Page 21 - Banking Finance August 2023

PRESS RELEASE

Bank of Maharashtra launches slew of Digital Products & Services

Bank of Maharashtra a premiere Public Sector
Bank in the country, strengthens its digital
channels by launching several new products and
utilities to enhance the banking experience for
both its customers and staff members. These
initiatives aim to simplify and streamline various
banking processes, making it easier for customers
to manage their finances and for staff to assist
them effectively. This demonstrates the Bank’s
commitment to leveraging technology and
innovation and staying ahead in the ever-evolving
banking landscape.
Shri. A S Rajeev, MD & CEO, Bank of
Maharashtra said, “Bank of Maharashtra will continue to focus on creating digital differentiators with evolving technology,
economy & needs of customers.” Shri. Rajeev further expressed, “the Bank is envisaging to be among Top Banks, in
terms of efficiency in the country which can only be achieved by exploring the digital channels to the optimum level.
Bank will continue to enhance and deliver unparalleled value to our customers.”
Shri. Asheesh Pandey, Executive Director, Bank of Maharashtra, said.” Our focus on digitization stems from our unwavering
commitment to customer-centricity. By prioritizing the convenience of stakeholders and leveraging digital solutions, the
Bank is poised to provide seamless, user-friendly service experience across all touch points and further strengthen its
position as the fastest growing PSB in the country.”
Shri. Pandey opined, “To make the customer journey more efficient and bolster the bank’s digitization efforts, the Bank
has launched end-to-end digitized processes for various banking services. This reflects Bank’s commitment for staying at
the forefront of technology and launch of innovative solutions that cater to the evolving needs of the customers in the
digital era.”

Maharashtra Government Mandates Bank Accounts for Mumbai
Housing Societies at Mumbai District Central Co-operative Bank

The Mumbai District Central Co-operative Bank Ltd. and The Mumbai District Central Co-operative Housing Federation
Ltd. jointly organized an event called 'Sahakar Parishad' for housing societies. The event, held on May 14, 2023, received
an overwhelming response, with representatives from 13,000 housing societies in attendance.
The Mumbai District Central Co-operative Bank Ltd. was appointed as the Nodal Agency and coordinator between the
Maharashtra Government and housing societies. Under the guidance of Maharashtra CM Eknath Shinde and Deputy CM
Devendra Fadnavis, 'Sahakar Parishad' addressed various issues and made significant decisions.
One notable decision was the issuance of a revised Deemed Conveyance G.R. on May 31, 2023. Additionally, other decisions
and government resolutions (G.R.) will be issued accordingly. According to the Maharashtra Co-operative Societies (MCS)
Act, a circular was issued by the Divisional Joint Registrar, Co-operative Societies, Mumbai, on June 1, 2023. The circular
mandated all housing societies to invest and maintain their Fixed Deposit (FD) investments with the Mumbai District
Central Co-operative Bank Ltd., as per the relevant sections of the MCS Act.

Sub-Registrars were instructed to strictly adhere to the circular's instructions, aimed at strengthening the District Central
Co-operative Bank and ensuring its stability. It is important to note that the Mumbai Bank serves as the apex bank for
all co-operative societies in the Mumbai District.

BANKING FINANCE | AUGUST | 2023 | 21