 The Bank is providing retail loans to salaried persons, professionals,
 businessmen and pensioners for purchase, repair, renovation of housing
 properties, plots, consumer durables, two/four wheeler vehicles other
 personal needs, education etc. The retail loan portfolio of the bank is
 Rs.11817.49 Crore.
 5.2. Mahabank Gold Loan Scheme
 Gold ornaments are the traditional and inherited form of savings among
 the people in India. Being one of the most liquid and precious asset,
 it serves as a dependable and acceptable form of security to raise
 loans for meeting immediate financial needs for business, agricultural,
 consumption purposes such as marriage, medical, educational expenses
 etc. People borrow money by pledging Gold Ornaments at very high rate
 of interest. To tap the potential of gold loans as a lucrative asset
 and to meet the credit requirement of our customers, Bank has launched
 a new retail loan product Mahabank Gold Loan Scheme for Retail
 Purposes w. e. f. 26.09.2014. With a view to meet the credit
 requirement of our customers, Bank has launched a new retail loan
 product Mahabank Gold Loan Scheme w. e. f. 01.11.2010. The total
 portfolio of Gold Loan of our Bank as on 31.03.2015 is Rs. 92.81 Crore.
 5.3. Housing loan to public
 The Bank has in place Housing Loan Scheme to meet the needs of all
 economic segments including NRIs. Financing housing sector in rural and
 urban parts of India is a thrust area. The housing loan portfolio of
 Bank is Rs. 9868.84 Crore as on 31.03.2015, which constitutes 83.51% of
 total retail portfolio of the Bank. The housing loan schemes of the
 Bank were revisited and revised schemes were launched like purchase
 / construction of new / existing house / flat, repairs / renovation /
 alteration of existing house / flat, purchase of plot and construction
 thereon. The Bank has recently launched Maha Combo Loan Scheme
 for purchase of house and a car taken together..
 5.3.1 One per cent Interest Subvention on Housing Loan up to Rs.15.00
 As per GOI guidelines, Bank has provided 1% interest subvention to
 borrowers, who availed housing loans up to Rs.15.00 lakh for construction
 purpose of house where
 5.3.2 Mahabank Top-Up Loan Scheme
 In order to extend additional credit support to our regular housing
 loan borrowers, Bank has launched Mahabank Top Up loan Scheme w.
 e. f. 12.09.2014. Under this scheme credit is extended for repair /
 renovation / furnishing of house, children''s education, Marriage of
 Children, Medical treatment, buying a vehicle or hi-tech gadgets etc.
 We have established a call centre at H. O. to make outbound calls to
 good housing loan borrowers for last two years. Loans upto Rs.25 lacs can
 be considered under the scheme.
 5.4. Model Educational Loan scheme
 With the objective of ensuring that all deserving students get
 opportunity to pursue higher education, the Bank implemented a Model
 Educational Loan Scheme as per IBA guidelines. As of March 2015, the
 Bank had lent Rs.702.82 Crore to 29,516 students. The Bank has provided
 the facility of submission of application for education loan through
 web-access (on line) also. Bank has also introduced a new feature
 called Pre Approved Education Loan, to its Model Education
 Loan Scheme to address the requirement of multiple sanction letters
 required by students applying for study at foreign universities. Bank
 also has Model Education Loan Scheme for Vocational Courses where
 loans can be sanctioned for completion of short duration job oriented
 skill development programmes. A loan up to 1.50 lakh can be sanctioned
 under the scheme.
 5.5. Centralized Processing of loans
 Bank has established Centralized Processing Cells for retail /
 commercial advances at all its 34 Zones for hassle free and due
 diligence of loans with aim to improve turn around time.
 5.6. Micro Finance
 The Bank has always recognized the importance of credit to rural and
 urban poor for taking economic activity. The SHGs have proved to be
 effective instruments for empowerment of women Bank has specialized SHG
 branches in all six lead districts and at Goregaon, Mumbai.
