This PSU Bank Announced Strike, All branches will remain closed on 20th March


Employees of the Bank of Maharashtra have declared a statewide walkout for March 20, 2025. The strike will resume on March 20, 2025, as the conciliation negotiations with management have failed. The other bank unions have also expressed their complete support to Bank of Maharashtra association. 


Bank of Maharashtra Employees have been asking the government and bank management to comply with their demands, but nobody has taken notice. With the following demands, the strike has now been declared.


Recruitment of PTS through Absorption of Temporary PTS:

Employees are demanding the absorption of Part-Time Sweepers (PTS) who are currently working on a temporary basis into permanent positions. The union argues that these employees have been serving the bank for years and deserve formal employment with proper benefits.



Adequate Recruitment in Sub-Staff and Clerical Cadre:

The union has raised concerns over staff shortages in sub-staff and clerical positions, which are affecting the efficiency of banking operations. They are calling for immediate recruitment to fill vacancies and ensure smooth functioning.



Filling Up of Special Assistant Posts as per Agreement:

Employees claim that certain posts of special assistants have remained vacant, despite previous agreements that mandated their filling. The union is demanding the implementation of the agreed-upon staffing policies.



Restoration of Bipartisan Practices:

The union has accused the bank management of unilaterally making decisions without consulting employee representatives, leading to dissatisfaction among staff. They are demanding the restoration of a bipartisan approach in decision-making, where employee unions have a say in policies affecting workers.



Restoration of Union Offices:

Employees are also demanding the reinstatement of union offices within bank premises, arguing that these offices play a crucial role in addressing employee grievances and ensuring effective communication between the workforce and management.



Honoring the De Jure Recognition Agreement:

The union has insisted that the bank management adhere to the De Jure Recognition Agreement in both letter and spirit, ensuring that employee rights and agreements are respected.


The banking industry will be significantly impacted by the strike. Additionally, the UFBU has declared a strike for March 24 and 25, 2025. Employees of Punjab National Bank have also declared a strike for March 28 and 29, 2025. The lack of employees is the biggest issue the banks are dealing with. Banks have been experiencing a staffing shortage for a while, but no one is taking notice. Other employees are compelled to work longer hours due to a staffing shortage, which has an adverse effect on their physical and emotional well-being.

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Bank of Maharashtra Recruitment For 172 Managerial Positions


Applications are being accepted for managerial posts at Bank of Maharashtra. Candidates that meet the requirements can apply on the official website. The goal of this hiring campaign is to cover 172 open positions within the company. The registration period will end on February 17, 2025, having started on January 29.


Eligibility Criteria

Candidates can check the detailed notification for information on educational qualifications and age limits.


Selection Process

A written exam, if necessary, and a face-to-face interview or discussion are part of the selection process. To create a shortlist of applicants, the bank may perform an initial screening of applications based on the qualifications, suitability, and experience of the individuals.

The ultimate choice will be determined by the score earned during the 100-point personal interview or discussion. applicants must receive at least 50 points (45 for SC, ST, and PwBD applicants) in order to be eligible.


If more than one applicant meets the cutoff score, they will be arranged according to age. Depending on the volume of applications submitted, the bank retains the right to alter the selection procedure. 


Application Fee

  • UR/EWS/OBC: Rs  1,180
  • SC/ST/PwBD: Rs 118

The fee can be paid online.

Emoluments: Presently, the starting basic pay applicable is as under:

  • Scale 7- 156500 - 4340/4 - 1,73,860
  • Scale 6-  1,40,500 - 4000/4 - 1,56,500
  • Scale 5- 1,20,940 - 3,360/2 - 1,27,660 - 3680/2 - 1,35020
  • Scale 4 1,02,300 - 2980/4 - 1,14,220 - 3,360/2 - 1,20,940
  • Scale 3 8,59,20 - 2,680/5 - 99,320 - 2,980/2 - 1,05,280
  • Scale 2 64,820 - 2,340/1 - 67,160 - 2,680/10 - 9,3960


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Bank Of Maharashtra Q3 Net profit jumps 36%

                                  


PSU lender Bank of Maharashtra's net profit increased significantly, while the quality of its assets remained steady. Net Interest Income (NII) or core income for the lender, climbed by 19% on a year-on-year basis to ₹2,944 crore.



