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Bank of Maharashtra

BSE: 532525 | NSE: MAHABANK |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE457A01014 | SECTOR: Banks - Public Sector

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Annual Report

For Year :
2019 2018 2017 2016 2015 2014 2013 2012 2011

Director’s Report

The Directors have pleasure in presenting the Annual Report of the Bank with the audited Balance Sheet, Profit & Loss Account and the Report on Business and Operations for the year ended March 31, 2019.


During the year 2018-19, the Bank has achieved various remarkable achievements in the field of Official Language implementation:

1. Bank was awarded “Rajbhasha Kirti Puraskar” for better implementation of Rajbhasha Hindi, which is the highest award for Rajbhasha. Shri A. C. Raut, Executive Director, Bank of Maharashtra received this prestigious award at the hands of Hon’ble Vice President of India, Shri M. Venkaiah Naidu in a grand function arranged at Vigyan Bhawan, New Delhi on 14th September, 2018.

2. Bank was awarded prestigious Skoch Order-of-Merit Award on 22 December, 2018 at New Delhi for Better Implementation of Rajbhasha. In Banking Industry, bank is the first to receive this Award for Hindi Implementation.

3. The Town Official Language Implementation Committee, Mumbai has secured Third Prize from the Rajbhasha Vibhag, Ministry of Home Affairs, and Government of India for better implementation of Hindi. Our Bank is the convenor Bank for the committee.

4. Bank was awarded “Vishesh Puraskar” by the Mumbai based prestigious Institution ‘Aashirvad’ for better use of Hindi during the year.

5. Various Town Official Language Implementation Committees convened by other Banks have awarded Kolkata, Raipur, Jaipur and Amaravati Zones for excellent implementation of Official Language.

6. Hindi day function was arranged at Head Office, Pune on 09th October, 2018. Shri A. C. Raut, Executive Director of the Bank presided over the function. Shri Raza Murad, renowned Hindi actor and social worker was the Chief Guest. Shri R. P. Marathe, MD & CEO, Shri R.K. Gupta, Executive Director & Shri Rajkiran Bhoir, General Manager were also present in the function. Winners of the All India Internal Rajbhasha Trophy Scheme of the Bank were awarded during the function.

7. An All India Rajbhasha Seminar was organized in Pune for all the Hindi Officers of the Bank. Shri R. P. Marathe, Managing Director & CEO of the Bank inaugurated the seminar.

8. Monthly Rajbhasha E-Magazine ‘Rajbhasha E-Pragati’ is being regularly published every month. As a new initiative Rajbhasha E-Pragati in Brail script is also published for the benefit of differently abled employees of the Bank.

9. Bank of Maharashtra is the convenor Bank for Town Official Language Implementation Committee (TOLIC) in Mumbai, Pune, Solapur, Latur & Jalgaon. Meetings of these committees were held regularly during the year and various activities of the committees were organized throughout the year as per the schedule.

10. Committee of Parliament on Official Language visited our Delhi Zonal Office, Indore Zonal Office, Mumbai Zonal Office & Rajkot branch, (Ahmedabad Zone) during the year and reviewed Official Language Implementation work of the Bank. The honorable members of the Committee expressed their satisfaction regarding progressive use of Hindi and the implementation of new initiatives by the Bank.


The Bank has put in place a comprehensive Security Policy covering the entire Security arrangements in the Bank. The policy covers the following:-

1. Protect the bank’s assets such as Cash, Gold, Documents and Valuables at branches, Administrative offices, Currency chests, Data Centre, other critical centres and Security measures for Cash and Valuables.

2. Create a secure, safe and conducive environment for Staff, visitors and customers to conduct smooth and normal banking business.

3. Measures to counter manmade disasters and natural calamities.

During the FY 2018-19, proactive steps have been taken on the physical security requirements in the Bank after analysis of the threat perception, current crime scenario, crime pattern, modus operandi of bank robberies, breaches of security and fire incidents besides equipping and training the security personnel and other bank staff to counter any eventuality.


Pursuant to Regulation 24A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Circular No. CIR/CFD/CMD1/27/2019 dated February 08, 2019, Bank had appointed M/s. Apte Joshi & Associates, Practicing Company Secretaries, Pune as a Secretarial Auditor to undertake Secretarial audit of Bank for the financial year 2018-19. The Secretarial Audit Report is annexed to this Report.

There is no Secretarial audit qualification for the year under review.


The Directors confirm that in the preparation of the annual accounts for the year ended 31.03.2019:

0 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;

0 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; 0 Reasonable and prudent judgment 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.

0 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

0 The accounts have been prepared on a going concern basis.


During the year 2018-19, the following changes took place in the Board of Directors:

0 Shri R. Thamodharan was reappointed as Shareholder Director of Bank w.e.f 30.06.2018.

0 Shri A.S. Rajeev took charge as Managing Director & CEO of the Bank w.e.f 02.12.2018 in place of Shri R.P. Marathe, who completed his term as MD & CEO of Bank on 30.11.2018.

0 Shri Hemant Tamta was appointed as Executive Director of the Bank by the Central Government w.e.f 31.12.2018 in place of Shri R.K. Gupta, who completed his term of Executive Director of Bank on 30.12.2018.

0 Dr. Archana Dholakia was reappointed by Central Government as Director of Bank w.e.f 01.03.2019. She completed her earlier term as Director of Bank on 27.01.2019.


As per the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Business Responsibility Report (BRR) 2018-19 of the Bank has been hosted on the Bank’s website i.e www.bankofmaharashtra.in. Any member interested in obtaining a physical copy of same may write to the Company Secretary of the Bank.


The Board of Directors wishes to express sincere gratitude to Government of India, Reserve Bank of India, Securities and Exchange Board of India, Insurance Regulatory and Development Authority, Indian Banks’ Association, Stock Exchanges and Depositories 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 (A.S. RAJEEV)

Date : 29th April, 2019 Managing Director and CEO

Director’s Report