 As on 31.03.2015, there were 123643 SHGs formed by the Bank, out of
 which 103028 SHGs have been linked with the bank credit with
 outstanding of Rs..161.10 Crore as on 31st March 2015.
 5.7. Assistance to SC/ST beneficiaries:
 The Bank has been actively extending finance to SC/ST beneficiaries
 through various schemes. Total finance as on 31.03.2015 to SC/ST
 beneficiaries stood at Rs.1642.67 Crore, constituting 18.11 per cent of
 advances to weaker sections.
 5.8. Weaker Sector Advances:
 Bank is providing credit facilities to small / marginal farmers, share
 cropper, landless labor, SC /ST Beneficiaries, Self Help Groups, Joint
 Liability Groups, The total portfolio of weaker Sector advance of our
 Bank as on 31.03.2015 stood at Rs. 9068 Crore constituting 9.69% of ANBC.
 5.9. Advances to Minority Community
 A special cell has been set up at Head Office to review and ensure
 smooth flow of Credit to minority community. The branches were
 identified in minority concentrated districts and special targets were
 allotted to these branches for lending to minority communities. As of
 March 2015, advances to Minority
 5.10 National Pension System (NPS Lite Swavalamban)
 NPS Lite Swavalamban was made live in July 2013 and total 1806 branches
 are registered as NLCC (NPS Lite Collection Centre) with NSDL for
 collecting contrbution under the scheme. 16293 accounts were opened
 under the scheme up to 31.03.2015. There are 6355 accounts under NPS
 general scheme.
 5.11.1 ATMs
 Bank has 1849 ATMs installed across the country as at 31/03/2015. With
 relocation of 182 Lobby ATMs to viable sites, continuous monitoring our
 ATM services are ensured and 1775 ATMs are in service as at 31/03/2015.
 Bank is issuing VISA, RUPAY and EMV cards.
 Transaction volume for Mar 2015 has been 53.08 lacs (On us 25.33 lacs
 and Off us 27.75 lacs). Average transactions per ATM per Day were 96
 for the month of March 2015 and are expected to reach the industry
 level average in the ensuing quarter. Bank has installed two ATMs with
 display of Bank''s Services and products in two Malls of Pune. Bank is
 in the process of installing ATM at Pune Airport.
 5.11.2 INTERNET /SMS/Phone Banking
 Bank could achieve an increase of 23% in Internet Banking, 29% in Phone
 Banking and 35% in SMS banking over the previous year.
 With continuous follow up and increase in net security through the
 Mahasecure for IBN users, substantial rise in users/online transactions
 is expected.
 Bank launched Maha-mobile, a New revised Mobile banking Application on
 28/01/2015 and registered 22803 Users for this technology based
 5.12 Senior Citizen
 Bank has specialized branches for Senior Citizens exclusively for
 catering their banking needs at Cuffe Parade, Mumbai and at Bajirao
 Road, Pune. Bank is giving 50 basis points additional interest on their
 term deposits. At present bank is catering to 33 lacs saving accounts
 of Senior Citizens.
 5.13 Concept Relationship Managers and Compliance thereof
 Bank has implemented concept of Relationship Managers to drive business
 growth with better customer service to High Networth Individuals (HNI)
 customers. Total 391 Relationship Managers are exclusively posted at
 branches to attend all customer needs of these HNI customers.
 The Rural Development Centers at Hadapsar- Pune and Bhigwan in Pune
 District of Maharashtra have been undertaking various rural
 developmental activities for the benefit of farmers'' viz. Vermi
 compost, Re-development of Saline Soils, Soil Testing etc. Bank has
 established Soil testing lab (STL) through MARDEF Trust at RDC Bhigwan.
 The Soil Testing Laboratory has analyzed 11,257 Soil and Water samples
 in the year 2014-15 and accordingly counseling is done. Farmers from
 the districts of Pune, Ahmednagar, Sholapur and Satara are taking
 benefit of the lab.
