Bank of Maharashtra
Corporate brand
UnclaimedBank of Maharashtra is an Indian public sector bank headquartered in Pune, with a long-standing focus on retail, agricultural, small-business and regional banking.
Last updated August 26, 2026
Overview
Bank of Maharashtra, commonly abbreviated as BoM, is an Indian public sector bank headquartered in Pune, Maharashtra. It was established on 16 September 1935 in Poona, in the former Bombay Presidency, during a period when cooperative and indigenous banking initiatives were being developed to support local commerce. The institution was created under the direction of the Mahratta Chamber of Commerce and was intended to improve access to finance for small businesses, traders and other regional economic participants. The bank expanded its institutional position during the pre-nationalisation period. It became a scheduled bank in 1944 and received a banking licence in 1955 under the Banking Companies Act. In 1958, it became a listed company through a listing on the Bombay Stock Exchange. Its regional consolidation strategy included the acquisition of Bank of Konkan in Malvan, Bank of Nagpur in Nagpur and Bharat Industrial Bank in Poona in 1961. A major turning point came in July 1969, when Bank of Maharashtra was one of 14 major Indian commercial banks nationalised by the Government of India. Nationalisation placed the bank within the public banking framework and expanded its role in directed lending, branch development, rural finance and broader financial inclusion. The bank subsequently developed a significant Maharashtra branch network while also extending operations beyond its home state. Rural banking has been an important part of its institutional history. Bank of Maharashtra helped establish three regional rural banks in association with central and state governments: Marathwada Gramin Bank in 1976, Aurangabad-Jalna Gramin Bank in 1981 and Thane Gramin Bank in 1986. These institutions were later merged to create Maharashtra Gramin Bank in 2009. In May 2025, Maharashtra Gramin Bank was amalgamated with Vidarbha Konkan Gramin Bank under the Government of India's One State, One Regional Rural Bank policy, creating a single regional rural banking structure for Maharashtra. The bank marked further operational milestones through branch expansion and technology adoption. In 1985, it opened its 500th branch in Maharashtra at Nariman Point, Mumbai, and installed its first automated ledger posting machine. Its golden-jubilee year was inaugurated by Reserve Bank of India Governor Manmohan Singh. In 2004, Bank of Maharashtra conducted an initial public offering, reducing the Government of India's ownership from 100 percent to 76.77 percent. By 2006, its total business volume had reached ₹50,000 crore and it had begun implementing a core banking solution, supporting more integrated account and branch operations. In the 2020s, the bank continued combining conventional public-sector banking with digital monitoring and asset-management tools. In 2023, it introduced ARJUN, or Automated Remote Junction for Monitoring of Assets under Stress, a mobile application with an integrated dashboard for managing stressed assets. The bank's reported network reached 2,641 branches as of June 2025. Its broad business scope includes deposits, lending, agricultural and rural finance, services for small and medium-sized enterprises, retail banking, payments and other commercial banking activities. As an Indian public sector institution, its positioning combines government-backed banking credibility, regional heritage and nationwide branch-based access.
