~ Rationalizes its network to enhance customer experience ~
The rationalization of the branches was carried out by Bank of Maharashtra way back in financial year 2017-18 as a part of its turnaround strategy. Bank of Maharashtra one of the oldest public sector banks has consolidated its 51 branches during financial year 2017-18 thereby reducing its branch network from 1897 to 1846 by March 2018. The bank has adopted an ongoing rationalizing strategy since 2017, wherein multiple branches in the same vicinity as also showing operating losses or having low business potential were merged. Notices for same were already given to the customers and public in general from time to time.
Bank of Maharashtra in a statement said, “our products and services are customer centric and customer’s satisfaction has always been the top – most priority of the bank. “We are committed to providing value to our customers and stakeholders. We believe that the steps we have taken to realign our business will be beneficial for the bank in the long run.”
“Furthermore, we have seen a steady rapid adoption of our digital banking services and foresee a strong demand for on-demand banking going forward. We have witnessed an 65.87% growth (YTD). in our digital transactions and approximately 3 crores (2.96 crores) customers using our digital platforms “
Bank of Maharashtra customers can continue to access their accounts with the bank’s comprehensive and secure platform, ‘Mahaconnect’ and transact via BHIM, Maha UPI.
Bank has requested customers of the branches which were rationalized during 2017-18 to visit their absorbed branch and deposit old cheque books and collect payment instruments with the updated IFSC/MICR codes. The old IFSC/MICR codes will be ceased from December 31, 2018.