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Bank of Maharashtra			Industry : Banks - Public Sector


BSE Code:	532525	NSE Symbol:	MAHABANK	P/E(TTM):	12

ISIN Demat:	INE457A01014	Div & Yield %:	2.04	EPS(TTM):	5.73

Book Value(Rs):	25.7027469	Market Cap ( Cr.):	48698.61	Face Value(Rs):	10

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1.1. Economic and Banking Scenario 2023-24 : A Year of Outperformance & Strong Fundamentals

I. Surpassing Expectations: India's GDP growth rate is projected to exceed 7% in FY2023-24, solidifying its position as the world's fastest-growing major economy. This achievement is a testament to the success of past policy changes.

II. Enhanced Resilience: Recent economic shocks have only strengthened India's fundamentals. Inflation is coming under control, bank and corporate balance sheets are robust, and fiscal consolidation is on track. External balances are manageable with strong foreign exchange reserves.

III. Transformed Banking Sector: Financial reforms have significantly improved the Indian banking sector. Banks now demonstrate prudent financial management, strong balance sheets, and effective risk mitigation strategies. This, coupled with regular stress testing and capital buffers, ensures resilience against future challenges.

IV. Booming Credit and FinTech: Amidst rising credit demand and economic growth, the banking sector is poised for further expansion. Additionally, the burgeoning FinTech ecosystem is revolutionizing financial services, making them faster, cheaper, more efficient, and accessible to all.

1.2. Outlook for FY 2024-25 and Beyond:

A Trajectory of Growth and Leadership

I. Global Powerhouse: India's economic prowess surges fueled by robust domestic demand, cementing its status as the world's fastest-growing major economy and propelling it towards the fifth-largest globally. This remarkable expansion finds added strength in India's position as the third-largest economy by purchasing power parity (PPP), underscoring the vast spending potential within its boundaries.

II. IMF Projections: The International Monetary Fund (IMF) foresees India's share in global growth escalating from 16% to 18% by 2028, underscoring its expanding global sway.

III. Domestic Demand Drives Growth: Domestic demand remains the primary driver of India's economic journey. This strong internal foundation has shielded India from external headwinds.

IV. Manufacturing Transformation: The produc

tion-linked incentive (PLI) scheme is transforming India's manufacturing sector.

Meanwhile, the services sector, the largest contributor to GDP, is rapidly adopting new technologies to enhance efficiency, reach, and competitiveness.

V. Demographic Dividend: India boasts the world's youngest and largest population, with a median age of around 28. This demographic advantage, with a rising working-age population and increasing labor force participation, will fuel economic growth for decades to come.

VI. Innovation Hub: India's flourishing startup and entrepreneurial ecosystem is fostering innovation and job creation. The Digital India campaign further fuels growth through digital transformation, opening new avenues for employment.

VII. Export Powerhouse: With a strong manufacturing base, India is emerging as a global export powerhouse. The Indian economy and financial system are positioned well to thrive and navigate through global volatility, showcasing resilience and optimism

2.1. The bank delivered a strong financial performance in FY 2023-24, experiencing significant growth across key business segments.

I. Overall Business Up 15.94%: Total business reached Rs.4,74,411 crore as of March 31, 2024, showing a year-over-year increase of 15.94% from Rs.4,09,202 crore on March 31, 2023.

II. Deposit Growth of 15.66%: Total deposits grew to

Rs.2,70,747 crore as of March 31, 2024, representing a year-over-year increase of 15.66% compared to

Rs.2,34,083 crore on March 31,2023.

III. CASA Strengthens by 14.25%: CASA deposits, a key indicator of low-cost deposits, increased to Rs.1,42,774 crores as of March 31, 2024, reflecting a year-over-year growth of 14.25% from Rs.1,24,961 crores on March 31, 2023.

IV. Loan Portfolio Increases by 16.30%: Gross advanc

es, representing the bank's loan portfolio, grew to Rs.2,03,664 crore as of March 31, 2024, demonstrating a year-over-year increase of 16.30% compared to

Rs.1,75,120 crore on March 31,2023.

V. Operating Profit Soars 31.25%: Operating profit witnessed a significant rise of 31.25% year-over-year, reaching Rs.8,005 crore as of March 31, 2024, compared to Rs.6,099 crore for the year ended March 31, 2023.

VI. Net Profit Up by 55.84%: Net profit jumped by an impressive 55.84% year-over-year, reaching Rs.4,055 crore as of March 31, 2024, compared to Rs.2,602 crore for the year ended March 31,2023.

2.2. Financial Ratios

The various financial parameters of the Bank during FY 2023-24 can be seen below:

Particulars	2023-24	2022-23
EPS (Rs)	5.78	3.87
Cost to Income Ratio (percent)	37.55	39.14
Return on assets (percent)	1.50	1.10
Return on equity (percent)	23.83	20.38
Book value per share (Rs)	24.26	18.97
Profit per Branch (Rs.in lakh)	162.92	118.11
Profit per employee (Rs.in lakh)	30.04	20.05
Business per Branch (Rs.in crore)	189.84	185.29
Business per employee (Rs.in crore)	35.14	31.53
Interest income as per cent to Average working funds	7.59	6.70
Non-Interest income as per cent to average working funds	1.11	0.96
Net Interest Margin (percent)	3.92	3.56
Operating Profit as per cent to average working Funds	2.96	2.57
Staff expenses as a percent to average working funds	1.05	0.87
Dividend (percent)	14.00	13.00
Net worth (fin crore)	17,177.58	12,765.19
CRAR (%)	17.38	18.14
Of which, Tier I CRAR (%)	13.72	14.25

2.3. Income, Expenditure and Profitability

The total income of the Bank stood at Rs.23,492.56 crores in FY 2023-24 as compared to Rs.18,178.73 crores in FY 2022-23.The detailed income/expenditure components are as under:

Particulars	2023-24	2022-23	3fcTC(%3) Variation (in %)
Interest / discount on advances / bills	15,826.24	11,485.82	37.79
Income on investments	4,460.76	4,266.92	4.54
Interest on interbank lending & other Interest	207.69	145.72	42.53
Total interest income	20,494.69	15,898.46	28.91
Non-interest income	2,997.87	2,280.27	31.47
Total Income	23,492.56	18,178.73	29.23
Interest on deposits	10,040.63	7,186.44	39.72
Interest on borrowings	33.27	59.77	-44.34
Other Interest expenditure	598.94	911.47	-34.29
Staff expenses	2,838.13	2,058.28	37.89
Other Operating expenses	1,976.25	1,863.56	6.05
Total Non-interest expenses	4,814.38	3,921.84	22.76
Total Expenses	15,487.22	12,079.52	28.21
Operating Profit	8,005.34	6,099.21	31.25
Provisions and Contingencies	3950.31	3497.17	12.96
Net Protit	4,055.03	2602.03	55.84

2.4. Strengthening Our Capital Base (FY 2023-24)

I.Equity Raise and Tier-ll Bond Issuance

a) Equity Capital Increased: Rs.1,000 crore of equity share capital (including share premium) was raised through a Qualified Institutional Placement (QIP) on June 6, 2023. This issuance resulted in 35,08,77,190 new equity shares of Rs.10 each being issued and allotted to investors at a premium of Rs.18.50 per share.

b) Tier-ll Bond Issuance: The bank issued Basel III compliant Tier-ll bonds in two tranches: Rs.515 crores in September 2023 and Rs.259 crores in December 2023. These bonds further bolster the bank's capital adequacy.

2.5. Net Worth and Capital Adequacy Ratio

I.These capital-raising measures significantly impacted the bank's financial strength:

a) Net Worth Growth: The bank's net worth reached Rs.17,177.58 crore as of March 31, 2024, reflecting a substantial increase from Rs.12,765.19 crore on March 31, 2023.

b) Strong Capital Adequacy: The capital adequacy ratio stood at 17.38% as of March 31, 2024, exceeding the minimum requirement of 11.50% (including CCB) prescribed by the RBI under Basel III norms. The Common Equity Tier 1 capital ratio was also healthy at 12.50%.

2.6. Dividend Recommendation

The Board of Directors of your Bank has recommended a dividend of Rs.1.40 per equity share (i.e.14%) of Rs.10/- each on the paid-up Share Capital of the Bank for the financial year 2023-24.

The dividend shall be paid to the members, whose names appear in the Register of Members as well as the Beneficial Ownership Position provided by NSDL/CDSL as at the close of business hours on 10th May, 2024.

The Board of Directors of the Bank vide their meeting dated 26.04.2024 has recommended dividend of Rs.1.40/- (i.e., 14%) per share on equity shares of the Bank for the Financial year 2023-24. Further it is informed that the Record Date for determining the eligibility of members entitled to receive dividend on equity shares is Friday, 10th May, 2024. Dividend, if approved by the shareholders of the Bank, shall be paid after the AGM to those shareholders, whose names appear in the Bank's Register of Members/ Register of Beneficial Owners maintained by the Depositories viz., National Securities Depository Limited and Central Depository Services (India) Limited as at the close of business hours on Friday, 10th May, 2024.

2.7 Sectoral Deployment of Credit

Percentage to Total Outstanding	as on 31.03.2024	Percentage to total OS	as on 31.03.2023	Percentage to total OS
Industry of which	69211.21	33.98%	59,295.32	33.86%
i. Infrastructure	35894.91	17.62%	34,127.30	19.49%
ii. Chemicals & Chemical Products	2073.03	1.02%	1,376.06	0.79%
Percentage to Total Outstanding	OS as on 31.03.2024	Percentage to total OS	as on 31.03.2023	Percentage to total OS
iii. Petroleum (Including Natural Gas)	2783.99	1.37%	1,973.91	1.13%
iv. Iron and Steel	1627.52	0.80%	1,304.40	0.74%
v. NBFCs	21109.70	10.36%	16,909.57	9.66%
vi. Engineering	2583.34	1.27%	1,935.22	1.11%
vii. Construction	1333.11	0.65%	650.90	0.37%
viii. Other Industries	1805.61	0.89%	1,017.96	0.58%
Agriculture	30456.27	14.95%	23,399.66	13.36%
MSME	42117.12	20.68%	33,243.62	18.98%
Housing	29786.27	14.63%	25181.06	14.38%
Education	2279.19	1.12%	1828.64	1.04%
Exports	2167.85	1.06%	1,715.19	0.98%
Commercial Real estate	4954.31	2.43%	2,247.53	1.28%
Gross Advances	203663.95		175,119.50

The Bank's Commitment to Priority Sector Lending

The Bank understands that a strong agricultural sector and a bustling small business ecosystem are the backbone of equitable and sustainable development, like two strong legs for a healthy body. That's why we take Priority Sector Lending (PSL) very seriously, exceeding the mandatory target by a good margin. In the financial year 2023-24, we achieved a PSL ratio of 50.17% (excluding Investment) of ANBC (Adjusted Net Bank Credit), which translates to a whopping Rs.84,281.00 Crore in advances (excluding investments). That's a lot of support going directly to those who need it most!

3.1. Empowering Our Kisans: Building a Stronger Foundation

Knowing the unique challenges our kisans (farmers) face, the Bank has put a strategies in place to give agriculture a real boost:

I. Loaning a Helping Hand: We disbursed a hefty Rs.16,142.00 Crore in fresh loans for agriculture and related activities during FY 2023-24. This significant investment has helped build a strong foundation for the sector, with a total outstanding advance of Rs.30,456.00 Crore reaching our kisans.

II. Building a Brighter Tomorrow for Our Kisans: We

at the Bank are firm believers in investing in the future of our agriculture. This is why we've witnessed a significant jump of 74.33% in investment credit, with disbursement of Rs.2,902.00 Crore in FY 2023-24. This substantial investment empowers our kisans to invest in critical infrastructure and modern technologies. By doing so, our kisans will be well-equipped to increase their crop yields in the long run, ensuring a more prosperous future for themselves and Indian agriculture as a whole

III. Unlocking Liquidity: Our Swarna Krishi Loans have been a game-changer for our kisans. By leveraging the value of their gold, we've seen a massive 156% jump with disbursements of Rs.5,113.00 Crore in FY 2023-24. This innovative scheme unlocks much-needed cash flow, helping our farmers bridge financial gaps and cover everyday expenses. It's like turning their gold into golden opportunities.

