Bank of Maharashtra > Company History > Banks - Public Sector > Company History of Bank of Maharashtra - BSE: 532525, NSE: MAHABANK
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
              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
             and Transfer of Undertakings) Act, 1969.  The Act was
             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
             Act, 1970 which was made effective retrospectively from
          - Under the `Lead Bank Scheme' the Bank was allotted 5
             of Maharashtra, viz. Pune, Satara, Nasik, Aurangabad
              with Central Bank of India) and Thane.  Surveys were
 carried out
              in these districts for the identification of growth
 1970 - The Bank opened 39 branches in these five `Lead Bank'
              out of the total of 47 branches opened.  The Bank
 continued to
              follow the scheme in the subsequent years and another
              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,
              the name Aurangabad-Jalna Gramin Bank Ltd.  In the
              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
               (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
              of its kind by any of the nationalised bank in the
           - The bank has also set up a core credit monitoring cell at
              headquarters in Pune to continuously assess the
              report of borrowers (above Rs. 25 lakhs), which would
              provided by regional and zonal centres.
 2000 - Bank of Maharashtra (BoM) is launching its new cash
          - 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
           - 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.
 -Comes out with Rs 230 crore public issue of equity shares
 (100,000,000 equity shares of Rs 23 each), issue oversubscribed 10.5
 -Bajaj Auto and Bank of Maharashtra (BoM) have signed a strategic
 alliance to offer two-wheeler loans in India.
 -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
 -Bank of Maharashtra ties up with United Insurance Company
 - Bank of Maharashtra and Life Insurance Corporation of India have
 together unveiled two products, Maha Suraksha Deposit Scheme and
 MahaGrih Suraksha scheme.
 - 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.
 - Bank received  Greentech Fire Safety & Security Award 2013  by
 Greentech Foundation in Gold category.
 -Bank of Maharashtra has been felicitated as a Best Public Sector
 Bank in India at the Dun & Bradstreet- Polaris Financial Technology
 Awards 2013 under the category 'Asset Quality'.
 - The Bank has appointed Shri. R. Athmaram  General Manager, Andhra
 Bank, as Executive Director of the Bank of Maharashtra 
 - The has appointed Shri. Sushil Muhnot, Chairman & Managing
 Director, SIDBI as Chairman and Managing Director of Bank of
 - Bank of Maharashtra has won 4 awards in The Sunday Standard Best
 Bankers Award 2013
 - Bank of Maharashtra has been awarded Business Excellence in Banking
 Award 2013 by Time Research.
 -  Shri R. Athmaram (Executive Director) & Shri M. C. Kulkarni
 (General Manager,IT) receiving the Best Bank for managing IT risk
 among mid size Banks award from Dr. Raghuram G. Rajan ( Governor,
 Reserve Bank of India) .
 -Bank was conferred as BEST BANK-PUBLIC SECTOR in BFSI Awards-2014 in
 recognition of the Best performances in Banking Category.
 - Bank of Maharashtra introduces savings bank deposit scheme
 -The Bank has nominated Dr. S. Rajagopal, Reserve Bank of India, as
 Director, on the Board of Bank of Maharashtra, 
Source : Dion Global Solutions Limited
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