 A Trust viz. Mahabank Agricultural Research and Rural Development
 Foundation (MARDEF) established by the bank, undertakes various
 projects and village improvement programmes. MARDEF is imparting
 training to farmers on various subjects in Agriculture. Trust has
 implemented 88 training programmes for farmers at RDC Bhigwan and
 Hadapsar and has benefited 2,915 farmers from April 2014 to March,
 The Bank has established Seven Mahabank Self Employment Training
 Institutes (MSETI) for providing training to rural youth and women to
 enable them to acquire skills for self-employment through small
 business enterprises. The Institute has centers located at Pune,
 Nagpur, Aurangabad, Amravati Jalna, Thane and Nasik. The Institute has
 so far imparted training to 16,600 educated unemployed youths. The
 settlement rate is 60 per cent.
 Gramin Mahila Va Balak Vikas Mandal (GMVBVM), an NGO formed by Bank of
 Maharashtra and National Institute of Bank Management is actively
 involved in formation, nurturing, training and ensuring linkage of SHGs
 to Bank Credit.
 The Bank has opened Financial Literacy Centers in Six Lead Districts
 namely Pune, Nask, Aurangabad, Satara, Jalna and Thane for creating
 awareness about banking schemes.
 Bank has helped various NGOs during the year extending financial
 support to acquire necessary inputs for carrying their activities.
 These include the following:
 - Fixing of artificial limbs to the needy patients.
 - Diesel Generator set for the school meant for physically challenged
 - Building / classroom / Kindergarten equipments for the needy,
 mentally retarded and cerebral palsy children, cancer patients and Old
 age home.
 - Conducting cancer detection camps in slums for the needy.
 Moreover Bank has always stood for the cause of society by contributing
 at large for improving medical facilities, vocational training, basic
 amenities etc. Bank is also helping emerging sports persons at budding
 stage by sponsorships and providing financial assistance to bring the
 glory to the Nation and contributing to social cause.
 With a view to publicize Bank''s various products and also brand image
 coupled with corporate social respons bilities, Bank has sponsored
 various programs like Sponsorship to Lila Poonawala Foundation for
 scholarship to 10 Economically poor Girls having excellent track
 record, Sponsorship to Army H.Q at Maharashtra , Guajrat and Goa
 for Durand Cup 2014, Sponsorship to Rashtriya Madhyamic Sahitya
 Abhiyan for Teacher Training Program 2014, Donation to Bhagwan
 Mahaveer V klang Sahayata Samiti, Jaipur for artificial limbs,
 Donation to ISKCON Food Relief Foundation for purchase of Mini Truck
 which is useful in Mid Day Meal Program, Donation to Vipassana
 Kendra Pushkar for its various projects viz. Rain Water Harvesting and
 Recycling projects, Solar Hot Water projects, Drinking Water Facilities
 Project etc. Bank has also donated to Community Aid and Sponsorship
 Program (CASP) for welfare of children from poor sections of society.
 Following CSR activities were undertaken in Pune.
 a) Water Cooler to Baneshwar temple.
 b) Sponsorship for water tank construction at Jejuri Fort.
 c) Sponsorship for uniform of mentally challenged students at Jeevan
 Wardhani school, Saswad on Republic day.
 NO Name of the girls
 1 Aishwarya Nandkumar Bodke, Age 16 years.
 2 Aishwarya Sunil Manjrekar, Age 17 years.
 3 Archana Sanjay Dhaybar, Age 17 years.
 4 Dhanashree Laxman Lad, Age 16 years.
 5 Harshu Dattatray Pawar, Age 17 years.
 6 Komal Rajendra Gorad, Age 17 years.
 7 Pooja Laxman Warekar, Age 16 years.
 8 Prajakta Rajesh Naidu, Age 17 years.
 9 Pratima Laxman Thorat, Age 17 years.
 10 Rupali Nandu Rasal, Age 17 years.
 11 Tejal Rakhamaji Somoshi, Age 17 years.
 12 Vishakha Vasant Dhole, Age 17 years.
 7.1 Lead Bank Scheme
 The Bank has Lead Bank responsibility in seven districts of Maharashtra
 State viz. Aurangabad, Jalna, Nasik, Palghar, Pune, Satara and Thane.