History
Bank of Maharashtra was founded on 16 September 1935 in Poona, now Pune, in the Bombay Presidency. Its creation was associated with the Mahratta Chamber of Commerce and the wider cooperative movement, which sought to improve access to finance for small businesses, traders and regional commercial activity. The bank's early identity was therefore closely connected with Maharashtra's local economy rather than with a purely metropolitan or industrial banking model. It became a scheduled bank in 1944 and secured a banking licence in 1955 under the Banking Companies Act. The institution was listed on the Bombay Stock Exchange in 1958. In 1961, it expanded through the acquisition of Bank of Konkan in Malvan, Bank of Nagpur in Nagpur and Bharat Industrial Bank in Poona. These transactions reinforced its position as a Maharashtra-oriented commercial bank. The most consequential structural change occurred in July 1969, when the Government of India nationalised 14 major commercial banks, including Bank of Maharashtra. Nationalisation integrated the bank into India's public sector banking framework and expanded its responsibilities in branch development, agricultural finance, rural lending and financial inclusion. The bank subsequently participated in the regional rural banking programme by establishing Marathwada Gramin Bank in Nanded in 1976, Aurangabad-Jalna Gramin Bank in Aurangabad in 1981 and Thane Gramin Bank in Thane in 1986. These institutions were later combined into Maharashtra Gramin Bank in 2009. Branch growth and operational modernisation continued in the following decades. In 1985, Bank of Maharashtra opened its 500th Maharashtra branch at Nariman Point in Mumbai and equipped it with its first automated ledger posting machine. The bank's golden-jubilee year was inaugurated by Reserve Bank of India Governor Manmohan Singh. In 2004, it completed an initial public offering, reducing the Government of India's ownership from 100 percent to 76.77 percent. By 2006, the bank had reached a total business volume of ₹50,000 crore and had begun implementing a core banking solution, allowing more integrated processing across its network. The institution's later development combined branch banking with digital and operational tools. In 2023, it introduced ARJUN, an application designed to provide an integrated dashboard for monitoring assets under stress and supporting stressed-asset management. Its reported network stood at 2,641 branches in June 2025. The rural banking structure associated with the bank also changed in 2025: Maharashtra Gramin Bank was amalgamated with Vidarbha Konkan Gramin Bank on 1 May under the Government of India's One State, One Regional Rural Bank policy. Bank of Maharashtra remains an active Indian public sector bank headquartered in Pune, serving retail, agricultural, rural, small-business and commercial customers through its branch and banking-service network.
- 2025
Maharashtra rural-bank amalgamation
[1]Maharashtra Gramin Bank and Vidarbha Konkan Gramin Bank are amalgamated under the One State, One Regional Rural Bank policy.
- 2023
ARJUN application introduced
[1]The bank launches a mobile dashboard for monitoring assets under stress.
- 2009
Creation of Maharashtra Gramin Bank
[1]Three associated regional rural banks are merged into Maharashtra Gramin Bank.
- 2006
Core banking rollout
[1]The bank reports ₹50,000 crore in total business volume and begins implementing a core banking solution.
- 2004
Initial public offering
[1]An IPO reduces the Government of India's ownership stake to 76.77 percent.
- 1985
500th Maharashtra branch
[1]The bank opens its 500th branch in Maharashtra at Nariman Point, Mumbai, with its first automated ledger posting machine.
- 1976
First regional rural bank
[1]Marathwada Gramin Bank is established in Nanded.
- 1969
Nationalisation
[1]The Government of India nationalises the bank as part of the nationalisation of 14 major commercial banks.
- 1961
Regional bank acquisitions
[1]Bank of Maharashtra acquires Bank of Konkan, Bank of Nagpur and Bharat Industrial Bank.
- 1958
Bombay Stock Exchange listing
[1]The bank becomes a listed company on the Bombay Stock Exchange.
Showing the 10 most recent.
Products and positioning
A government-owned-origin public sector bank with strong Maharashtra roots, a broad branch network and a mandate spanning retail, agricultural, rural, small-business and commercial banking.
Banking services
Retail banking
The bank's retail franchise encompasses everyday deposit and transaction banking, including savings and current accounts, term deposits, payment facilities and retail lending. These services are delivered through its branch network and supporting banking technology. Specific product names, rates and eligibility conditions are not detailed in the supplied reference material.
Agricultural finance · 1976
Agricultural and rural banking
Agricultural and rural banking is a significant part of the bank's public-sector mandate and historical operating scope. Bank of Maharashtra supported regional rural banking through the establishment of three regional rural banks between 1976 and 1986. Its rural activity is associated with agricultural credit, rural deposits and financial inclusion, although the supplied sources do not identify individual current schemes.
Commercial banking · 1935
Small-business and commercial banking
The bank was originally created to assist small businesses and traders and continues to operate across commercial and business banking. The broad line includes working-capital finance, business deposits, loans and other banking services for commercial customers. The available reference material does not provide a definitive catalogue of named products.