IV. Standing with Each Kisan, Customized Loan Solutions: We understand that every farm is unique, just like every farmer. A "one size fits all" approach simply won't do. That's why the Bank launched a successful campaign for MKCC Review/Renewal, completing 54% in FY 2023-24. This initiative ensures our kisans get the support they deserve. Through this program, existing loans are reviewed & customized to fit each farmer's specific needs and circumstances. It's all about putting our kisans first and empowering them to succeed.

V. Nurturing Innovation: The Bank actively supports the growth of Agro and Food processing industries, a crucial step in adding value to our agricultural produce. Under the "Maha Krishi Samruddhi Scheme," we sanctioned a significant Rs.862.00 Crore in FY 2023-24, empowering these industries to contribute even more to the agricultural value chain.

VI. Making Access Easier through Digital Initiative:

Financial inclusion is a priority for the Bank. We onboarded the KCC scheme on the Jan Samarth portal in Karnataka and Beed district of Maharashtra, making it simpler for our kisans to access credit.

VII. Equipping Small & Marginal Farmer: Knowing the challenges faced by small and marginal farmers, the Bank introduced the innovative Maha Agri-Machinery Rental Scheme (MARS). This initiative allows them to access essential farm machinery, overcoming limitations of individual ownership. Now, even small holdings can be productive!

VIII. Weathering the Storms: The Bank understands that farming can be a challenging profession,& natural calamities like droughts, floods, and hailstorms can cause immense hardship for our kisans. That's why we stand shoulder-to-shoulder with them through thick and thin. Within regulatory guidelines, we extend timely relief measures to help our farmers get back on their feet after such disasters. We are committed to being a dependable partner in their journey towards a secure future.

3.2. Fueling India's Growth Engine:

The Bank's Commitment to MSMEs

Micro, Small and Medium Enterprises (MSMEs) are the lifeblood of the Indian economy. They play a pivotal role in fostering inclusive growth by generating a substantial portion of employment opportunities, both directly and indirectly. Recognizing their significance, the Bank has implemented a multifaceted strategy to support MSMEs and amplify their contribution to the nation's economic landscape.

A.Record Growth and Exceeding Targets

The Bank's dedication to MSMEs is reflected in a remarkable 26.69% year-on-year growth in lending compared to March 2023. This translates to an impressive absolute increase of Rs.8,873.50 Crore as of March 31,2024, the Bank's total MSME advances stand at a robust Rs.42,117.12 Crore, demonstrating a strong commitment to this crucial sector.

Performance in FY'24

The Bank's unwavering support for MSMEs is further underscored by its performance in FY'24:

I. Micro Enterprise Focus: The Bank exceeded targets for Micro enterprises, achieving a growth rate of 24% compared to the previous year. This surpasses the targeted growth of 10%, highlighting the Bank's commitment to empowering smaller businesses.

II. Overall MSME Growth: YoY growth for Micro & Small enterprises stood at a commendable 25%, exceeding the target of 20%. This robust performance indicates the Bank's effectiveness in fostering the overall MSME ecosystem.

III. Micro Enterprise Share: The Bank successfully increased the share of Micro enterprises within the total MSME portfolio. As of March 31, 2024, Micro enterprises constituted 67% of the portfolio, exceeding the target of 60%. This demonstrates a targeted approach towards supporting smaller players.

A)Bank's performance in MSME portfolio in FY'24:

S. No	Particulars	Actual	Target
1	% of Micro to Adj. Net Bank Credit	15%	7.5%
2	growth under Micro Enterprises	24%	10%
3	Growth under Micro & Small enterprises O/s	25%	20%
4	Share of Micro against to MSE O/s	67%	60%

B. MUDRA: Empowering Aspiring Entrepreneurs

The Bank actively participates in the Pradhan Mantri Mudra Yojana (PMMY) scheme, providing crucial credit to small businesses and non-farm enterprises engaged in manufacturing, trade, and services. In FY'24, the Bank sanctioned a commendable Rs.3,653 Cr under PMMY, exceeding the ambitious target of Rs.3,600 Cr. This 101% achievement rate reflects the Bank's dedication to empowering small-scale entrepreneurs.

C. Beyond Lending: A Holistic Approach

The Bank's support for MSMEs extends beyond just providing loans. Here are some key initiatives:

I. MSME Outreach Programs: The Bank actively organizes outreach programs across various locations to connect with new businesses and cater to their unique needs. These programs have received a positive response and are crucial for building strong relationships with MSMEs.

II. Dedicated Digital Lending: A specialized digital lending department has been established to develop innovative digital products that cater to MSMEs more efficiently and swiftly. Streamlining the loan process through digitalization empowers faster access to credit, a critical factor for MSMEs.

III. Streamlined Processes: Initiatives like implementing Straight Through Processing (STP) for Mudra loans and successfully rolling out STP for the PMSVANIDHI scheme are underway. These efforts aim to ensure hassle-free disbursement and improve operational efficiency.

IV. Meeting Diverse Needs: The Bank offers a diverse range of MSME-specific products, such as the Mahabank GST credit scheme, Maha Contractor Scheme, and Maha DOC+ scheme. Additionally, a dedicated campaign is being developed to promote these products and cater to the specific needs of a wider range of MSMEs.

V. Strategic Partnerships:

a. The Bank has partnered with IREDA (Indian Renewable

Energy Development Agency) for

co-lending/co-origination to further support renewable energy projects, a sector with immense potential.

b. Memorandums of Understanding (MoUs) have been established with Mahindra Construction Equipment & Hyundai Construction Equipment to leverage channel financing, expanding the Bank's reach and providing additional avenues for MSME credit.

c. The Bank is actively exploring partnerships with channel-financing and TReDS platforms to further boost MSME financing by facilitating access to larger markets and business opportunities.

VI. Cluster Financing: The Bank has introduced a new cluster financing scheme for the Glass & Bangle cluster, demonstrating its commitment to supporting specific industries & fostering economic growth in key sectors.

D.Looking Ahead: Building a Stronger MSME Ecosystem

The Bank's unwavering commitment to MSMEs is evident in its dedication to achieving and exceeding set targets for government schemes like MUDRA, PMSVANIDHI and Stand-up India. These successes will contribute significantly to strengthening the Bank's MSME portfolio and, consequently, empower more businesses to thrive. Additionally, the empanelment of a due diligence agency for digital due diligence reports signifies the Bank's commitment to improving pre and post sanction stage assessments. This comprehensive approach towards risk management will

Bank's Exposure to Select Segments

Sr.No	Sector	As on 31.03.2024 ^	As on 31.03.2023 ^	% ^ (+/-) % increase (+/-)
1	Micro / SHG Finance	2797	2086	34.08
2	Weaker Section	26487	19187	38.07
3	SC/ ST Beneficiaries	5942	5,442	9.19
4	OBC Beneficiaries	14858	11,714	26.83
5	Minority Communities	9187	5723	60.52

3.3.Fulfilling Common Man Dreams:

The Bank's Commitment to Retail Lending

The retail sector is the backbone of the Indian economy, with millions of people relying on it for their daily needs and aspirations. The Bank understands this crucial role and is dedicated to being a trusted partner for our customers. We offer a wide range of retail loan products designed to meet your diverse needs, from buying your dream home to financing your child's education or even getting a reliable vehicle for everyday commutes.

A. Sectoral deployment of retail credit

Percentage of total O/s	as on 31.03.2024	Percentage to total OS	as on 31.03.2023	Percentage to total OS
Housing	29786.27	57.58	25181.06	57.98
Education	2279.19	4.41	1828.64	4.21
Vehicle	2771.45	5.36	2386.40	5.49
Other Retail	16889.68	32.65	14036.5	32.32
Total Retail	51726.59	100.00	43432.60	100.00

B.Scheme wise Performance

Sr. No	Scheme	Brief Description	Portfolio as of Mar'24	% NPA %
1	Maha Super Housing Loan Scheme	Housing Sector being the thrust area, Bank has various Housing Loan schemes in place to meet the needs of all economic segments. Bank offers housing loan for "purchase / construction of new / existing house / flat, repairs / renovation / alteration of existing house / flat, purchase of plot and construction thereon"	29786.27	0.38
2	My Maha Super Car Loan Scheme and Mahabank vehicle Loan scheme	Bank has launched schemes for purchase of New four wheelers i.e. Car, Jeep, Multi Utility vehicles (MUVs), SUV, electric vehicles etc. for personal use (i.e. not for hiring/ferrying passengers) for individuals (18 years and above).	2771.45	0.36
3	Education Loan Scheme	Bank is implementing Model Education Loan Scheme as per IBA guidelines & Maha Scholar Education Loan scheme to provides hassle free Edu cati on l oan to al l m eri tori ous and deservi ng students for pursuing higher studies /education in India and abroad.	2279.19	0.39
4	Loan Against Self-Occupied Property	Bank has introduced Loan Against Self-Occupied Property in which loan is given to the borrower against the property.The end use of the loan is for meeting varied personal needs like Children's Education, marriage of children, medical treatment, travel/ tour expenses, buying vehicle or hi-tech gadgets, other domestic needs etc	2100.35	1.27

B.Scheme wise Performance

Sr. No	Scheme	Brief Description	Portfolio as of Mar'24	NPA %
5	Mahabank Top up Loan Scheme	In order to extend additional credit support to existing housing loan borrowers as well takeover of existing housing loans of other banks with additional facility of Top-up Loan, Bank has launched "Mahabank Top Up loan Scheme". Under this scheme credit is extended for repair/renova- tion/furnishing of house, children's education, marriage of children, medical treatment, buying a vehicle or hi-tech gadgets and other domestic needs etc.	2609.07	0.06
6	Mahabank Gold Loan Scheme (Retail )	With a view to tap the potential of gold loans as a lucrative asset and to cater to the needs of meeting General consumption whatsoever which include personal expenditure for varied needs like marriage, higher education, medical emergencies, business travel etc, Bank has loan product as "Mahabank Gold Loan Scheme".	3840.51	0.20
7	Mahabank Aadhar Loan Scheme	To cater to the needs of our existing pension account holders in meeting their personal expenses, pilgrimage, medical and domestic needs etc. Bank has launched "Mahabank Aadhar Loan Scheme".	821.85	0.55
8	qqf^q Personal Loan	To cater to the needs of salaried individual, professionals & business class of customers for meeting other personal expenses, medical or domestic expenses etc.	2852.78	0.23

C. Look Back at FY 2023-24

Our commitment to empowering individuals and families is reflected in the impressive growth of our retail portfolio, reaching a whopping Rs.51,726.59 Cr as of March 31, 2024. Let's explore some key initiatives that fueled this success:

I. Faster Loan Approvals with Centralized Processing:

We established Centralized Processing Cells (CPCs) across all zones to expedite loan processing, especially for mortgage-based loans like housing loans. This centralized approach ensures quicker turnaround times and a smoother customer experience.

II. Dedicated Housing Finance Branches: Recognizing the surge in demand for housing loans, we launched specialized Housing Finance Branches (HFBs) in 34 major centers across India. These branches are staffed with experts who understand the nuances of mortgage financing, making the process faster and more convenient for customers.

III. Gold Loans Made Easy with "Maha Bank Gold

Loan Points": We're making gold loans more

accessible by opening "Maha Bank Gold Loan Points" in 34 locations nationwide. These dedicated points offer a quick, transparent, and hassle-free experience for customers seeking gold loans. Additionally, we have established a dedicated Personal Loan vertical at the Head Office to cater to this growing segment and offer targeted loan schemes for salaried professionals and business owners.

D. Making Loans Simpler and Faster

I. Competitive Interest Rates: We offer competitive rates across all our retail loan products, making them an attractive option for our customers.