 Every year district credit plans for the districts are prepared and
 implemented with the cooperation of other banks as well as in
 coordination with District Collectors of respective Districts.
 7.2 State Level Bankers'' Committee
 The Bank is the Convenor of State Level bankers'' Committee (SLBC) for
 the State of Maharashtra and prepares State Annual Credit Plan. The
 plan for the year 2014-15 was for Rs.1,57,292/- crore which is highest in
 the country. The same was approved in a special meeting held under the
 Chairmanship of Hon''ble Chief Minister of Maharashtra. SLBC also
 ensures holding of quarterly meetings regularly to oversee the
 implementation of State Annual Credit Plans, priority sector lending
 and Govt.  sponsored schemes in the State. Apart from regular SLBC
 meetings, various other meetings are also organized by SLBC to
 coordinate between various member banks, State Government, Government
 Agencies, Reserve Bank of India, NABARD and the Central Government.
 SLBC coordinates a network of more than 10,000 bank branches in the
 In the FY 2014-15, the State suffered continual onslaught of natural
 calamities, the brunt of which is mostly borne by Agriculture and
 related activities. SLBC has always been very proactive in such
 calamities by issuing necessary guidelines in respect of relief
 measures, organizing special meetings and guiding the members whenever
 As SLBC convener, Bank of Maharashtra coordinated implementation of
 Pradhan Mantri Jan Dhan Yojana (PMJDY) in the State of Maharashtra. A
 total of 93.97 lakh accounts were opened in the State and the State was
 declared as saturated for the purpose of opening of accounts. The
 process of opening of accounts continues.
 The Bank actively participated in the Pradhan Mantri Jan Dhan Yojana
 (PMJDY) announced and launched by the Prime Minister of India on
 15.08.2014 and 28.08.2014 respectively.
 Survey of all allotted 3051 rural Sub Service Areas (SSAs) and 755
 urban wards were conducted for identification of households having no
 bank account. The Bank has engaged 2,974 Bank Mitrs through corporate
 BCs and under own BCA model in all the allotted SSAs. The Bank Mitrs
 are being paid monthly remuneration regularly and minimum remuneration
 is ensured by paying fixed monthly pay and variable commission.
 Total 17.71 lakh Savings Bank accounts have been opened by the Bank
 during the PMJDY campaign period and RuPay ATM Debit cards have been
 issued to all the accountholders. Savings accounts of all the
 identified uncovered households have been opened. The Bank has
 mobilized Rs.206.14 Crore in these accounts opened during the campaign
 period. The Bank also implemented Aadhaar based account opening using
 e-KYC.  The Bank is live on Aadhaar Enabled Payment System (On- us and
 Off-us) and RuPay card PIN Based transactions. The Bank has been
 processing the DBT (Direct Benefit Transfer) and DBTL (LPG Gas Subsidy)
 for the accountholders. Bank is having highest number of AEPS
 transactions in banking industry.
 The Bank is in the process of implementation of micro insurance
 products and pension scheme as per the directions of the Ministry of
 The Bank has a full-fledged call centre with toll free number
 18001022636 for redressal of PMJDY grievances.
 The Financial Literacy Material has been prepared in vernacular
 languages and supplied to all Branches / Bank Mitrs for supplying the
 same to accountholders during FLC camps.  Bank has been awarded for
 excellent performance in PMJDY by Federation of Industry Trade and
 Services, New Delhi.
 8.1 Performance of Regional Rural Bank
 Maharashtra Gramin Bank (MGB) is a Regional Rural Bank sponsored by the
 Bank, having its Head Office at Aurangabad, Maharashtra state. Total no
 of branches as on 31.3.2015 stood at 391 in its area of operation
 covering 17 out of 36 districts of Maharashtra State.
