The full form of BOM is Bank of Maharashtra. It is a sizable bank in India’s public sector. The Indian Government owns 87.74% of the shares. As of 5 April 2016, the bank had 1,897 subsidiaries and 15 million customers worldwide. In the state of Maharashtra, it had the broadest network of affiliates of any other public sector banking system.
A Brief History of BOM
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- D.K. Sathe & V. G. Kale formed the bank in Pune, India.
- The bank was licensed with an approved capital of US$ 1 million on 16 September 1935 and became operative on 8 February 1936.
- It supported tiny companies with financial support and gave rise to several manufacturing companies.
- The bank grew rapidly after nationalization in 1969.
- Narendra Singh, who became Chairman and CEO on 1 February 2012, resigned on 30 September 2013, succeeding in Sushil Muhnot & Ravindra Prabhakar Marathe, respectively.
- On 1 December 2018, A.S. Rajiv became the Managing Director & CEO of the bank.