II. Streamlined Processes with Digitalization: We

have implemented digital loan processing and Straight Through Processing (STP) for various loan types. This reduces paperwork, speeds up loan approvals, and promotes a more efficient and digital banking experience.

III. Pre-Approved Loans for Existing Customers: We

understand the value of convenience. For our existing customers, we offer a pre-approved personal loan scheme with a fully digital process. This allows you to receive loan proceeds within 60 seconds directly into your savings account, eliminating the need for lengthy application procedures.

IV. Expanding Our Digital Offerings: We are actively working to make car loans through dealer tie-ups, education loans for premier institutes, and housing loans completely digital in the near future. This will allow you to apply for these loans from the comfort of your home, with minimal paperwork.

[ V.Strategic Partnerships for Efficiency: We have f partnered with Maruti Suzuki India Pvt. Ltd. for digital integration. This allows car loan leads to flow directly into our loan management system for faster processing, saving you valuable time

E. Supporting Environmental Sustainability

The Bank is committed to promoting a greener future:

T I.Green Vehicle Loans: We offer the "Maha Bank Green Vehicle Loan Scheme" for electric cars, encouraging the adoption of cleaner transportation solutions and reducing your carbon footprint.

II.Green Housing Loans: We support eco-friendly living through the "Maha Bank Green Housing Loan" scheme, making it easier for you to invest in sustainable housing projects.

T III.PM Suryaghar Yojana: As part of this government r initiative, we provide low-cost financing options for purchasing and installing rooftop solar panels on your home. This allows you to generate clean energy and ' reduce your dependence on the grid.

F. New Underwriting measures under retail loan

^ We are committed to responsible lending practices and have implemented robust measures to ensure the ^ quality of our retail loan portfolio:

I. CIC Integration: We've integrated with the Credit

l Information Bureau (CIC) to gain a comprehensive view r of a borrower's credit history and repayment behavior. f This helps us make informed lending decisions and f minimize risk.

II. Account Aggregator for Secure Information Sharing: We utilize Account Aggregator technology to securely access and analyze a borrower's bank statements. This streamlines the loan application process and mitigates the risk of fraudulent financial information.

III. Due Diligence Agencies for Enhanced Risk Assessment: We have partnered with external due

^ diligence agencies to enhance our risk assessment

capabilities and ensure thorough pre- and post-loan due diligence, protecting both the bank and the borrower.

IV. Advanced Credit Scoring for Accurate Assessment: We utilize advanced credit scoring models that consider various factors for accurate loan applicant assessment. This allows us to personalize loan

I offers and ensure responsible lending.

f V.Robotic Process Automation (RPA):In

collaboration with Fintech companies, we leverage RPA to verify critical loan details such as vehicle registration details.

The Bank recognizes the vital role financial inclusion plays in empowering individuals and driving national economic growth. We are firmly committed to the national agenda of ensuring that every Indian, regardless of location or socioeconomic background, has access to essential banking products and services.

A.Making Banking Accessible for All

During the year 2023-24, the Bank and its subsidiary, Maharashtra Gramin Bank, have made significant strides towards achieving this goal. We successfully opened a staggering 12.51 lakh new Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts, exceeding the allocated target. This translates to providing access to basic banking facilities like savings accounts, debit cards, and overdraft protection to over a million previously unbanked individuals. Banks Performance in FI

	Particular	2022-23	2023-24
FI Plan	No of Transactions by BCA (in lakhs)	209.05	232.52
	Amt. of Transactions (in Cr)	16332.09	18322.73
PMJDY	No. of PMJDY accounts (in lakhs)	70.46	78.08
	Of which Aadhar Seeded (in Lakhs)	66.46	74.25
	% of Aadhar Seeding	94.32%	95.09%
	Of which Mobile Seeding (in Lakhs)	59.88	64.76
	% of Mobile Seeding	84.98%	82.94%
	Of which Ru-pay card issued (in Lakhs)	35.11	39.88
	% % of Ru-pay card issued	49.83%	51.08%
	(^33 3) Balance in PMJDY A/c (in Cr)	2886.45	3818.35
	Average Bal.per account (actual)	4096.00	4890.00
	PMJDY-OD count ( in lakhs)	1.39	1.14
	PMJDY-OD Amount ( in lakhs)	1483.20	1209.68
	Zero Bal.PMJDY A/cs (in lakhs)	4.59	4.68
Social Security Schemes	Enrolment under PMJJBY ( in lakh)	25.28	32.90
	Enrolment under PMSBY ( in lakh)	47.34	65.22
	Enrolment under APY ( in lakh)	5.80	7.94
BSBD Accounts	Total BSBD Accounts (in lakhs)	88.09	93.38
	O/S Balance in BSBD A/c ( in Cr)	3544.95	4585.80
	Average Bal.per account (actual)	4024.00	4911.00
	Commission paid towards BC Services (in Crore)	47.11	51.99

A. The Bank's Commitment to Asset Quality

At the Bank, we are committed to maintaining a healthy and robust portfolio. This translates to ensuring that our loans are repaid on time, minimizing the risk of bad debt, and ultimately fostering a strong financial foundation for the Bank and its customers.

B. Continuous Improvement in Asset Quality

Our unwavering focus on asset quality has yielded impressive results. We have achieved significant reductions in both Gross NPA (Non-Performing Assets) and Net NPA ratios:

I. Gross NPA declined from 2.47% as of March 31, 2023, to 1.88% as of March 31,2024.

II. Net NPA declined from 0.25% as of March 31, 2023, to

0. 20% as of March 31,2024.

III. Provision Coverage Ratio stands at an 98.34% as of March 31,2024.

C. Rebuilding Trust, Recovering Value: The Bank's NPA Recovery Strategy

We have implemented a comprehensive strategy to manage and recover non-performing assets:

1. Dedicated Recovery Teams: We have established Asset Recovery Cells (ARC) at all zonal offices and 13 dedicated Asset Recovery Branches (ARB) to focus on large NPA accounts,having balance from Rs. 20 Lacs to upto Rs. 5 Crore, particularly those involved in legal proceedings.

II.Stressed Asset Management: A separate

department at the Head Office oversees 4 Stressed Asset Management (SAM) branches. These branches prioritize recovery efforts for NPA accounts with balances exceeding Rs.5 Crore.

III. Active Loan Tracking: A dedicated Loan Tracking Cell conducts daily telephone follow-ups with borrowers of stressed accounts and overdue payments. This proactive approach ensures timely recoveries and facilitates NPA upgrades.

IV. Debt Recovery Efforts: We actively engage in debt recovery through visits, notifications, legal proceedings, Recovery Camps, Lok Adalats (people's courts), Mahabank Adalats (Bank-specific courts), and timely actions under SARFAESI/DRT Acts. We also utilize the services of Recovery Agents and Resolution Agents to expedite recoveries.

V. Empowering Branch Staff: We have appointed dedicated Cluster Officers (Grades IV, V & VI) to focus on recovering stressed accounts and preventing potential slippages.

VI. Technological Innovation: We have launched a STP OTS Journey i.e. e-OTS for hassle free settlement and My Kase app for efficient management of all the legal cases. We are developing an end-to-end credit monitoring platform that utilizes AI and machine learning (AI/ML) to improve collection efficiency, reduce processing time, and enhance customer experience. This platform will leverage customer behavior and historical data to predict potential issues and enable proactive intervention.

VII. AI-Powered Communication: We are building an AI-based Interactive Voice Assistant solution for outbound calls to customers with stressed accounts and for our contact center. This AI-powered solution will communicate with customers in their preferred language, promoting better communication and understanding.

VIII. Wilful Defaulter Identification: Separate cells at the Head Office identify willful defaulters and initiate appropriate actions to enhance recovery

IX. One-Time Settlement Schemes: We offer fair and transparent One-Time Settlement (OTS) schemes like "Maha Sahyog", "Maha Sandhi", and "Maha Samvedna" to facilitate debt resolution for eligible borrowers under various categories.

X. Insolvency and Bankruptcy Code (IBC) Utilization:

We have initiated proceedings under the IBC against large NPA borrowers. This includes Corporate Insolvency Resolution Process (CIRP) against borrowers and Personal Insolvency Resolution Process (PIRP) against guarantors, ensuring a comprehensive approach to debt recovery.

Xll.Strategic NPA Sales: We regularly explore selling difficult-to-recover NPAs to Asset Reconstruction Companies (ARCs) and the National Asset Reconstruction Company Limited (NARCL). This strategy cleanses our balance sheet and allows us to focus on core lending activities.

Figure 4: Comparison of Gross NPA Percentage and Net NPA percentage of FY 2023 and FY 2024

The Bank caters to the growing demand for foreign exchange services with a well-established network of 50 strategically located Category B branches across India. These branches offer a comprehensive suite of foreign exchange services, enabling individuals and businesses to conduct international transactions seamlessly.

FY 2023-24 Highlights:

I. Total Turnover: The Bank facilitated a robust Rs.5,83,936 Crore in foreign exchange transactions during FY 2023-24, reflecting the increasing demand for international trade and travel services.

II. Merchant Business Growth: We experienced significant growth in merchant business, generating Rs.37,855 Crore in FY 2023-24. This highlights the Bank's commitment to supporting businesses engaged in international trade.

III. Profitability: Our foreign exchange business

generated a profit of Rs.41.61 Crore in FY 2023-24, contributing to the Bank's overall financial performance.

The Bank maintains a diversified investment portfolio, adhering to the regulatory requirements for Statutory Liquidity Ratio (SLR) and strategically investing in non-SLR securities.

A.Investment Portfolio Breakdown (as of March 31, 2024):

I. Gross Investments: Rs.68,592.86 Crore

a) Rs.55,947.84 Crore (SLR Securities): Investments that comply with the mandatory liquidity requirements set by the Reserve Bank of India.

b) Rs.12,645.03 Crore (Non-SLR Securities):

Investments made beyond the SLR requirement, offering greater flexibility and potential for higher returns.

c) Surplus SLR Securities: Rs.10,918.00 Crore: This surplus demonstrates the Bank's strong liquidity position.

II. Net Investments: Rs.68,274.12 Crore (net of provisions) as of March 31,2024.

Ill.Investment Portfolio Composition:

• 70.31% Held-to-Maturity (HTM): Investments

intended to be held until maturity, providing a stable source of income.

• 29.69% Available-for-Sale (AFS) & Held-for-Trading (HFT): Investments that can be actively bought and sold to generate additional income and manage portfolio risk.

B.Financial Performance:

• Treasury Profit Growth: Increased by 34.84% from Rs.185.55 Crore in FY 2022-23 to Rs.250.21 Crore in FY 2023-24, demonstrating the effectiveness of our investment strategies.

• Interest on Investment (Net ): Increased by 4.54% from Rs.4,266.92 Crore in FY 2022-23 to Rs.4,460.76 Crore in FY 2023-24, highlighting the Bank's ability to generate consistent returns from its investment portfolio.

(Amount in INR Crore)

M4-eu: Particulars	ft.t. 2022-23 FY 2022-23	ft.t. 2023-24 FY 2023-24	%MktdH % Change
RW Treasury Profit	185.55	250.21	+ 34.84
^ ^TR (fttR) Interest on Investment (Net )	4266.92	4460.76	+ 4.54

During the year, Bank handled 19 issues of Commercial Papers amounting to Rs.29,500 Crore for its clients as an Issuing and Paying Agent (IPA).

