As part of its cost-cutting measures, the Bank of Maharashtra (BoM), a public sector bank headquartered in Pune, announced the closure of 51 of its branches on Wednesday. The loss-making branches will be merged with other branches.
The BoM on Wednesday announced the closure of 51 branches located across the country. There are 1,900 branches of the bank across the country. The Indian Financial Systems Code (IFSC) and Magnetic Ink Character Recognition (MICR) code will be cancelled permanently from December 31, 2018. The bank has instructed customers not to use old codes and surrender cheque books of these branches before November 30, 2018.
The branches shut are in Thane (7), Mumbai (6), Pune (5), Jaipur (4), Nashik and Bengaluru (3 each), Amravati, Latur, Aurangabad, Jalgaon, Nagpur, Satara, Hyderabad and Chennai (2 each), NOIDA, Kolkata, Chandigarh, Raipur, Goa, Solapur, Kolhapur (1 each).
According to banking expert Vishwas Utagi, “The State Bank of India (SBI) has shown the path, by closing loss-making branches and merging them with other branches. In 2010-11, the State Bank of Indore and the State Bank of Saurashtra were merged. Then another five banks were merged with SBI. Recently, Dena Bank, Bank of Baroda and Vijaya Bank were merged. I will not be surprised if Bank of Maharashtra will be merged with another private bank In the future. The union government plans to merge 21 banks and make a single giant bank to compete with private banks.”
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