Asset-management technology · 2023
ARJUN
ARJUN, short for Automated Remote Junction for Monitoring of Assets under Stress, is a mobile application introduced in 2023. It provides an integrated dashboard intended to help the bank monitor and manage stressed assets, extending the institution's technology use beyond transaction processing into credit-risk and recovery operations.
Brand decisions
2025
Regional rural-bank amalgamationM&ABackground
The Government of India's One State, One Regional Rural Bank policy sought to consolidate regional rural banking into one institution per state.
Action taken
Maharashtra Gramin Bank was amalgamated with Vidarbha Konkan Gramin Bank on 1 May 2025.
Aftermath
Maharashtra obtained a single regional rural bank structure under Maharashtra Gramin Bank.
2023
Launch of ARJUN stressed-asset applicationProduct launchBackground
The bank needed tools to monitor and manage assets under stress through a more integrated process.
Action taken
It introduced ARJUN, a mobile application with an integrated dashboard for stressed-asset management.
Aftermath
ARJUN added a dedicated digital layer to the bank's asset-monitoring and recovery activities.
2006
Core banking solution implementationStrategyBackground
The bank sought to modernise operations as its business volume and branch network expanded.
Action taken
Bank of Maharashtra began implementing a core banking solution.
Aftermath
The initiative supported more integrated banking operations across branches.
2004
Initial public offeringOtherBackground
After decades of complete government ownership, the bank accessed public equity markets.
Action taken
Bank of Maharashtra conducted an IPO, reducing the Government of India's ownership from 100 percent to 76.77 percent.
Aftermath
The bank became more broadly held while remaining majority government-owned.
Government of India ownership. 100% → 76.77% (2004)
1969
Nationalisation and public-sector integrationStrategyBackground
The Government of India nationalised 14 major commercial banks in July 1969 as part of a broader policy to expand public control and direct banking toward development priorities.
Action taken
Bank of Maharashtra was brought into the Indian public sector banking system.
Aftermath
The bank's role expanded within branch development, rural banking, agricultural finance and financial inclusion.
Recent events
- 2025
Maharashtra Gramin Bank amalgamated under One State, One RRB policy[1]
M&A · Regulation
On 1 May 2025, Maharashtra Gramin Bank was amalgamated with Vidarbha Konkan Gramin Bank to form a single regional rural bank for Maharashtra.
- 2023
Bank introduces ARJUN stressed-asset monitoring application[1]
Product launch
Bank of Maharashtra introduced ARJUN, a mobile application and dashboard for monitoring and managing stressed assets.
- 2009
Regional rural banks consolidated into Maharashtra Gramin Bank[1]
M&A
The three regional rural banks associated with Bank of Maharashtra were merged to create Maharashtra Gramin Bank.
- 2006
Core banking implementation advances[1]
Product generation
Bank of Maharashtra reported total business volume of ₹50,000 crore and launched implementation of a core banking solution.
- 2004
Bank launches initial public offering[1]
Other
The bank's IPO reduced the Government of India's ownership stake from 100 percent to 76.77 percent.
- 1976
First regional rural bank is established[1]
Other
Bank of Maharashtra established Marathwada Gramin Bank in Nanded in association with central and state governments.
- 1969
Bank of Maharashtra is nationalised[1]
Regulation · Other
The Government of India nationalised Bank of Maharashtra along with 13 other major Indian commercial banks.
- 1961
Bank acquires three smaller Maharashtra banks[1]
M&A
Bank of Maharashtra acquired Bank of Konkan, Bank of Nagpur and Bharat Industrial Bank, strengthening its regional footprint.
- 1958
Bank lists on the Bombay Stock Exchange[1]
Other
The bank became a listed institution through a Bombay Stock Exchange listing.
- 1955
Bank receives banking licence[1]
Regulation
Bank of Maharashtra obtained a banking licence under the Banking Companies Act.
Showing the 10 most recent.
Sources3 sources
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