Brief Guide On Bank Of Maharashtra

Bank Of Maharashtra-History:

As we know that Mumbai is the economic capital of India, Maharashtra state has been of great importance in the country’s economic growth and status. Maharashtra has been one of those states where people have witnessed rapid growth in the business world and banking activities.

Despite such a higher level of economic and financial affairs initially, there were only local/regional banks situated in the Maharashtra state. To name a few of them, the Bank of Bombay, The Poona Bank, The Deccan Bank, and others. But with the rapid development in the state’s financial activities, there was a requirement for an independent state bank.

Shri A.R.Bhat, the founder and former secretary of MCC (Mahratta Chamber of Commerce), initiated and promoted steps towards the establishment of a specialized bank for the state of Maharashtra. The efforts of Shri Bhat and his colleagues led to the establishment of the Bank Of Maharashtra (BOM) on 16 September 1935, under the Indian Companies Act (registered by Prof. V.G.Kale & late Prof. D.K.Sathe). On February 8th, 1936 onwards, the bank came into operation. The bank works with the mission to provide efficient and rapid services which will meet the customer’s expectations. The vision of the BOM nurtures techno-friendly, customer-oriented and innovative ideas. 

Progress and current status of BOM:

In 1944, BOM got the status of the scheduled bank, and by 1969 it was recognized as a National bank along with 13 other banks in India. According to reports from 2021, now the total number of branches is over 2000, with an ATM network of more than 1851 ATM centres. Today BOM is one of the major public sector banks in India, with a face value of 10. 

Services provided by BOM:

BOM provides different services, some of which are listed below:

• Saving deposits: Mahabank Yuva Yojana, Mahabank Lok Bachat Yojana, etc.
• Current deposits: Mahabank Pearl & Sapphire
• Term deposits: Mahabank Sulabh Jama Yojana, Monthly interest deposit scheme, etc.
• BOM Loan: loans for education, corporates, agriculture, etc., with other loan schemes like Housing Finance Scheme, Mahabank Aadhaar Scheme, etc.

BOM 2017 has started dedicated branches for agriculture, retail, and MSME.

BOM & digitalization:

With the advent of technology, BOM has evolved in the sector of various e-commerce services and digital platforms. In 2015, BOM launched its user-friendly mobile banking application-Mahamobile. In 2016, it also started its internet banking application-Mahasecure.  From the year 2021, BOM users can now follow the transaction through WhatsApp banking!

Here is a brief account of internet banking with BOM-Mahasecure.

Mahasecure, as mentioned above, is a digital banking application and is designed with next-generation technology and REAL-ID security. This application is available for all three devices-mobile phones, laptops, desktops. All operating systems (Android, iOS, macOS, and windows) are very well compatible with this application.

The Internet banking service of BOM provides facilities in areas of the transaction, as well as enables a user to submit an inquiry and request through this online platform. Also, enable a user to get banking-related information on their device. This is called banking at your doorsteps. 

There is a fixed procedure to enable you to use the internet banking application-Mahasecure. One has to apply for internet banking services (the application form is available on the official site of BOM) at the respective branch. Once the application is accepted by the bank, the user ID and separate login & transaction passwords will be provided by the bank. These credentials have to be used for accessing the Mahasecure app. Once all this process is complete, you are just a click away from your bank-BOM!

Other than this, BOM also provides digital services like Bharat Pay Payment Service, BHIM Aadhaar Pay, e-SBTR, NETC-FASTag, etc.

BOM Customer care services:

With such a widespread physical network as well as a virtual network through internet banking and providing different services to thousands of people, the customer care department is an important part of any bank or other organization. BOM provides individual, dedicated customer care services in each sector, like an on-desk complaint registration platform and online customer care helpline numbers. Also, to make it easy for customers, BOM has helpline services at head office, zonal office, and regional office. For internet banking and Mahasecure related queries, there are separate helpline numbers and IDs. 

BOM and Social service:

Being the state’s big public sector bank, BOM is also aware of its social responsibilities and has always tried to fulfil those by various means. 

In 2019, employees of BOM donated Rs. 2,13,66,295 to CMRF of Odisha for restoration of post-cyclone Fani. In 2020, BOM donated Rs. 5 crores to the PM-CARES fund during the COVID-19 pandemic. These are some of the charity steps taken by BOM, among many others.

Conclusion:

Right from its establishment in1934, Bank Of Maharashtra has made commendable progress, attracting more and more customers with its quick services. Also, technological advances have made banking easy for users and banks as well. It truly is Bank at your fingertip, nowadays that too with every possible security measure.