 Additionally, the period's net profit rose 36% year over year to ₹1,406 crore. The state-run lender's asset quality did not change. Net NPA stayed at 0.2% from the September quarter, while Gross NPA increased from 1.84% to 1.8%. 


Read More - Q3FY25 Results of Banks in India


According to the Bank of Maharashtra's quarterly business update released earlier this month, deposits increased 13.5% year over year to ₹2.79 lakh crore. Nonetheless, the deposit growth was 1% on a sequential basis.


Read More -  Top 10 Government Banks in India 2024


Advances for the quarter reached ₹2.28 lakh crore, up 21.2% from the previous year. Additionally, the figure was 5.1% greater than the September quarter. 


CASA deposits rose 11.5% year over year to ₹1.37 lakh crore, while the CASA ratio was 49.28%, up from 49.29% in September and 50.19% in the same quarter previous year. The state-run lender's credit-deposit ratio was 81.95% in December, up from 78.72% in June and 76.78% the previous year.

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Government plans to sale stake in five PSU banks


A Rs.10,000 crore fund-raising plan for five state-run institutions via the Qualified Institutional Placement (QIP) route has been approved by the government.



According to sources, four additional lenders—Punjab & Sind Bank, Indian Overseas Bank, UCO Bank, and Central Bank of India—have been given permission to raise money in addition to the Bank of Maharashtra. According to the sources, these lenders may begin raising money in tiny installments as early as the fourth quarter of the 2025 fiscal year.


"The Department of Disinvestment and Public Asset Management (DIPAM) has also been mandated to sell a stake in these lenders through the Offer For Sale (OFS) route," the sources noted.



By August 2026, the government hopes to have a minimum of 25% of these PSU banks' shares held by the general people. The Department of Financial Services has administrative authority for state-run lenders.



According to the most recent shareholding pattern on the BSE, the government owns 79.6% of Bank of Maharashtra, 98.25% of Punjab & Sind Bank, 96.38% of Indian Overseas Bank, 95.39% of UCO Bank, and 93.08% of Central Bank of India as of the end of the December quarter.
Based on the current share price, the excess government stake in these five lenders stands at nearly Rs.50,000 crore.

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Bank of Maharashtra Q2 Results: Net profit rises 44%

State-owned Bank of Maharashtra (BoM) on Tuesday posted a 44 per cent jump in its profit at Rs 1,327 crore in the second quarter ended September 2024 on account of improvement in interest income.



The Pune-based lender had posted a net profit of Rs 920 crore in the same quarter a year ago.Total income increased to Rs 6,809 crore during the quarter under review against Rs 5,736 crore in the same period last year, BoM said in a regulatory filing.


Talking about the financial performance, BoM Managing Director Nidhu Saxena said Net Interest Margin (NIM) increased to 3.98 per cent, from 3.88 per cent in the same quarter a year ago.


Among the stack of 12 public sector banks, BoM has the highest NIM, Saxena said, adding the target for the NIM for the current fiscal is 3.75-3.85 per cent anticipating a rate cut during the course of the year.


He further said the bank expects the net profit of the bank to cross Rs 5,000 crore during the current fiscal.In the H1, the profit has crossed Rs 2,500 crore and the trend will improve further going forward.The bank had earned a net profit of Rs 4,055 crore in the previous fiscal.


The bank earned interest income of Rs 6,017 crore during the quarter compared to Rs 5,068 crore in the same period a year ago.


