Bank of Maharashtra Closes 51 Branches To Cut Costs
IANS 03 October 2018
Public sector bank (PSB), Bank of Maharashtra (BoM) has announced the closure of 51 branches across the country as part of cost-cutting measures being implemented in the banking industry, an official said on Wednesday.
 
All the branches were in urban centres and have been identified for the action as they were declared non-viable and were incurring huge losses, said the official of the Pune-headquartered bank.
 
Declining to be identified, the senior bank official said that these 51 units have been closed down and merged with neighbouring branches.
 
This is the first such measure initiated by any PSB in Maharashtra. The BoM has around 1,900 branches all over India. 
 
In a terse announcement on Monday, the BoM said that it has closed down and merged these 51 branches for public convenience.
 
The IFSC Code and MICR codes of these branches have also been cancelled and all the savings, current and other bank accounts have been transferred to the branches with which they have been merged.
 
All customers have been directed to deposit their cheque-books issued from the closed branches with the old IFSC/MICR Codes by 30th November, and collect their payment instruments bearing the new branch's IFCS/MICR codes.
 
The BoM cautioned that since the old IFSC/MICR Codes have been spiked and shall be discontinued permanently from 31st December, the customers, henceforth, should conduct all their banking transactions only with the new IFSC/MICR Codes.
 
Here is the list of branches closed or merged with other branches...
 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

 

Comments
B. Yerram Raju
6 years ago
Are these loss making branches? Second, how many basic savings bank accounts and Jan Dhan accounts these banks hold? Where would these customers be directed to and who will bear the costs of their inconvenience? When branch licences were on a platter banks opened the branches to accommodate their staff at various levels. Threatened with merger, BoM started winding up the branches. Financial inclusion has become a fancy talk for conferences and seminars.
PRAKASH D N
6 years ago
RBI has already issued guidelines for merger of branches. Govt. which swear by financial inclusion permits closure branches which shows it's real colour. Instead of expanding the reach, Govt. is behaving like private sector.
Prakash Patel
6 years ago
Merely closing of branches will not be of any help. What is required is a cultural change and professional way of working.
Gurudutt Mundkur
6 years ago
There are five Bank of Maharashtra Branches within one kilometre of my house in Dadar West. And none of them have been closed!!!
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