The borrowing of the Bank as on March 31, 2024 stood at Rs.7718.86 Crore including re-finance as under:

Particulars	Amount as on 31.03.2024	Amount as on 31.03.2023
Total Borrowing	7,718.86	10,765.66
of which Borrowing RBI under LAF	0.00	500.00
of which Borrowing Market REPO	0.00	0.00
Of which Borrowing TRePS (G-Sec)	0.00	3997.76
Of which Refinance from NABARD	0.00	0.00
EXIM BANK	0.00	0.00
NHB	0.00	0.00

NHB

Particulars	31.0Amount as on 31.03.2024	Amount as on 31.03.2023
SIDBI	1959.08	1155.24
Mudra	152.07	242.94
Borrowings in the form of Bonds & debentures capital instruments	5607.70	4833.70
MTTH e Borrowings outside India		36.02
Others	0.00	0.05

I. Bank is Depository Participant (DP) of Central Depository Services of India Ltd. (CDSL) since September 1999.

II. The Bank has also introduced Basic DEMAT Account Facility.

III. Bank has introduced ASBA through net banking and UPI.

I. Expansion of Insurance Options: The Bank acts as a corporate agent for a comprehensive range of bancassurance products, including Life, General, and Health Insurance. In FY 2023-24, we strategically partnered with three new insurance companies - one in each segment - bringing our total to eight insurance partners. This expansion allows us to offer customers a wider variety of insurance solutions to meet their specific needs.

II. Digital Innovation: We are committed to providing a seamless digital experience for our customers. The Bank has partnered with a leading Fintech company to develop a user-friendly digital insurance platform. This platform will allow customers to easily browse, compare, and purchase insurance products directly through the Bank's digital channels.

2023-24 C ^TTl CitfPl^H Performance during FY 2023-24

^faT Insurance	No of Policies	Premium in Cr.	Commission in Cr.
Life	14720	71.02	26.41
General	190400	68.63	7.65
Health	36612	48.95	6.53
Total	241732	188.60	40.59

A.Doorstep Banking: Bringing the Bank to You: Convenient Services for Everyone

At the Bank, we understand the importance of convenience. We have partnered with M/s PSB Alliance Pvt. Ltd. to offer Doorstep Banking services to our retail customers in 1,000 identified cities across our 869 branches. This service provides both financial and non-financial options:

I. Financial Services: Cash withdrawals and fund transfers can be completed from the comfort of your home.

II. Non-Financial Services:

a) Delivery: Account statements, TDS certificates (Form 16), and other important documents can be delivered directly to you.

b) Pick-up: Cheques, Demand Drafts (DDs), tax forms, standing instructions, cheque book requests, GST challans with cheques, and nomination forms can be conveniently collected from your doorstep. Pensioners can even submit their digital life certificates without leaving home.

B. Simplified Tax Payments: Making tax payments is easier than ever. During FY 2023-24, our branches collected a total of 7,78,282 challans for Direct Taxes and 2,669 challans for Indirect Taxes. We also earned Rs.1.04 Crore in commission on these collections.

C. Supporting Our Seniors through Dedicated Central Pension Processing Cell (CPPC): The Bank is proud to serve our senior citizens. Through our Central Pension Processing Cell (CPPC) in Pune, we process and credit monthly pension payments for retirees from the Central Government, Defense forces, Railways, and Telecom companies. In FY 2023-24, we received a commission of Rs.7.51 Crore for processing government pensions.

D. Promoting Savings through Small Savings

Schemes:The Bank actively promotes various government-backed savings schemes. In FY 2023-24, we facilitated the opening of:

a. 2,76,156 new PPF (Public Provident Fund) accounts

b. 30,077 new SCSS (Senior Citizens Savings Scheme) accounts

c. 18,470 new Sukanya Samriddhi Scheme accounts (for girl child education)

d. 65,481 new Mahila Samman Savings Certificate Scheme accounts (for women's empowerment)

e. Bank earned commission of Rs.5.86 Crore in FY 2023-24

E. New initiative: Introduced a new feature for digitally opening PPF accounts through mobile and internet banking.

A. District Leadership:

I.Lead Bank Responsibility: We hold Lead Bank responsibility in seven districts of Maharashtra State viz., Ch. Sambhaji Nagar, Jalna, Nashik, Palghar, Pune, Satara, and Thane. This implies working collaboratively with other banks and district authorities to prepare and implement District Credit Plans (DCPs) every year. These plans ensure targeted financial support for various sectors within the district.

B. State-Level Coordination:

I. State Level Bankers' Committee (SLBC) Convener:

As the convener of the SLBC for Maharashtra, the Bank plays a central role in coordinating financial initiatives across the state of Maharashtra.

II. State Annual Credit Plan: The SLBC, under our

leadership, prepares the annual credit plan in consultation with various stakeholders, including Lead District Managers, member banks, NABARD, and the Reserve Bank of India. The Priority Sector Plan for FY 2023-24, was Rs.6,51,401 Crore, was one of the highest credit plan in the country, demonstrating our

commitment to fostering financial growth within Maharashtra.

III. Regular Reviews and Meetings: The SLBC

convenes regular quarterly meetings to monitor progress on the State Annual Credit Plan, prioritize lending to critical sectors, and oversee the

implementation of government-sponsored schemes. Additionally, the SLBC facilitates communication and

collaboration between member banks, Government

agencies (Central and State Government), and central institutions like RBI and NABARD.

C. Supporting Government Initiatives:

The SLBC works closely with various government departments to ensure the successful implementation of key programs through member banks. These programs aim to empower different segments of the population, including:

I. Social Security Schemes: Viksit Bharat Sankalp Yatra (VBSY) to ensure maximum enrollments under PM flagship schemes.

II. Leading the campaign like :- PM Janman Campaign in Particular Vulnerable Tribal Group (PVTG) for saturation of Pradhan Mantri Jandhan Yojana. Jansuraksha campaign at village level for saturation under Social Security Schemes.

III. Supporting Agriculture and Allied Sectors : KCC

Saturation of Animal Husbandry, Dairy & Fisheries and PMKisan beneficiaries under Ghar Ghar KCC campaign.

IV. Support for Small Entrepreneurs: Implementation of PM SVAnidhi, Svanidhi se Samriddhi for street vendors and PM Vishwakarma scheme for artisans & craftspeople for end to end support.

V.Targeted Interventions: The SLBC also coordinates with NITI Aayog to implement the Targeted Financial Inclusion Intervention Programme (TFIIP) in aspirational districts. Mission Utkarsh programmes in Nandurbar District focuses on fostering financial inclusion and development, one of the 10 designated aspirational district in the country.

D.Opening Doors of Formal Banking to Every one through Financial Inclusion:

As the SLBC convener, the Bank has been instrumental in driving the Pradhan Mantri Jan Dhan Yojana (PMJDY) in Maharashtra. As of March 31, 2024, over 3.42 crore PMJDY accounts have been opened in the state, providing essential banking services to a previously unbanked population.

I.Performance of Regional Rural Banks (Maharashtra Gramin Bank)

A.Performance Highlights

Maharashtra Gramin Bank (MGB), a regional rural bank sponsored by the Bank of Maharashtra, plays a pivotal role in bringing financial services to rural communities across Maharashtra. Here's a look at their performance for FY 2023-24

Sr. No	Percentage of total O/s	Actual as on 31/03/2023	Target 31/03/2024	Actual as on 31/03/2024	% HTO % Achieved	Growth (%)
1	Total Deposits	15578.76	16800.00	17036.96	101.41	9.36
2	CASA deposits	7684.57	8300.00	9524.87	114.76	23.95
3	% of CASA Deposits	49.33	49.40	55.91	113.18	13.34
4	Total Advances	9700.76	11700.00	11413.50	97.55	17.66
5	Total Business	25279.52	28500.00	28450.46	99.83	12.54
6	Interest Income	1035.27	1190.00	1290.72	108.46	24.67
7	Non-Interest Income	186.66	195.00	199.84	102.48	7.06
8	Operating Profit	114.71	160	212.94	133.09	85.64
9	Recovery in Write Off	6.01	7.00	2.75	39.29	-54.24

B.Branch Network Expansion:

1. As of March 31, 2024, MGB has a network of 424 branches covering 17 out of 36 districts in Maharashtra.

2. All branches and controlling offices are now under Core Banking Solution (CBS) for enhanced efficiency.

C.Financial Performance:

1. MGB achieved a total deposit level of Rs.17,036.96 Crore, with a healthy CASA (Current and Savings Account) ratio of 55.91%.

2. The bank's total business grew by 12.54% year-on-year to reach Rs.28,450.46 Crore.

3. MGB generated an operating profit of Rs.212.94 Crore, demonstrating financial stability.

?.Supporting Government Initiatives:

1. MGB actively promotes government schemes like Pradhan Mantri Jan Dhan Yojana (PMJDY). During FY 2023-24, they opened 1.28 lakh PMJDY accounts, bringing the total to 28.10 lakh accounts as of March 31, 2024. Additionally, 11.28 lakh debit cards were issued to PMJDY account holders.

2. The bank plays a key role in social security schemes, covering 6.63 lakh customers under PMJJBY (life insurance), 20.63 lakh under PMSBY (accident insurance), and 2.46 lakh under APY (pension scheme).

3. MGB actively supports the PMMY (Micro Units Mudra Yojana) scheme, empowering micro-entrepreneurs.

E. Technological Advancements:

1 .In line with government directives, the Bank of Maharashtra, as the sponsor bank, has assisted MGB in upgrading their technology infrastructure. This includes implementing 33 critical technical services like upgraded CBS software, Net Banking, Mobile Banking, and Immediate Payment Service (IMPS) during FY 2023-24.

F. Door-Step Banking:

I. MGB leverages a network of 1,207 Business Correspondents (BCs) to provide convenient doorstep banking services to customers in rural areas.

II. Performance of METCO

A. Safeguarding Your Legacy: The Maharashtra Executor & Trustee Company (METCO)

The Bank of Maharashtra's wholly-owned subsidiary, METCO, has been a trusted partner for over 78 years. Established in 1946, METCO provides a comprehensive suite of services to manage your assets and ensure your wishes are carried out.

B. METCO's Core Services:

1.Will Management: METCO offers expert guidance on drafting, safekeeping, and executing your will. They act as your executor, ensuring your assets are distributed according to your wishes, including property sale or transfer.

2. Trust Administration: METCO helps you establish and manage both private and public trusts. They act as the managing trustee, handling all aspects of trust administration, including managing movable and immovable assets, ensuring compliance with regulatory bodies, and fulfilling charitable objectives.

3. Power of Attorney: METCO can be appointed as your Power of Attorney to manage your investments and immovable properties. This includes tasks like property rentals, sales, and transfers.

4. Guardianship: In court-appointed cases, METCO acts as the legal guardian, managing a minor's property.

C. METCO's Reach and Impact:

1. Headquartered in Pune with branches in Mumbai, Thane, and Nagpur, METCO serves clients across Maharashtra.

2. As of FY 2023-24, METCO manages over 1,045 public and private trusts.

3. During the year, they added 88 new wills, bringing the total to 1,266 wills under their care for execution.

4. METCO currently manages movable and immovable properties for 20 clients through Power of Attorney agreements.

5.In their role as court-appointed guardians, they manage the property of two minors.

6. The company, as Managing Trustee of its 1045 trusts catalysts its social responsibility by providing help to poor & needy people by extending financial assistance for the purpose of education, medical, cultural, religious, spiritual, art and culture, etc.

7. The Company has also donated through its trusts Rs. 170 lacs to 987 beneficiaries.

D. Financial performance:

METCO maintains sound financial practices. For FY 2023-24, they achieved a net profit of Rs. 81.35 lakhs.

I.Banking Outlet/ ATM Network/ Passbook Kiosk Expanding Our Reach: The Bank's Growing Network

The Bank continues to expand its national presence, reaching customers across all 28 states and 7 union territories. As of March 31, 2024, we have a network of 2,556 banking outlets, a significant increase from 2,263 on March 31, 2023. This growth reflects our commitment to providing convenient banking solutions nationwide.

A. Network Breakdown:

Our diverse network comprises:

1. 2,486 Branches: Offering a full suite of banking services for your everyday needs.

2. 3 Digital Banking Units: Utilizing technology to provide a seamless digital banking experience.

3. 67 Customer Service Points (CSPs): Run by Bank Mitras, these points offer essential banking services in convenient locations.

B. Strategic Expansion:

During FY 2023-24, we strategically expanded our network by:

I.Opening 292 new branches, bringing banking services closer to even more communities.

