2024 Expansion Blueprint: Bank of Maharashtra to Open 250 New Branches

Bank of Maharashtra, one of India’s largest state-run lenders, has embarked on an ambitious expansion plan to significantly increase its branch network. Here are the key details and numbers associated with this expansion:

Expansion Plan Overview

  1. Number of New Branches: The bank plans to add 215 new branches over the next 12 months, aiming for a substantial increase in its network across the country​​.
  2. Total Branch Network Goal: By the end of 2024, the Bank of Maharashtra aims to expand its network to 2,500 branches​​.

Geographic Spread and Strategic Focus

  1. National Coverage Ambition: The bank intends to establish at least one branch in all 780 districts of India, enhancing its pan-India footprint​​.
  2. Current Presence: As of the information available, the bank is present in 540 districts, up from just 280 districts five years ago​​.

Operational Model and Branch Functionality

  1. Hub and Spoke Model: The bank has adopted a hub and spoke model for its expansion. It plans to have a total of 600 such branches by the end of FY2023​​.
  2. Customer Service Points: Surrounding each branch will be 5-6 customer service points, each a 100 square feet mini-branch, open for four to five days a week and overseen by a business correspondent​​​​.
  3. Operational Cost: The operational cost of each customer service point is Rs 30,000 a month. The employees at these points are outsourced​​.

Financial and Business Impact

  1. Deposit Mobilization and Credit Requests: These customer service points will mobilize deposits and handle credit requests, which will be referred back to the main branch​​.
  2. CASA Ratio and Business Growth: The bank’s rapid expansion strategy is credited with helping maintain a high CASA ratio of 56%, significantly above the banking sector’s average of 45-48%​​.
  3. Credit Growth: The bank’s credit growth stands at 22%, surpassing the industry average​​.
  4. Specific Branch Types: Bank of Maharashtra has specialized branches, including five housing finance branches, 10 branches for vehicle financing, and five agri investment credit branches for funding agricultural projects​​.

Current Status and Future Goals

  1. Status as of June 2023: As of June 2023, the bank had a customer base of 30 million across the country with 2,263 branches. It holds the record for the largest network of branches of any nationalized bank in the state of Maharashtra​​.
  2. Performance: The Bank of Maharashtra has emerged as a top performer among public sector lenders in terms of loan and deposit growth during 2022-23, recording the highest growth in profitability with its bottom line growing almost 126% to Rs 2,602 crore during the year​​.

This expansion strategy is part of the bank’s broader ambition to strengthen its presence across India and enhance its service offerings to a growing customer base, particularly in tier 2 and tier 3 locations.

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