Pune: Bank of Maharashtra (BoM), a premier public sector bank in the country, celebrated its 88th Business commencement Day, on 8th February 2023. Shri A S Rajeev, Managing Director & CEO, Shri A B Vijayakumar, Shri Asheesh Pandey, Executive Directors, Shri M K Verma, RBI Nominee Director, Shri Rakesh Kumar, Share Holder Director, along with General Managers were present in the program. All branches/ offices across the country were connected in hybrid mode to this program.
While addressing the 88th Business Commencement Day program, Shri A S Rajeev, MD & CEO, Bank of Maharashtra congratulated all staff members. He said, “The journey Bank has traversed so far is incredible and Bank’s advancement in business growth in past few years is truly noteworthy. There has been a voyage of transformation which Bank has gone through adopting digitization and committed to bringing in further technological advancement.
During the event, Shri A B Vijayakumar, Executive Director, Bank of Maharashtra, said “It’s a moment of great pride for Bank that we are celebrating 88th Business Commencement Day. We are thankful to all our stakeholders and staff members for making bank reach this great height. Shri Vijayakumar asserted Bank will further progress in its business endeavor while leveraging to financial inclusion and digital footprints”.
While addressing the event, Shri Asheesh Pandey, Executive Director, Bank of Maharashtra said, “Bank is in progressive path and digitization is considered as key driver of the growth. Bank is implementing new age technology like Artificial Intelligence (AI), Machine Learning (ML) and Robotic Process Automation (RPA) among others to augur “Ease of Doing Business” for the customer as well as staff”.
Bank has launched several utilities which will define Bank’s services spurred through digitization. The Digital Services include hassle-free customer onboarding through Video-KYC, allowing customers to open an account digitally by providing KYC details online.
Bank launched an upgraded version of Bank’s existing Mobile Banking Application with enhanced UI/UX features for seamless customer experience & customer delight with ample utilities under one umbrella. Bank’s WhatsApp banking also got a new dimension through array of new additions viz. Credit Card in WhatsApp with detailed account summary and transactions, Pension Slip for pensioners, account statement, health insurance STP journey etc.
Bank has embarked its footprint in adopting Private Cloud Infrastructure by launching “MAHABANK NAKSHATRA” – Bank’s own Private Cloud Platform. This facilitates High-Performance Cloud Capabilities for Digital Infrastructure and hosting applications of the Bank.
Bank also launched a portal called Suvidha, an automated DCSS (Decease Claim Settlement System) to make the deceased claim settlement process simplified keeping customer ease into consideration. Employers who are customers of Bank of Maharashtra now will be able to pay Employee’s PF Money through Bank of Maharashtra Internet Banking. In agriculture segment, online MKCC review/renewal introduced for facilitating enhancement in existing MKCC Loan application platform at Bank’s corporate website.
Bank also collaborates its subsidiary Gramin Mahila va Balak Vikas Mandal (GMBVM), with Shri Kshethra Dharmasthala Rural Development Project BC trust (SKDRDP) for credit linkage of Self Help Group in the state of Maharashtra and add fillip to financial inclusion & its promotion driven through technology to the unserved and underserved.
Bank has also introduced Robotic Process Automation (RPA) which involve automation of critical and highly repetitive Banking processes and also enable reallocation of resources to higher value work efforts to drive better efficiency in the organization. This will facilitate Task Completion without manual intervention or minimal manual supervision.
To enhance the business model efficacy, Bank collaborated with CIC under an Integrated Model through M/s Experian which evaluates the customer’s current needs and pitch him the product as per customer’s requirement. It also gives Market insight reports that can be used for analyzing business scope on pin code level along with effective monitoring. Bank’s Risk Management is notably strengthened as Bank collaborates with CRISIL to empower high quality, efficient decision making for Credit Underwriting Process and Credit Monitoring Process.
Bank launched the Centre of Excellence (4 CoEs) for Database, Cyber Security, CBS and Analytics in view of current and upcoming security initiatives. Bank introduced Kavach to strengthen the security architecture. While keeping a vigilant eye on Cyber Security, bank also established various security tools set up by the industry.
With all the above, Shri Asheesh Pandey, Executive Director, concluded that “Bank is evolving its operation with 360º approach and efforts are made on People, Process & Technology, to smooth sail towards this transformation journey.
