Page 28 - Banking Finance July 2023

PRESS RELEASE

Bank of Maharashtra presents dividend cheque of Rs 795.94 crore to

Hon’ble Finance Minister Smt. Nirmala Sitharaman
Bank of Maharashtra (BoM), a premiere public sector
Bank in the country, paid a dividend cheque of Rs
795.94 crore for the financial year 2022-23 to
Hon’ble Finance Minister Smt. Nirmala Sitharaman.
The dividend cheque was presented by Shri A S
Rajeev, MD & CEO, Bank of Maharashtra along with
Executive Directors Shri A B Vijayakumar and Shri
Asheesh Pandey, in the presence of Shri Sameer
Shukla, Joint Secretary, Department of Financial
Services.
Bank of Maharashtra declared a dividend of Rs 1.30
per equity share (13 percent) for the financial year
ending on March 31, 2023. This dividend payment reflects the bank’s impressive financial performance during the fiscal
year. BoM’s net profit for the full year 2022-23 soared by 125.96% percent, reaching to Rs 2602 crore, compared to Rs
1152 crore in the previous fiscal year.
BoM has been consistently putting promising results and has topped the chart of PSBs in terms of deposit and loan growth
for FY-21, FY-22 & FY-23, with strong fundamental indicators. The substantial increase in profitability showcases BoM’s
ability to navigate challenges and generate robust returns.
BoM’s remarkable financial performance year on year, demonstrates its position as an integral player in the banking
sector. The bank has consistently shown resilience and adaptability to changing market dynamics, enabling it to remain
at the forefront in terms of performance. Recently BoM successfully raised capital of Rs.1000 crore through QIP process,
signifying strong investor confidence.

Bank of Maharashtra’s performance reflects the dedication and efforts of its employees, as well as the effectiveness of
its strategic decisions and operational policies undertaken by the bank. This has helped bank to maintain profit and growth
trajectory with strong focus on digitization and ease of banking. Currently Bank of Maharashtra has a wide range of
Branch network of 2210 Branches and 2350 ATMs, operating through 28 states and 6 Union Territories.

HDFC Bank launches 2 special tenure fixed deposit schemes

HDFC Bank, India’s leading private sector bank, today announced the launch of two special tenure fixed deposit schemes,
with an overall tenure of 35 and 55 months. The special tenure fixed deposit schemes can be availed on deposits under
Rs 2 crore.

Customers can avail 7.20 % interest on fixed deposits held for 35 months (2years and 11 months), and 7.25 % interest on
fixed deposits held for 55 months (4years and 7months). In addition, senior citizen customers can avail an additional
interest margin of up to 0.5 % over and above the accepted rate of interest.
As deposit rates are near their peak, the new Special Edition Fixed Deposit scheme will benefit customers looking to
keep their money for extended term with assured high returns.
“HDFC Bank provides the best banking experience to its customers. We constantly innovate to deliver the best banking
and savings solutions to customers. Investment in fixed deposits is one of the safest instruments for investment which
provides assured returns. The new schemes will greatly benefit our customers and non-customers looking to keep their
money safe for extended durations with high returns,” said Mr Ravi Santhanam, CMO, Head-Corporate Communications,
Head-Liability Products and Managed Programs.

26 | 2023 | JULY | BANKING FINANCE