 All 391 branches and controlling offices are now under CBS.  MGB opened
 13 new branches during this year.
 The percentage of CASA to total deposit is 58.07 %.Operating profit of
 MGB is 95.25 Crore (growth of 24.83 %).
 Under Pradhan Mantri Jandhan Yojana surveys of all allotted 898 SSAs
 and 80 wards were conducted for identification of households having no
 bank account. The Bank has engaged 898 BCAs in all allotted SSAs. Total
 3.06 lakh accounts have been opened during the PMJDY campaign period
 and RuPay ATM debit cards have been issued to all the account
 During this year 2014-15, MGB has grown by 18.64 % in total deposits
 and 21.60 % in advances.
 8.2 The Maharashtra Executor and Trustee Company Pvt.  Ltd.
 Maharashtra Executor and Trustee Company Pvt. Ltd.  (METCO), the 100%
 subsidiary of Bank of Maharashtra was established in 1946 with an aim
 to provide services auxiliary to banking such as:
 - Consultation, Drafting and Execution of will
 - Consultation, Drafting and Management of Private Trusts / Public
 - Management of investments and house properties as attorney
 - Guardianship of minor''s property
 - Consultation for sale/purchase of property
 - Filing of I-Tax Returns for individuals
 The Company is located at Pune having its branch units at Pune,
 Vashi-Mumbai, Thane and Nagpur. It is managing about 1100 Public and
 Private Trusts. During the year, additional 25 Wills were added making
 total 1086 Will in its custody for execution.
 At present, the Company manages properties both movable and immovable
 of 82 clients under the Power of Attorney. The Company also acts as the
 Trustees in respect of 170 policies under Married Women''s Property Act
 and as Court appointed Guardian of minor''s property in 6 cases.
 The net profit of METCO for F.Y. 2014-2015 is Rs..27.67 lakh.
 During the year 2014-15, the Bank has made various remarkable
 achievements in the field of Official Language implementation.
 Mumbai based Prestigious Institution in the field of Hindi,
 ''Aashirvad'' awarded following trophies in a function held on
 31.10.2014 to the Bank:
 - ''Rajbhasha Ratna'' Award to Bank''s Chairman and Managing
 Director Shri S. Muhnot.
 - ''Rajbhasha Gourav'' Award to Bank''s General Manager (HRM and
 Shri Narendra Kabra.
 - Special Award to Bank of Maharashtra for Better Hindi
 Implementation during the year 2013-14.
 On 23rd September, 2014 Hindi day function was held in Head Office,
 Pune, where Bank''s Internal Rajbhasha Trophy Scheme winner Zonal
 Offices, Branches and Head Office Depts for the year 2013-14 were
 An all India Seminar was organized in Jaipur on 12th and 13th December,
 2014 for all Official Language Officers of the Bank.
 On 3rd March, 2015, 30th meeting of Maharashtra State Level Banker''s
 Committee (Rajbhasha) was held at Head Office, Lokmangal, Pune; wherein
 shields were presented to the winner member banks and financial
 institutions of state level Rajbhasha Shield competition.
 Rajbhasha Vbhag, Head Office, Pune published two unique publications
 during the year. One is a cartoon book ''Bachat ki Kahani'' meant for
 school children under financial literacy program and the second one
 ''Kshitiz'' is a compilation of poems written by bank''s own officers
 and employees.
 As per instructions issued by DFS, Ministry of Finance, Govt.  of India
 under Rajbhasha Prayog Aapsi Samvad Sarthak Disha as bridge-building
 exercise between Hindi and other Regional Language, our bank sponsored
 numerous Hindi and Regional language programs in various Zones.
 Sponsored programs include literary Meets, Dramas, Folk music and
 Cultural programs.
 To promote Use of Hindi in day-to-day work Rajbhasha Vibhag, Head
 Office, Pune started ''Aaj Ka Shabd'' in bilingual form on ULC log-in
 page of bank''s intranet daily. As a new initiative Monthly Rajbhasha
 E-Patrika is being regularly published since July, 2014.