2.Establishing new Customer Service Point (CSP) to enhance accessibility & conversion of 6 existing branches to CSPs, ensuring a smooth transition for customers and continued access to essential services. We prioritize minimizing any inconvenience during branch conversions.

C. Specialized Branches:

Our branch network includes specialized branches, catering to your unique financial needs:

a) Foreign Exchange

b) Government Business

c) Treasury and International Banking

d) Industrial/Corporate Finance

e) Micro Small and Medium Enterprises (MSMEs)

f) Hi-tech Agriculture

g) Mid Corporate

h) Housing Finance

Banking Outlet type wise classification of branches as on 31.03.2024, vis-a-vis 31.03.2023 is as under

31.03.2023 W Banking Outlets Details As of 31.03.2023
Type of Banking Outlets	Metro	Urban	Semi-Urban	Rural	?' Total
Branch	517	475	602	606	2200
Digital Banking Unit	2	1	0	0	3
Customer Service Point	0	0	2	58	60
Grand Total	519	476	604	664	2263
31.03.2024 W Banking Outlets Details As of 31.03.2024
WTC Type of Banking Outlets	Metro	Urban	Semi-Urban	Rural	Total
Branch	609	547	720	610	2486
fef^Cd ^plc Digital Banking Unit	2	1	0	0	3
Customer Service Point	0	0	2	65	67
Grand Total	611	548	722	675	2556

D.ATM / CRM Network

		ATM		Recycler			Total	Passbook	MFK*
Year	Onsite	offsite	Total - A	^IH^C Onsite	Offsite	Total-B	A + B	Onsite	Onsite
Mar-23	1322	412	1734	588	8	596	2330	1053	3
Mar-24	755	32	787	1109	5	1114	1901	1053	4

*Multifunction Kiosks

A. Building a Sustainable Future: The Bank's Growth Strategies

The Bank is committed to responsible growth, focusing on expanding its customer base, improving services, and generating revenue while adhering to Environmental, Social, and Governance (ESG) principles. This ensures our business practices contribute to a more sustainable and inclusive future for all.

B. Navigating Challenges, Delivering Value:

Despite external challenges, the Bank remains steadfast in executing its strategic priorities. We continuously drive innovation to deliver superior value to our stakeholders, including shareholders, customers, and the communities we serve.

C. Embracing Technology:

A key initiative is technology adoption. Bank has implemented the DigiGOV platform through TCS for efficient management of government and semi-government accounts.

D. Government Partnership:

The Bank is proud to be the Nodal Bank for DBT (Direct Benefit Transfer) schemes of the Maharashtra government. Here are two examples:

A. Namo Shetkari MahaSanman Nidhi Yojana (NSMNY): This scheme provides an additional Rs.6,000 annually to beneficiaries in Maharashtra under the central government's Pradhan Mantri Kisan Samman Nidhi scheme. The Bank has successfully disbursed Rs.2,000 per beneficiary for three installments. We've also implemented AI-powered chatbots for this scheme, achieving a remarkable success rate:

a. 1st installment: disbursed to 86 lakh beneficiaries with a success rate of 99.46%

b. 2nd & 3rd installments (combined): disbursed to 183 lakh beneficiaries with a success rate of 99.58%

B. Modi Aawas Yojana: This social welfare scheme provides housing for rural underprivileged populations in Maharashtra. The Bank has disbursed a total of Rs.400 crores to 3 lakh beneficiaries under this program.

E. Strategic Partnerships:

Collaboration is a cornerstone of our growth strategy. Bank has collaborated with leading Fintech companies and institutions to:

a) Enhance our service offerings

b) Reach new customer segments

c) Strengthen our competitive position

These partnerships have yielded mutually beneficial outcomes, allowing us to better serve our customers and contribute to the financial landscape of India.

F. Key on boarded Schemes/Accounts:

a) Pradhan Mantri Awas Yojana- Urban (PMAY-U)

b) Zero Budget Natural Farming Mission Scheme (ZPFMS)

c) Liability Payment Register System (LPRS)

d) Directorate of Municipal Authorities (DMA)

e) Mukhya Mantri Gram Sadak Yojana (MMGSY)

f) Deen Dayal Upadhyaya Grameen Kaushalya Yojana (DDUGKY)

MAHABANK believes in and acknowledges the critical role of its employees in achieving its present and future organizational goals. The Bank continuously undertakes multiple initiatives for strengthening and developing its human capitals. The Bank has put in place comprehensive HRM Policies that provides the road map for acquiring appropriate & need based human resources, its development through training, job enrichment, reward and recognition for better performance, career progression, welfare and retention.

(i) Manpower Strength:

The total Manpower of the Bank as on March 31, 2024 stood at 13499. The following are the details of category of employees.

CADRE	OFFICERS	CLERK	SUBSTAFF	1F^ TOTAL
COUNT	8150	3509	1840	13499

Ba nk has been reviewing the requirement of staff i n various cadres every year and an analysis of the vacancies in various cadres is being made having regard to the growth of the business, future branch expansion/ rationalization, attrition on account of resignations, retirements on superannuation/ VRS, etc.

(ii)Gender Diversity:

Gender sensitivity and inclusiveness have always been the cornerstone of Bank's HR policy. Out of the total workforce, the representation of women is 27.27 % spread across all geographies and levels of hierarchy.

CADRE	^fWl^l OFFICERS	CLERK	SUBSTAFF	1F^ TOTAL
MALE	5909	2280	1629	9818
FEMALE	2241	1229	211	3681
TOTAL	8150	3509	1840	13499

(iii)The Workforce distribution on the basis of Educational Qualification of employees are as under ;

(iv)Reservation Cell:

As per Government of India's guidelines, reservations are provided to Scheduled Castes (SCs), Scheduled Tribes (STs), Other Backward Classes (OBCs) and Persons with Disability (PWD) candidates in Direct Recruitment. Reservations for SC/STs in promotions are provided as per Government guidelines. Special Cells at Head Office and all Zonal Offices are functioning to monitor the implementation of the reservation policies and to redress grievances of SC/ST/OBC & Physically challenged employees as well as ex-servicemen. The Bank has designated Chief Liaison Officers at Head Office and has set up SC/ST Cells at all Zonal Offices.

CASTE/CADRE	GEN	OBC	SC	ST	EWS	TOTAL	SA*	ESM
^f^Vlfl OFFICERS	3750	2394	1259	576	171	8150	199	41
CLERKS	1632	907	612	317	41	3509	114	151
SUBSTAFF	587	455	606	192	0	1840	25	114
TOTAL	5969	3756	2477	1085	212	13499	338	306

* Specially Abled

Necessary efforts were continued to be made to resolve all the grievances of the various reserved categories and to maintain a cordial relation with them as also to assist in their career progression.

Bank has also conducted various training programs for SC/ST employees and Welfare Associations such as reservation policy, pre-promotion training etc.

(v) HR Administration & Policies: Managing the

human capital is the most intriguing part and other way managing the business of the organization. The failure & success of the organisation largely depends upon administration. Every part of our business is connected to the employees and by managing, organization became more efficient. This comprises of various initiatives adapted during last year such as adoption of various IT enabled software for maintaining data & records of employee, implementation of HRMS which integrates the function of HR starting from entry to exit, reviewing & renewing the HR policies at par with industry standard, promoting dialogue with stake holders & union office bearers, discussing with team leader of HR for all round review & development etc. Most importantly, the policies are formed as such to discipline, commitment & devotion towards work, which compels the employees to perform in a better way. HRM policies comprises of key functions in relation to promotion, transfers, Learning & Development, motivation and maintenance. All the policies were reviewed in line with Govt. of India and other regulatory guidelines. Suggestions from field functionaries, unions were also considered during review of the policy.

(vi) Training, Development & Motivational

Activities: - Learning & Development (L&D)

department in our Bank aspires to instill a culture of learning and ensuring that our employees are highly skilled, proficient and equipped with the latest trends and technologies. The learning infrastructure facilitates personal and professional development of all the employees in accelerating growth trajectory of the Bank and to meet the future challenges and overcoming them with confidence and resilience.

In the last Financial Year, L&D function, comprising of the Staff Training Colleges, has undertaken analysis, design, development, implementation and evaluation of the training programs for our employees. In addition to the regular training areas, Bank has conducted multiple specialized trainings program for ZVO's, micro-credit, credit management, credit monitoring, risk, business development, IT, Staff Officers, ZM Symposium, RITC Conclave, Asst. Liasioning Officers (ALO) Conference, Forex, Reservation and Roster, etc. Numerous locational trainings have been conducted to expand the participation across geography and cadres. Realizing the imperative of building a strong pipeline of leadership in the bank, Leadership Development Programs were conducted for executives (CMs) of the Bank in FY 2023-24 at various premier institutions such as XLRI Jamshedpur, MDI Gurgaon, ASCI Hyderabad, NIBM Pune, State Bank Academy Gurgaon. In addition to this, Digital transformation Programs have been conducted for all Assistant General Managers, Deputy General Managers and General Managers at ISB, Hyderabad and Mohali.

Overseas Trainings : To provide the executives with international perspective on banking and expand their strategic thinking, to enhance conceptual

understanding of complex issues and equip them to be effective leaders, all General Managers & selected Deputy General Managers have been imparted overseas training at premier International institutes such as Kellogg School of Management (Chicago,USA), Kent Business School (Canterbury, England), Alpine University (Austria), SDA Bocconi (Italy), National University of Singapore etc. Additionally, as part of the Maha-Achievers Scheme, 31 high performing

employees have been imparted niche developmental intervention through ASCI-NUS leadership program at National University of Singapore.

A total of 64 employees have attended overseas/ foreign trainings at premier institutions abroad based on their impeccable performance.

Bank is optimizing the use of ICT for imparting learnings and maximizing the participation coverage through various podcasts, webcasts, webinars, online quiz etc. to constantly update our employees on the latest technological changes and offerings of the Bank. The performance so far in terms of learning parameters:

Key Parameters	24 Mar 24 (Actual)
Unique Learning Interventions	9,672
Number of Specialized* Trainings	15
Number of Locational** Trainings	100
External Training Programs	166
Overseas/ Foreign Training Programs	64
Use of ICT- Webinars	85
Use of ICT- Podcast	133
HRMS Training Module	dl$9 Live
Quiz on LMS and Mahadarpan	15 +

•Specialized Trainings- credit management am infrastructure financing, credit monitoring, risk business development, IT trainings, staff office trainings, reservation and roster training, ZM Symposium, RITC Conclave, ALO Conference, Forex etc **Locational trainings- Sub-staff, Cashier:

differently-abled employees, LLMS, Gold Loans etc.

a)Number of Trained employees scale wise an< quarter wise:

Number of Trained employees with programs and training days during FY 2023-24

CADRE	Number of Programs	No. of Program Training Days	Number of Employees Trained
OFFICERS	235	684	6213
CLERKS	111	244	2162
SUB-STAFF	66	135	1297
Total			9672

(vii) Recruitment:

Bank has identified vacancy of 1575 officers in various scales & 300 Clerks, as per Manpower planning based on certain parameters like attritions, Business position, minimum staffing pattern etc. Out of which, 957 officers (Scale I - 443, Scale II- 428 & Scale III - 74, Scale-IV-11 & Scale V-1) & 174 Clerks have joined. Remaining officers in Scale II & Scale III cadre have been given extension of joining as they are serving notice period in their parent organization.

Bank has reviewed the scheme of Compassionate Appointment scheme in line with Govt. of India / IBA guidelines, which is aimed at providing financial relief to the indigent family of deceased employees. 49 Sub staffs are appointed under compassionate ground. With these recruitments, Bank has become younger with average age of employee coming down to 38 years. In order to engage the officers on specialized roles to fulfill the administrative & regulatory requirements, Bank has recruited CTO and Deputy CCO etc. on short term contractual assignment basis.

