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Bank of Maharashtra
BSE: 532525|NSE: MAHABANK|ISIN: INE457A01014|SECTOR: Banks - Public Sector
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Company History - Bank of Maharashtra
YEAR                       EVENTS
 
 1969 - The Company was Incorporated on 19th July.  The Bank is a
              Government of India undertaking and carries on all types
 of
              banking business.  The Bank was brought into existence
 by an
              ordinance issued on 19th July, by the Central
 Government.  In
              terms of the Ordinance, the undertaking of `The Bank of
              Maharashtra Ltd.' was transferred to and vested in the
 new bank.
             The ordinance was replaced by the Banking companies
 (Acquisition
             and Transfer of Undertakings) Act, 1969.  The Act was
 declared
             null and void by the Supreme Court on 10th February,
 1970.  An
             Ordinance was thereupon promulgated which was latter
 replaced by
             the Banking Companies (Acquisition and Transfer of
 Undertaking)
             Act, 1970 which was made effective retrospectively from
 19th
            July.
 
          - Under the `Lead Bank Scheme' the Bank was allotted 5
 districts
             of Maharashtra, viz. Pune, Satara, Nasik, Aurangabad
 (jointly
              with Central Bank of India) and Thane.  Surveys were
 carried out
              in these districts for the identification of growth
 centres.
 
 1970 - The Bank opened 39 branches in these five `Lead Bank'
 districts
              out of the total of 47 branches opened.  The Bank
 continued to
              follow the scheme in the subsequent years and another
 district
              was allotted to it.
 
 1976 - In August, the Bank sponsored a regional rural bank under the
              name `The Marathwada Gramin Bank Ltd.,' Nanded.
 
 1980 - Rs.81,30,725 capitalised from Reserve Fund.
 
 1982 - One more Regional Rural Bank was sponsored on 7th December,
 under
              the name Aurangabad-Jalna Gramin Bank Ltd.  In the
 subsequent
              years, another RRB under the Thane Gramin Bank was
 sponsored by
              the Bank.  These three RRBs together had 312 branches as
 at the
              end of March 1994.
  
 1984 - Rs.12 lakhs contribution by Government.
 
 1985 - Rs.1,308 lakhs contributed by Government.
 
 1986 - Rs.800 lakhs contributed by Government.
 
 1988 - Rs.2,100 lakhs contributed by Government.
 
 1991 - Rs.10,500 lakhs contributed by Government.
 
 1992 - Rs.3,500 lakhs contributed by Government.
 
 1993 - Rs.15,000 lakhs contributed by Government.
 
 1996 - The bank opened two extension counters at Gogal (Goa) and
 Khandala 
               (Ratnagiri) during the year.
 
            - The bank introduced a new motivational scheme titled The
 Best Colleague Scheme) 
               to encourage, recognise and motivate sincere,
 meritorious and helpful staff members.  
 
            - The Bank launched a major computerisation programme with
 the basic objective of
               making use of the latest developments in information
 technology towards betterment 
               of customer service and improvement in housekeeping. 
 
            - Shri. V. Leeladhar, has been appointed as the Executive
 Director of the Bank vide the
               Government of India, Ministry of Finance, Department of
 Economy Affairs.
               
 1999 - The bank introduced its telebanking service, which is the
 first
              of its kind by any of the nationalised bank in the
 region.
 
           - The bank has also set up a core credit monitoring cell at
 its
              headquarters in Pune to continuously assess the
 performance
              report of borrowers (above Rs. 25 lakhs), which would
 be
              provided by regional and zonal centres.
 
 2000 - Bank of Maharashtra (BoM) is launching its new cash
 management
              product. 
 
          - The Export Import Bank of India (Exim Bank) is slated to
 sign a
             Memorandum of Understanding (MoU) with Bank of
 Maharashtra (BoM)
             on February 28 for providing advisory services on export
 finance.
  
           - BoM launched its information technology training
 institute, the
              first of its kind in banking industry in the country.
 
          - Sukomal Chandra Basu has succeeded Madan Mohan Vaish as
 the Chairman
             and Managing Director of the Company.
  
          - Bank of Maharashtra (BoM), a public sector (PSU) bank, has
 formed an equal joint
             venture with Magic Software, an Israeli software
 developer and its Indian subsidiary.
 
 2004
 
 -Comes out with Rs 230 crore public issue of equity shares
 (100,000,000 equity shares of Rs 23 each), issue oversubscribed 10.5
 times
 
 -Bajaj Auto and Bank of Maharashtra (BoM) have signed a strategic
 alliance to offer two-wheeler loans in India.
 
 2005
 -Bank of Maharashtra has informed that Mrs. Lila F Poonawalla,
 Director resigned from the Directorship of the Bank and she stands
 relieved from her Directorship with effect from August 01, 2005
 
 2006
 
 -Bank of Maharashtra ties up with United Insurance Company
 
 2007
 
 - Bank of Maharashtra and Life Insurance Corporation of India have
 together unveiled two products, Maha Suraksha Deposit Scheme and
 MahaGrih Suraksha scheme.
 
 2009
 
 - Bank of Maharashtra has informed that in terms of guidelines of the
 RBI vide letter dated December 01, 2008, the Bank has appointed
 following five Chartered Accountants firms as Statutory Central
 Auditors (SCAs) of the Bank for the year 2008-09.
 
 1. M/s. C R Sagdeo & Co., Nagpur
 
 2. M/s. Shah Baheti Chandak & Co., Nagpur
 
 3. M/s. Wahi & Gupta, New Delhi
 
 4. M/s. V C Gautam & Co., New Delhi
 
 5. M/s. B Chhaawchharia & Co., Kolkata
 
 The appointment M/s. B Chhawchharia & Co., Kolkata is made in place
 of M/s. S K Mehta & Co., whose term was completed. The other auditors
 are reappointed for continuing as SCAs for the year 2008-09.
Source : Dion Global Solutions Limited
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