 During its visit on 08th January, 2015 to Nagpur TOLIC, Drafting and
 Evidence Committee of Parliamentary Committee on Official Language
 reviewed Official Language Implementation work of Bank''s Nagpur Zonal
 Office, as member of TOLIC, Nagpur.
 Bank of Maharashtra is the convener of 04 Town Official Language
 Implementation Committees namely Mumbai, Pune, Solapur and Latur. This
 year Town Official Language Implementation Committee (Bank) Pune was
 conferred Ist prize of prestigious Indira Gandhi Shield for better
 coordination of the committee. Also, Mumbai Regional Implementation
 Office (West), Department of Official Language, Ministry of Home
 Affairs, GOI awarded Ist prize for ''B'' Region to TOLIC (Bank) Pune.
 All four Town Official Language Implementation Committees convened by
 the bank conducted various activities throughout the year and organized
 meetings as per schedule.
 Town official Language Implementation Committee,Hyderabad awarded 2nd
 prize to Bank''s Zonal Office, Hyderabad on
 19.05.2014 for better use of Official Language.
 Town official Language Implementation Committee, Jalgaon awarded 2nd
 prize and trophy for the year 2013-14 to Zonal Office, Jalgaon for
 better use of Official Language.
 During the year 2014-15, Deputy Director (O.L.), Regional
 Implementation Office, Department of Official Language, Ministry of
 Home Affairs inspected the progressive use of Hindi at our Delhi,
 Nagpur, Mumbai City, Bhopal and Jalgaon Zonal Offices.
 Shri Deepak Bhalchandra Karpe, Dy.Manager posted at our Sundrel branch
 (Indore) has been awarded IInd prize in RBI''s Inter-bank Hindi Essay
 competition for the year 2014 in under Linguistic Group ''B''.
 10. Awards for 2014-15
 Bank received following awards for current year 2014-15.
 A) BFSI Award by World HRD Congress
 1. Best Bank Award.
 2. Bank with Most Admired Services.
 3. Bank with Best Customer Services.
 4. Bank with Best Technology orientation.
 5. Corporate Communication Awards.
 B) Best Bank for Managing IT risk among mid size Banks award from
 Dr. Raghuram Rajan, Governor, Reserve Bank of India on 15th October,
 C) Best MSME bank Award - Large bank - Runner -up by CIMSMS ( Chamber
 of Indian Micro, Small and Medium enterprises.
 The Directors confirm that in the preparation of the annual accounts
 for the year ended 31.03.2015:
 - The applicable accounting standards of the Institute of Chartered
 Accountants of India, have been followed along with proper explanation
 relating to material departures, if any;
 - The accounting policies framed in accordance with the guidelines of
 the Reserve Bank of India, are consistently applied and proper
 disclosures are made for changes, if any;
 - Reasonable and prudent judgement and estimates were made 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 the profit of the Bank for the year.
 - Proper and sufficient care was taken for maintenance of adequate
 accounting records in accordance with the provisions of applicable laws
 governing banks, in India; and
 - The accounts have been prepared on a going concern basis.
 - During the year 2014-15, the following changes took place in the
 Board of Directors:
 - Dr. Sunil U. Deshpande, ceased to be Director wef.16.03.2014.
 - Dr.S.Rajagopal ceased to be Director wef.10.06 2014.
 - Shri.G. Sreekumar was appointed as RBI nominee Director
 - Shri.Premchandra Amolakchand Sethi was elected as Shareholder
 Director wef.27.06.2014
 - Shri. R C Agrawal, ceased to be a Director wef.05.08.2014
 - The Board of Directors place on record their sincere appreciation for
 the valuable 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 and Stock Exchanges and CDSL for
 their valuable advice and support; to the customers and shareholders
 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.
                         For and on behalf of the Board of Directors
 Place : Pune                                            (S. Muhnot)
 Date  : 14th May, 2015               Chairman and Managing Director
Source : Dion Global Solutions Limited
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