(viii) Career Progression (Promotion):

Promotion is one of the key motivating factors for the employees as it brings higher responsibilities, monetary benefits and status. This promotion process is carried out every year based upon Board approved Promotion policy which is formulated in line with GOI & other regulatory guidelines and ensuring availability of adequate employees at each level keeping in view the business growth of the Bank along with availability of sufficient number of employees for shouldering responsibilities at higher levels. Bank completed the promotion process in a fair & transparent manner. The number of employees are promoted is as under

JMGS-I TO MMGS-II	MMGS-II to MMGS-III	MMGS-III TO SMGS-IV	SMGS-IV TO SMGS-V	SMGS-V TO SMGS-VI	Clerical to JMGS-I	Sub-Staff / PTS to Clerical
239	101	78	26	08	141	39

Concerted efforts have been taken by the Bank for fostering career progression of employees for rewarding them for their performance and motivation. Horizontal movement of officers across different functions and overseas placements opportunities are provided to employees for wider exposure.

(ix) Improvisation of Staff Benefits and Welfare Activities:

(a)Introduction of Education Loan Scheme for the wards of our Staff members: Staff members of our Bank are required to work at branches / offices, which are located away from their home and in certain circumstances; they keep their children /family at a better place to have quality education.

At present many staff members are facing hardships due to increasing expenses towards college fees and maintenance arising out of the fact that their wards are opting for studies abroad and/or within India in reputed institutions. Considering the above, a special scheme has been designed for employees to provide education loan for their children with a limit up to Rs. 1.25 crore with concession ROI @1 year MCLR or RLLR, whichever is lower on simple interest irrespective of the limit.

(b) Enhancement in Business Development Expenses (Outside Premises on declaration Basis) paid to

oficers: Business development expenditure is one of the facilities, which is utilized by the concerned while canvassing business and image building exercise. To compete with the private banks/ other PSBs and to stay focused on our corporate objective and motivate employees to perform better, bank has enhanced Business Development Expenses.

(c) Introduction of reimbursement facility of refreshment expenses to all employees on declaration basis: With the rising cost of living, employees have to borne the additional expenses incurred during day-to-day working towards their refreshment such as tea, coffee, snacks etc. Hence as a gesture of benevolence towards staff, Bank has introduced a facility for reimbursement of refreshment expenses to all employees towards their day to day expenses incurred during office hours for refreshment purpose. Employees will be reimbursed a lumpsum amount per month, based on the cadre and designation. Branch Head and Zonal Head are given special preference while identifying the monthly ceiling of refreshment expenses.

(d) Scheme for additional financial assistance for employees with disabilities: In the challenging environment, wherein employees with disability category have to borne additional expenses towards travelling to their respective workplace. With a view to ease the distress arising due to incurring additional expenses towards travelling & to motivate the PWD (Person with Disabilities) employees to discharge their duty effectively, a "scheme of additional financial assistance for employees with disabilities" on declaration basis was introduced by the Bank.

(e) Scheme for purchase of office accessories through Staff Welfare: Under the welfare Initiative, Bank has introduced the scheme for purchase of office accessories i.e. purchase of Spectacles / Briefcase / office bag etc. on one-time basis. Employees who were on the muster roll of the Bank as on 31.03.2023, eligible for reimbursement upto Rs.6,000/- for expenses incurred towards purchase of spectacles / briefcase / office bag / any other office accessories on declaration basis.

(f) Extension of inconvenience allowance to women employees for working in extending hours - Special Provision for reimbursement of expenses incurred towards using Secured Vehicle Assistance:

Bank had introduced inconvenience allowance for the employees working in shifts. The very purpose of the introduction of such allowance is to minimize the hardships caused to employees working at clearing centres for working in different shifts for clearing work. Now, with a view to provide inclusive workplace and extend support towards safe travel of women employees, the scheme is designed for all women employees who will work in extended hours under exceptional circumstances.

(x) OTHER HR INITIATIVES

(A (Celebration of World Photography Day through Maha Photo Contest (MPC), 2023: The worldwide celebration of World Photography Day takes place on August 19 every year. It is a special day to celebrate the power of photography to capture and communicate the world around us. Bank has celebrated this event and arrange a Photo Contest for all employees inviting entries from interested employees of the Bank under the various themes such as One Family, One Bank- Ek Parivaar - Ek Bank Customer Delight, Banking Services Through Your Lens, Happiness is Being a Part of Maha Parivaar, Nature, Heritage and Human Symbiosis etc. Best entries have been rewarded through various measures and displayed for wider recognition on Bank's social media platforms on World Photography Day 2023.

(B) Observance of Partition Horrors Remembrance Day on 14th August, 2023 : Govt. of India vide letter no. 10/40/2020(XI)-Coord, dated 09.08.2023 has directed to observe 14th August as "Partition Horrors Remembrance Day", the day to remember the agony and suffering of millions of people who were displaced / lost their lives during partition. Accordingly, it was directed to all zones to organise exhibitions at the prominent places of the zone, to showcase the sufferings.

(C) Voluntary contribution of 1-day salary to "Aapda Rahat Kosh-2023" a fund set up by Himachal Pradesh Government for relief and long-term rehabilitation of the flood affected people - An appeal: Himachal Pradesh had been devastated by heavy rainfall and floods, leading to tragic loss of lives and widespread destruction. The heavy rainfall in Himachal Pradesh had triggered landslides, flash floods, and infrastructure damage on an unprecedented scale. The people of Himachal Pradesh were facing the daunting task of rebuilding their lives and communities, and they desperately need support. The interest of common man have always remain at the core of business for MAHABANK and our employees have risen to the occasion wherever bank has appealed for the noble cause. By taking cognizance of the present situation of Himachal Pradesh, Bank had appealed to all the employees to voluntarily contribute / donate one day's salary to this fund as a token of service to the nation and humanity. More than 1100 employees have donated and around Rs.25 lakh collected from the employees for onwards donation to Aapda Rahat Kosh.

(D) Celebration of World Blood Donor day (14th

June) - RAKTADAAN AMRIT MAHOTSAV: An

initiative was taken to raise awareness of the importance of blood donation and to recognize the contribution of voluntary unpaid blood donors in saving lives and improving heath. Bank has conducted blood donation camps at various locations across India. At Head office also, more than 75 employees have participated in this occasion. The Slogan for this year's World Blood Donor Day campaign was "Give blood, give plasma, share life, share often."

(E) Observance of Constitution Day on 26th November 2023: Constitution Day is celebrated on 26th November to commemorate the adoption of Constitution of India and to honour and acknowledge the contribution of founding fathers of the Constitution. As a part of celebrating Constitution Day, Govt. of India has developed two web-portals which are accessible to everyone and anyone can participate and download the participation certificates. All the Staff members along with stake holder have actively participated in the event.

(F) Traditional/Ethnic Wear Day: Our country

accommodates variety of cultures, religions, ethnicities, and ways of living and all these reflect on the way we celebrate our joy and happiness around festivals. In order to celebrate the Navratri festival, employees were advised to dress up in their best ethnic or traditional wear and use this moment to create an ever-lasting joy of customer delight amongst the visitors/ customers in their branches/ offices etc. by delivering our best services.

(G) Voice of BOMIANS - Employee Engagement and

Satisfaction Survey - Abhivyakti 1.0: Employee

Engagement, a concept that describes the level of enthusiasm and dedication an employee feels toward their job / duties. Engaged employees care about their work and about the performance of the organization, and feel that their efforts make a difference. To ascertain the pulse of our employees towards various measures adopted by the Bank and to know the areas where more efforts are required to be put in, Bank has conducted the "Employee Engagement and Satisfaction Survey - Abhivyakti 1.0". More than 72% employees participated in the survey and it was conducted in a fair & transparent manner. 34 questions were selected among 19 segments of HR. The results of the survey will be utilized for amending / modifying various HR policies and procedures.

(H) Creation of new Verticals / avenues :

The present Banking sector has witnessed a distinguished transformation due to various reforms introduced in the financial sector during the last few years and also as a result of technology revolution and enhanced customer expectations. With more and more avenues opened for customers, the competition in the banking has risen to the highest level resulting into the increased level of challenges in retaining the existing customers and achieving business targets.

In order to unify the present digital banking operations in the bank, a separate "Digital Business Zone" is created to focus on the implementation and usage of digital business products and services. The Digital Business Unit is responsible for sourcing & processing of deposit products, digital loan products and Digital ABC products etc. Further, to align with the business imperatives and meet regulatory expectations, Bank has created "Strategic Data Management Vertical" to streamline the data operations, fostering a robust data structure and ensuring compliance with data quality standards. The vertical is headed by Chief Data Officer designated by the Bank.

(I) Rewards & Recognition for employees of the Bank:

Recognizing and Rewarding Exceptional performers in the Bank by extending monetary benefits and imparting niche developmental interventions:

Bank believes in recognizing the efforts of its employees towards building our institution greater and in turn adding to the total business of our Bank. Considering the present scenario of Banking, branches, ARBs, SAMBs, cFbs, HFBs, CPCs and the zones have a greater role to play in providing leadership for business development and achievement. In order to motivate the employees to perform better and contribute towards the business growth by improving their leadership traits and abilities, Bank has launched a scheme for Recognizing and Rewarding Exceptional performers in the Maha Achievers and Maha Super-Achievers category by extending monetary benefits and imparting niche developmental interventions.

Under this scheme, more than 330 employees have been suitably rewarded based on their performance

(J) Wellness & Fitness Drive :

(i) Re-introduction of allocation of Budget for Sports & Recreational Activities (FY 2023-24) :

Sports and games are an integral component in the all-round development of human personality. Apart from being a source of entertainment and physical fitness, sports play a key role in generating the spirit of healthy competition and bonding within the organisation. Keeping in view of the above, Bank has reintroduced allocation of Budget for Sports & Recreational Activities for FY 2023-24. Zones were allocated funds for utilizing it towards the expenditure incurred for various sports & recreational activities (Indoor as well as outdoor) such as cricket, volleyball, kabbadi, kho-kho, chess, badminton etc.

(ii) Post maternity Counselling for Female Employees and their reporting Managers: To

facilitate the re-joining of employees returning from their maternity leaves, Bank has organized a post maternity counselling session for female employees and their reporting Manager.

A webinar has been arranged for all eligible employees to ensure the seamless transition and assimilation of the female employees back into the workforce after maternity leave. An external counsellor has been called and more than 240 employees have been attended the session.

The Bank follows a non-discriminatory and equal opportunity policy for all its employees and is transparent in all issues relating to promotion, career path, transfer policy and employee benefit / welfare schemes.

EASE was launched in through a collaboration between the GoI & PSBs and was designed to institutionalize clean and efficient banking practices. A one-day brainstorming event, PSB Manthan 2.0, was held in April 2022 with entire leadership of PSBs under guidance of the Department of Financial Services to take EASE to next level. The key takeaway from PSB Manthan 2.0 is the need for a more robust and ambitious strategic agenda for all PSBs. This agenda should address both opportunities and challenges. The workshop paved the way for a comprehensive program called EASE Next, which has three pillars:

I. Common PSB Reform Agenda (Pillarl): This establishes a unified reform plan for all PSBs.

II. Bank-Specific Strategic 3-Year Roadmap (Pillar 2):

Each PSB will make a tailored roadmap aligned with its distinctive business priorities, ensuring strategic alignment with organizational goals.

III. Enhanced Collaboration Among PSBs (Pillar 3):

This pillar fosters closer cooperation between PSBs

During Q3 2023-24; BoM has enhanced its ranking significantly from 10th to 7th among 12 PSBs.

The Bank has taken several initiatives and implemented measures to improve efficiency under EASE agenda including:

I. Pre-Approved Personal Loans,

II. STP of Shishu Mudra loans

III. STP of PM SVAnidhi

IV. Enhancement in Mobile and Internet Banking,

V. Revamping of Inbound Call Centre & Seting up Out bound call center.

EASE 7.0 outlines a roadmap for implementing reforms in the financial sector for the fiscal year 2024-25. It focuses on five key themes and includes 21 specific action points. Vikshit Bharat will be a major area of focus. The initiative aims to empower banks to play a leading role in national development initiatives, while prioritizing exceptional customer service, effective risk management, and fostering the adoption of modern technologies.