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Bank of Maharashtra's Q1 net profit jumps 47%


Bank of Maharashtra on July 15 reported a significant increase in its Q1 net profit, which rose by 46.6 percent to Rs 1,293.5 crore, compared to Rs 882 crore in the same period last year, the lender said in an exchange filing.


The bank's net interest income (NII) also saw a robust growth of 20 percent, reaching Rs 2,799 crore from Rs 2,340 crore year-on-year (YoY).


The bank's asset quality showed slight improvement, with gross non-performing assets (NPA) at 1.85 percent, down from 1.88 percent quarter-on-quarter (QoQ).


However, the Net NPA remained unchanged at 0.20 percent during the same period. In absolute terms, gross NPA stood at Rs 3,873 crore compared to Rs 3,833 crore in the previous quarter, while net NPA was Rs 415 crore against Rs 409 crore QoQ.


The provisions for the quarter were reported at Rs 950 crore, slightly up from Rs 942 crore in the preceding quarter.

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Latest Bank Merger News : 4 PSU Banks likely to be merged


According to sources, the government has formulated its plan for the second round of merger of PSU banks. The government is considering two options for merging four small government banks. To facilitate the merger, changes are being prepared in the Banking Regulation Amendment Act. One option is to merge UCO Bank, Bank of Maharashtra, Punjab & Sind Bank, and Central Bank of India.


The second option involves merging with Union Bank of India, Canara Bank, or Indian Bank according to the banking software. 


The government aims to make these changes in the Banking Regulation Amendment Act to facilitate the merger process. 


The functioning of UCO Bank, Punjab & Sind Bank, Bank of Maharashtra, and Central Bank has shown improvement in the past few years. This is a developing story.


Let us tell you that the government has a 98.25 per cent stake in Punjab & Sind Bank.


While the government has a 93.08 per cent stake in Central Bank, 86.46 per cent in Bank of Maharashtra and a 95.39 per cent in UCO Bank.


The government had announced the merger of 10 public sector banks into four entities in 2019.


This was part of the government's policy to strengthen public sector banks (PSU Bank Mergers) to strengthen their finances for a strong national presence and global reach.


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Bank of Maharashtra Q4 Results: Net Profit Jumps 45% , Rs 1.40 Dividend Declared


Public sector lender Bank of Maharashtra on April 26 reported a net profit of Rs 1,218 crore for fiscal fourth quarter, a 45 percent jump from the year-ago period.


The bank had reported net profit of Rs 840 crore last year.The PSU lender also said that its board approved the proposal to raise up to Rs 7,500 crore through various modes.


"Board approved raising of Capital up to Rs 7,500 crore through Follow-on Public Offer (FPO) / Rights issue / Qualified Institutional Placement (QIP) issue, Preferential issue, ESPS or any other mode or combination thereof and / or through issue of BASEL III Compliant Tier I and Tier II Bonds or such other securities as may be permitted under applicable laws etc., ubject to the necessary approvals," said Bank of Maharashtra in a stock exchange filing.


Read More - Quarterly Results of PSU Banks for Q4FY24

 

The net interest income (NII) of the lender was up 18.2 percent YoY and stood at Rs 2,584 crore versus Rs 2,187 crore. The GNPA of the lender stood at 1.88 percent versus 2.47 percent last year and NNPA stood at 0.20 percent versus 0.25 percent last year.


The lender also declared a dividend of Rs 1.4 per equity share of Rs 10 face value. The provision coverage ratio of the bank stood at 98.34 percent. Net interest margin of the bank stood at 3.97 percent versus 3.78 percent last year.


On advances side, the bank witnessed a growth of 16.30 percent and total advances stood at Rs 2.03 lakh crore versus Rs 1.75 lakh crore last year. Deposits of the bank increased 15.66 percent and stood at Rs 2.7 lakh crore versus Rs 2.34 lakh crore last year.


Total branches of the bank increased to 2489 branches in March 2024 from 2203 branches in March 2o23.


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