Bank of Maharashtra Celebrates 88th Business Commencement Day

This programme was connected in hybrid mode to all branches/offices across the country. While addressing the 88th Business Commencement Day programme, A S Rajeev, MD & CEO, Bank of Maharashtra, congratulated all staff members and said, "The journey bank has traversed so far is incredible, and the Bank's advancement in business growth in the past few years is truly noteworthy.

"It's a moment of great pride for the Bank that we are celebrating the 88th Business Commencement Day," said  A B Vijayakumar, Executive Director, Bank of Maharashtra, during the event. We are grateful to all of our stakeholders and employees for helping the bank reach this great height." Vijayakumar asserted that Bank would further progress in its business endeavour while leveraging financial inclusion and digital footprints".

While speaking at the event, Asheesh Pandey, Executive Director of Bank of Maharashtra, stated that the bank is on a progressive path and that digitization is a key driver of growth. The bank is implementing cutting-edge technology such as Artificial Intelligence (AI), Machine Learning (ML), and Robotic Process Automation (RPA), among others, to improve "Ease of Doing Business" for customers and employees alike.

The bank has launched several utilities that will define the bank's services as a result of digitization. Customers can open an account digitally by providing KYC details online through Digital Services, which include hassle-free customer onboarding via Video-KYC.

The bank launched an upgraded version of its existing Mobile Banking Application with enhanced UI/UX features for a seamless customer experience and customer delight with a plethora of utilities under one roof. Bank's WhatsApp banking also gained a new dimension with a slew of new features, including Credit Card in WhatsApp with detailed account summaries and transactions, Pension Slip for pensioners, account statement, health insurance STP journey, and so on.

By launching "MAHABANK NAKSHATRA," the bank's own Private Cloud Platform, the bank has begun its footprint in the adoption of Private Cloud Infrastructure. It enables High-Performance Cloud Capabilities for the Bank's Digital Infrastructure and hosting applications.

The bank also launched Suvidha, an automated DCSS (Death Claim Settlement System), to simplify the deceased claim settlement process and keep customer convenience in mind. Employers who are Bank of Maharashtra customers can now pay their employees' PF money using Bank of Maharashtra Internet Banking. Online MKCC review/renewal was introduced in the agriculture segment to facilitate enhancements to the existing MKCC Loan application platform on the Bank's corporate website.

Bank also collaborates with its subsidiary Gramin Mahila via 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 adds a boost to financial inclusion and its promotion to the unserved and underserved through technology. The bank has also implemented Robotic Process Automation (RPA), which involves the automation of critical and highly repetitive Banking processes as well as the reallocation of resources to higher-value work efforts in order to improve organizational efficiency. It will facilitate Task Completion without or with minimal manual intervention.

To improve the efficacy of the business model, the bank collaborated with CIC under an Integrated Model via M/s Experian, which evaluates the customer's current needs and pitches the product based on those needs. It also provides Market insight reports, which can be used to analyze business scope at the pin code level and effectively monitor. The bank's risk management is significantly strengthened as a result of its collaboration with CRISIL to enable high-quality, efficient decision-making for the credit underwriting and credit monitoring processes.

In light of current and upcoming security initiatives, the bank established four Centres of Excellence (CoEs) for database, cyber security, CBS, and analytics. Kavach was introduced by the bank to strengthen the security architecture. While keeping a close eye on Cyber Security, the bank also implemented various security tools established by the industry. With all of this in mind, Asheesh Pandey, Executive Director, concluded that the bank is evolving its operations in a 360-degree manner, and that efforts are being made on People, Process, and Technology to smooth the path towards this transformation journey.