A. Process Centric Initiatives:

Following process related enhancements have been achieved through introduction of technology:

I. Bank has on-boarded a consultant as BCG and implementing a project named Maha Parivartan towards the vision of complete digital transformation in case of digital journeys, digital processes and digital compliance.

II. Bank has also implemented Robotic Process Automation (RPA) and automated more than 30 processes so far. RPA enables accuracy and seamless service delivery. With usage of RPA Technology; Bank takes pride in being the nodal Institution for processing all the digital transactions for all Bank's on behalf of Govt. of Maharashtra under Namo Shetkari Nidhi Yojna with success rate of 99.58% among the highest in the Industry.

III. Considering the fact that Management Information System (MIS) is necessity of the time & to provide seamless information flow and uniform logic across the branches / offices of the Bank, a robust MIS system was required. Accordingly, Bank has implemented "MIS - GANGA" Portal, which will provide various MIS reports/dashboard to the field functionaries and Head Office staff at a single-click. The portal is made live during the FY 2023-24.

B. Building a Future-Proof Technological Foundation: Infrastructure Initiatives

1) Modernized Data Centers:

The Bank has undertaken a significant infrastructure upgrade by migrating all three data centers (primary, Disaster Recovery [DR], and near DR) to a state-of-the-art co-location facility within three quarters. This cutting-edge environment offers several advantages:

•Increased Scalability: The new facility provides the capacity to accommodate the Bank's projected business growth for the next 3-5 years. This ensures our infrastructure can keep pace with our expanding operations.

•Enhanced Resilience: The co-location facility is specifically designed to withstand disruptions. This translates to better protection for our critical data and systems, minimizing downtime and ensuring uninterrupted service for our customers.

2) Empowering Agility with Nakshatra:

The Bank has established its own private cloud, Nakshatra. This provides several key benefits:

•Dynamic Resource Allocation: Nakshatra allows for on-demand allocation of infrastructure resources for various technology applications. This agility enables us to quickly deploy new solutions and adapt to changing needs.

•Enhanced Scalability and Automation: Nakshatra is built with scalability and automation in mind. This allows us to efficiently manage resources and support future growth.

•Nakshatra 2.0: Paving the Way for Hybrid Cloud:

The Bank is undertaking the Nakshatra 2.0 project to further enhance automation and micro-services within the private cloud. This lays the groundwork for a future hybrid cloud strategy, providing us with the flexibility to leverage both public and private cloud resources as needed.

3) Strengthening Network Connectivity:

•SD-WAN Network Upgrade: The Bank has

completed a network migration to Software Defined Wide Area Network (SD-WAN) technology. This advanced network solution offers several advantages:

•Real-time Management: SD-WAN provides a

real-time dashboard for monitoring network performance and optimizing link management. •Minimized Downtime: SD-WAN's intelligent routing capabilities ensure minimal downtime in case of network disruptions, helping to maintain smooth customer service at all branches.

4) Investing in Branch Digitization:

•Tablets for Enhanced Efficiency: Tablets have been distributed to all branches, zonal offices, and field executives. This equips our staff with the tools they need to streamline key processes and provide a more efficient customer experience.

5) Disaster Recovery (DR) Readiness:

•Automated DR Drills: The Bank is implementing a solution to automate DR drills for 28 critical applications. This proactive approach allows us to regularly test our disaster recovery capabilities and optimize our recovery time objective (RTO) - the time it takes to restore full functionality after an incident.

6) Infrastructure Refreshment:

A comprehensive refresh of infrastructure, network components, and software has been completed across all data centers, DR sites, zonal offices, branches, and headquarters. This ongoing initiative ensures we have the latest and most reliable technology in place to support our operations.

By prioritizing these infrastructure initiatives, the Bank is laying a strong foundation for its future growth and ensuring a reliable and secure technology environment for all stakeholders.

7) Modernizing ATM Infrastructure:

•Enhanced Accessibility: We've replaced all existing ATMs with the latest technology, including ATMs, recyclers, and kiosks strategically deployed at various locations. Over 100 new ATMs were installed during FY 2023-24, significantly expanding our ATM network and improving customer access to cash and banking services.

•Increased Efficiency: In FY 2023-24, we made a significant leap in operational efficiency by transitioning from OPEX (Operational Expenditure) AT Ms to CAPEX (Capital Expenditure) recyclers. This initiative involved replacing 630 older OPEX ATMs with feature-rich CAPEX recyclers, all of which are now operational. This upgrade streamlines cash management and reduces operational costs.

8) Envisioning a Holistic Banking Platform:

•Integrated Customer Experience: Were looking forward to launching a comprehensive Lifestyle Banking Platform for our customers in FY 2024-25. This platform will be integrated with a new CRM (Customer Relationship Management) solution, providing a seamless and personalized banking experience across all channels.

9) Harnessing Fintech Partnerships:

•Accelerated Digital Transformation: The Bank has strategically onboarded over 68 FinTech (Financial Technology) companies. These partnerships provide innovative solutions for various needs, including field sales support, stressed account management, and the deployment of Machine Learning (ML) and Artificial Intelligence (AI) solutions. Bank of Maharashtra is a leading Public Sector Bank (PSB) in leveraging AI, ML, and Robotic Process Automation (RPA) technologies to enhance efficiency and drive innovation.

10) Expanding Digital Banking Services:

•Enhanced Functionality: Throughout FY 2023-24, we've significantly expanded the functionalities offered through our Mobile Banking (MB), Internet Banking (IB), and WhatsApp Banking channels. 45 new services were added to Mobile Banking, 30 new services to Internet Banking, and 27 new services to WhatsApp Banking. These additions provide customers with greater flexibility and convenience in managing their finances.

•UPI Innovations: We've also implemented several enhancements to our UPI (Unified Payments Interface) offerings, including User Defined Intent Request (UDIR), On-Demand Dispute Resolution (ODR), e-RUPI (e-Vouchers), and AutoPay features. The Bank is proud to be a pilot partner for the e-RUPI rollout by the Government of Madhya Pradesh.

11) Streamlined Claim Settlement Process:

•SUVIDHA Portal: We've launched the SUVIDHA portal, a digital platform designed to facilitate a hassle-free and efficient claim settlement process for deceased account holders. Accessible through our corporate website, SUVIDHA allows users to upload necessary documents for claims processing, streamlining the process and minimizing delays.

12) Empowering Customers Through Digital Lending:

•PM SVANidhi Scheme: We've implemented a fully digital loan application journey for the PM SVANidhi micro-credit scheme launched by the Government of India, prioritizing customer convenience. we've also implemented Straight Through Processing (STP) for Mudra loans, working capital auto-renewal, and PAPL

C.Cyber Security :

Bolstering Defenses: The Bank's Cybersecurity

Strategy is unwavering in its commitment to cybersecurity. We continuously implement robust security solutions to protect our customers, data, and systems. Here's a closer look at our key initiatives:

I. KAVACH Project: This comprehensive project

spearheads our cybersecurity efforts. Under KAVACH, we've successfully implemented 7-8 advanced security solutions in the past year, with plans to integrate many more as part of our ongoing strategy.

II. Multi-Layered Defense: We've deployed a layered security approach to safeguard our systems and data. This includes:

a. Enterprise-Wide Antivirus: A new antivirus solution has been implemented across over 1500 servers and 13,000+ endpoints throughout the Bank. This provides a vital first line of defense against malware and other cyber threats.

b. Cisco Web Proxy Solution: To protect against web-based threats, a Cisco web proxy solution has been deployed. This solution can currently handle 6,000 concurrent endpoints and is scalable to support up to 15,000 endpoints as needed.

c. Next-Generation Firewall (NGFW): Were replacing our SSL orchestrator with an in-built Network Traffic Blocker (NTB) functionality within the NGFW. This allows us to inspect incoming encrypted web traffic and ensure only legitimate traffic passes through.

III. Multi-Factor Authentication (MFA): The Bank is committed to strong authentication practices. We've implemented a Biometric Authentication Solution (BAS) that captures biometric data (fingerprints) from both staff and customers.

This multi-factor authentication system enhances security for logins (currently integrated with the Core Banking System) and customer onboarding (eKYC). L1 BAS devices have already been distributed to all branches for eKYC implementation, which will be activated once the new onboarding system is fully operational. Additionally, the BAS solution can be integrated with other applications to provide two-factor authentication for various services.

IV. Advanced Threat Detection: An Anti-APT

(Advanced Persistence Threat) solution is in place to continuously monitor our network for suspicious activity. This proactive approach helps us identify and mitigate sophisticated cyberattacks.

V. Brand Protection: We've partnered with Izolosie to leverage their enterprise software capabilities. This solution helps us combat brand abuse and phishing attempts, protecting our customers from fraudulent activities that impersonate the Bank.

Creation of new Digital Business Zone to implement the digital initiatives of the Bank

Bank of Maharashtra is committed to a "digital-first, customer-centric" approach. Recognizing the need for a streamlined approach to digital transformation and to ensure the continued success of our digital initiatives, Bank has established a dedicated cross-functional team and created a separate vertical- "Digital Business Zone." This vertical takes ownership of the entire digital journey for our customers, encompassing:

•Loan Products: The Digital Business Zone oversees all aspects of digital loan applications and processing, from initial inquiries to final approvals.

•Deposit Accounts and Services: Bank manage the digital onboarding and maintenance of deposit accounts, as well as the online delivery of various banking services leveraging account aggregator mechanism.

•Third-Party Products: The zone also streamlines the integration and offering of third-party financial products through our digital channels.

•Maintaining and Upgrading Digital Products: They proactively maintain and upgrade existing digital products to ensure optimal performance and a seamless user experience.

•Promoting Digital Adoption: The team actively promotes our digital offerings through targeted marketing campaigns to drive customer awareness and adoption.

•Business Mobilization: They work collaboratively to identify new business opportunities that can be facilitated through our digital channels. As on 31st March 2024, total business mobilized through Digital Business Zone is above Rs.1600 Crores.

I.Straight-Through Processing (STP) Journeys for Customer Convenience:

Several customer-centric Straight Through Processing (STP) journeys have been implemented, allowing for faster and more efficient transactions. These include:

•Digital Personal Loan: This online application process minimizes paperwork and expedites quick loan approvals. The Bank has successfully mobilized around Rs.14 Crores within three months of launch, demonstrating strong customer adoption.

•PMSVanidhi Scheme: The Bank facilitates seamless online applications for the Government's PMSVanidhi micro-credit scheme. As of March 31, 2024, over 5,700 applications were disbursed digitally, eliminating manual intervention and enhancing efficiency.

•Working Capital Auto Renewal: Customers can now conveniently renew working capital loans up to Rs.10 lakh electronically, eliminating the need for branch visits

•Mudra-Shishu Loan Scheme: The Bank offers a streamlined online application process for the Mudra-Shishu loan scheme

•Online Account Opening: Over 13,000 video KYC savings accounts were opened in FY23-24, empowering customers to open accounts paperlessly and remotely

•Online Account Nomination: Customers can easily register nomination for their accounts through our digital channels. As of March 31, 2024, over 60,000 nominations were registered digitally.

•eFD RD through Mobile Banking & Internet Banking: Customers can invest in fixed deposit (FD) and recurring deposit (RD) accounts conveniently through mobile banking and internet banking applications. This digital channel has mobilized over Rs.770 Crore as on 31st March 2024.

The Bank is committed to continuous innovation and expanding its product suite to better serve our customers. We have a robust pipeline of new offerings, including Digital PMVishwakarma, Digital Gold Loan, e-GST Scheme, and Digital Vehicle Loan, all designed to enhance customer convenience and cater to their evolving financial needs.

