Friday, 1 March 2019

Bank of Maharashtra receives Reforms Award


1/3/2019

PUNE (NEW DELHI): Bank of Maharashtra has been awarded Enhanced Access & Service Excellence (EASE)  Banking Reforms  Award  at the hands of Union Finance Minister Arun Jaitley in the function held at New Delhi. A. S. Rajeev, MD & CEO and A. C. Rout, ED of Bank of Maharashtra collected the first Runner-Up award under Top Improvers Category. 

EASE is the Public Sector Banks  (PSBs) reform agenda launched by Government of India through Indian Banks Association (IBA) for public sector banks of the country. The Boston Consultancy Group (BCG) was appointed by the IBA to examine PSB performance under six themes through 140 objective metrics. The Bank has shown commendable improvements in such themes and has been awarded under Top Improvers Award.

On receiving the award, Rajeev said,  “Winning award have surely put more responsibility on us to improve our standards in banking service even higher and it will be our constant endeavour to live up to the expectations of all the concerned stakeholders. This award reiterates our commitment towards our valued customers and employees. Bank of Maharashtra will make constant efforts to sustain clean and responsible banking and take the EASE agenda forwards.”

Finance Minister Arun Jaitley, unveiled the first-ever Enhanced Access and Service Excellence (EASE) Index Report at the event and gave away the awards in various categories to the best performing Public Sector Banks. Releasing the report, Finance Minister Arun Jaitley said such rankings bring about competitiveness and encourages banks to perform better than peers. 

Since June 2017, the bank has implemented various structural, systemic and strategic changes which have led to an improvement in operational efficiency, asset quality and balance-sheet. The bank’s turnaround strategy, effective cost management practices and focus on rationalization of branches within the same vicinity have given a boost to its growth. The banks aims to continue with higher growth trajectory and enhance lending to key sectors such as retail, agriculture and MSME in the near future.

Bank has also recently received the prestigious IBA winner’s award in the category of the Best IT Risk Management and Cyber Security Initiative amongst medium banks.

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