A.Modernizing Operations: Key Technology

Initiatives

The Bank is constantly innovating to streamline operations, enhance regulatory compliance, and improve overall efficiency. Here's a breakdown of some key projects:

B. Financial Inclusion Gateway Migration:

•Enhanced Accessibility: The Bank is prepared for the migration to the new Financial Inclusion Gateway, complying with the revised AEPS (Aadhaar Enabled Payment System) guidelines set by NPCI (National Payments Corporation of India). This upgraded gateway will provide increased scalability to accommodate future growth and ensure high availability across both data centers, minimizing downtime and maximizing accessibility for customers.

C. Integrated Audit and Compliance Software (IACS):

•Streamlined Auditing: The Bank has deployed production modules within IACS, a centralized platform for conducting various types of audits. This software streamlines the audit process, improves efficiency, and provides a single point of access for all audit-related data and reporting.

D. API Management with Google Apigee:

•Agile Development: The Bank is piloting Google Apigee, an on-premise API (Application Programming Interface) management platform. Apigee promotes an agile approach to the API lifecycle, allowing for rapid development, deployment, and management of APIs. This solution can be potentially migrated to the public cloud in the future and even monetized by offering API access to third parties.

E. Public Fund Management System (PFMS) Integration:

•Efficient Government Services: The Bank is testing DIGIGov solutions, a comprehensive suite designed to manage all aspects of the Public Fund Management System (PFMS) within the banking sector. This integration will streamline government financial operations and provide a centralized dashboard for improved transparency and control.

F. OFSAA Implementation for Regulatory Reporting:

•Enhanced Regulatory Compliance: The Bank has completed User Acceptance Testing (UAT) for the Asset Liability Management (ALM) module within the OFSAA (Open Framework for System Architecture) platform. This robust solution will allow the Bank to generate RBI (Reserve Bank of India) reports at the account level, ensuring adherence to regulatory requirements. OFSAA will be further expanded to include modules for Market Risk Management (MRM), Liquidity Risk Management (LRM), and International Financial Reporting Standards (IFRS) compliance.

G. Centralized Cheque Truncation System (CTS):

•Improved Cheque Processing Efficiency: The Bank has successfully merged all CTS grids (clearing house grids) under the "One Grade One Nation" initiative.

We are currently testing all grids within the new CTS DEM (Document Exchange Module) solution provided by NCR. This upgraded system adopts a process change where cheque truncation occurs before settlement, improving efficiency and reducing processing times.

H. Anti-Money Laundering (AML) Compliance:

•Enhanced Security: The Bank is implementing an AML solution procured from IDBI Intech. This solution facilitates centralized reporting to regulatory repositories and provides a comprehensive dashboard for close monitoring of AML alerts. This proactive ap proach strengthens our compliance with the latest aMl guidelines and safeguards against financial crime.

I. KYC Hub for Centralized Customer Onboarding:

•Streamlined Customer Onboarding: The Bank is implementing a KYC (Know Your Customer) Hub solution to serve as a centralized repository for all KYC data captured across various customer onboarding channels, including branches, online account opening platforms, video KYC (VKYC), re-KYC, Financial Institutions (FI) partnerships, and tablet banking. This integrated solution will leverage Aadhaar data and replace the existing e-KYC process facilitated by the Financial Inclusion Gateway (FIG). The KYC Hub will offer several benefits:

•Reduced Duplication: The system will identify and eliminate duplicate customer relationships within the Bank's database.

•Improved Reporting: Timely reporting of KYC data to CERSAI (Central Registry of Securitisation Asset Reconstruction and Security Interest of India) will be ensured.

•Enhanced Accessibility: The KYC Hub will act as a central gateway for KYC data retrieval by all Bank applications.

J. Enterprise Fraud and Risk Management System (EFRMS):

•Proactive Fraud Detection: The EFRMS solution is now live and operational, providing enterprise-wide alerts to the Bank through the Core Banking System (CBS) channel. Integration and testing with other channels, such as Internet Banking (IB) and Mobile Banking (MB), are complete. Integration with AePS and UPI will be undertaken in the near future to extend comprehensive fraud monitoring across all our digital channels.

The Bank of Maharashtra is dedicated to delivering exceptional customer service and building strong relationships with its clients. Here's an overview of our key initiatives:

A. Implementing Industry Best Practices:

•We've actively implemented recommendations from leading committees like Goiporia, Dr. S.S. Tarapore, and Damodaran to ensure that we meet the highest customer service standards.

•As a member of the Banking Codes and Standards Board of India (BCSBI), we've adopted the Code of Banks' Commitment to Customers and MSMEs, further emphasizing our commitment to ethical and fair practices.

B. Upholding Customer Rights:

•In line with the Damodaran Committee's recommendations, we've appointed an Internal Ombudsman at the Head Office to address customer concerns promptly and fairly.

•We have documented and Board-approved policies on various aspects of customer interaction, including deposits, cheque collections, grievance redressal, compensation, deceased depositor claims, and customer rights. These policies ensure transparency and consistency in our interactions.

C. Multi-Tiered Customer Service Structure:

•We've established Customer Service Committees at all branches, ensuring customer concerns are addressed locally. These committees meet monthly to review customer issues and implement improvements.

•A dedicated Standing Committee on Customer Service operates at the Head Office level, along with Zonal Level Customer Service Committees, providing oversight and guidance on customer service matters. These committees meet regularly to identify and implement ongoing improvements.

•The committee of the Board on Customer Service convenes quarterly to monitor service quality, grievance redressal processes, and overall customer satisfaction.

D. Streamlined Grievance Redressal System:

•We've implemented a comprehensive Standard Public Grievance Redressal System (SPGRS) to ensure prompt and effective resolution of customer complaints.

•The SPGRS encompasses complaints received through various channels, including social media, our website, branches, zonal offices, call centers, and Head Office departments. It addresses issues ranging from staff behavior and credit/debit card concerns to digital transactions and general customer service matters.

•We've integrated our CMS (BO) portal, CPGRAM, and INGRAM with SPGRS using Robotic Process Automation (RPA).

This automation helps us efficiently track complaints, record them in SPGRS, notify customers and relevant branches/zonal offices via email, and automatically escalate overdue grievances to higher authorities based on defined timelines.

E. Enhancing Service Quality:

•To further elevate service standards, we've included industry experts on the Standing Committee on Customer Service, benefiting from their insights and experience.

•We've introduced a QR-based feedback system at branches to gather real-time customer perspectives on service quality. Additionally, we request feedback on complaint resolution via email and SMS links.

F. Expanding Accessibility:

•We've revamped our inbound call center in Pune and established a new inbound/outbound call center in Noida to enhance customer support accessibility.

•Our call centers cater to customers in seven regional languages (Kannada, Tamil, Telugu, Marathi, Gujarati) alongside Hindi and English, ensuring broader communication accessibility for grievance redressal.

G. Cybersecurity Awareness & Education:

•We regularly conduct mass awareness campaigns to educate our customers about cybercrime prevention and best practices for cyber hygiene.

•We utilize various communication channels to deliver these educational messages, including WhatsApp, email, branch digital signage displays, and monthly "Cyber Jaagrukta Diwas" (Cyber Awareness Day) events.

The Bank of Maharashtra is committed to fair and transparent grievance redressal processes. In line with Reserve Bank of India (RBI) guidelines, we have established an Internal Ombudsman (IO) to act as an independent authority for reviewing customer complaints

A. Independent Review & Recommendation:

•The IO reviews complaints that have been partially or wholly rejected by the Bank, ensuring a fair and objective second look.

•Based on this review, the IO submits periodic reports to the Customer Service Committee of the Board. These reports analyze complaint patterns and identify root causes.

B. Continuous Improvement:

•The Customer Service Committee utilizes the IO's reports and recommendations to implement necessary changes in procedures and guidelines.

•This proactive approach helps address underlying issues and prevent similar complaints in the future.

C. New Appointment:

•To ensure continuity in this critical role, the Bank has recently appointed a new Internal Ombudsman effective November 30th, 2022, following the expiration of the previous Ombudsman's term.

Customer Complaint Status:

Sr.No	Particulars	2023-24	2022-23
1	Customer Complaints at the beginning of the year	37	06
2	Complaints received during the year	6439	5609
3	Complaints redressed during the year	6448	5578
4	Complaints pending at the end of the year	28	37

The Bank of Maharashtra prioritizes financial integrity and actively combats money laundering and terrorist financing activities. Here's how we achieve this:

A.Robust KYC-AML-CFT Policy:

•The Bank has a comprehensive Know Your Customer (KYC), Anti-Money Laundering (AML), and Combating Financing of Terrorism (CFT) Policy approved by our Board of Directors. This policy serves as the cornerstone of our efforts to prevent financial crime and ensure regulatory compliance.

B.KYC Compliance - A Shared Responsibility:

•Customer Education: We recognize that successful KYC compliance requires informed customers. To this end, we maintain a comprehensive list of eligible KYC documents readily available on our website for customer reference. This transparency empowers customers to participate actively in the KYC process.

•Staff Training: We regularly conduct training sessions on KYC-AML-CFT guidelines at our dedicated training establishments. These sessions equip our employees with the knowledge and skills necessary to effectively im plement these policies, identify suspicious activities, and safeguard the Bank's financial systems.

Risk Management and ESG Initiatives : Building a Resilient Future:

The Bank of Maharashtra recognizes the importance of safeguarding your financial well-being and operating in an environmentally and socially responsible manner.

The Bank is having proactive approach towards risk management and has put in place robust risk management systems and practices. Your Bank's policies and strategies constantly endeavours to ensure that business functions and risk management functions work in coordination to enhance shareholder value and ensure optimum use of capital. Bank is having Risk Management Committee at apex level supported by various sub-committees headed by Top Management of Bank to frame the Risk Management Policies and Strategies which enables it to identify, measure, monitor and manage risk efficiently and establishes control systems in line with the Bank's Risk Appetite.

A.Proactive Risk Management :

i)OFSAA for Comprehensive Risk Management :

We're implementing the Oracle Financial Analytics Application (OFSAA) solution. OFSAA will provide integrated modules for :

• Liquidity Risk Management : This module will enable us to proactively forecast and manage our cash flow position, ensuring we have sufficient funds to meet our financial obligations.

• Market Risk Management : This module will equip us with advanced tools to analyze and manage potential risks associated with fluctuations in interest rates, foreign exchange rates, and equity markets.

• Asset Liability Management : By effectively managing our assets and liabilities, we can optimize our

fin ancial performance and mitigate risks associated with imbalances in our portfolio.

ii) Advanced Fraud Prevention Systems : Were committed to protecting our customers from fraudulent activity. Several advanced solutions are being implemented, including :

•Enterprise Fraud Risk Management System (EFRMS) : This system provides real-time monitoring and analysis of digital transactions, allowing us to identify and prevent suspicious activity.

•Hunter Solution : This advanced fraud detection solution utilizes machine learning algorithms to identify patterns and anomalies indicative of potential fraud attempts

iii) Early Warning System (EWS) Feeds : The Bank is

implementing Early Warning Signals (EWS) Solution as a part of the monitoring and risk mangement function. EWS feeds are mapped to various triggers, which provide insight about various developments within the companies, which can be leveraged for company risk assessment for credit quality enhancement.

B.Environmental, Social, and Governance (ESG) Focus :

• MAHA GREEN PEHAL : Leading the Way in Sustainable Banking : Through "MAHA GREEN PEHAL," we're dedicated to promoting environmentally friendly practices across all our operations. This initiative encompasses a variety of programs designed to minimize our environmental footprint and encourage sustainable banking practices.

We're actively reducing our environmental impact through :

• Paper Reduction: Digitalization of processes and

promoting e-meetings significantly to minimize paper usage.

• Single-Use Plastic Ban: We've restricted the use of single-use plastics at all our facilities.

• Energy Efficiency: When purchasing electronic equipment, we prioritize energy-efficient options for computers, laptops, lighting, and air conditioning systems.

• Green Energy : Solar panels have been installed in our owned premises to leverage renewable energy sources.

• Green Financing: The Bank offers innovative financial products that support:

• Electric vehicle (EV) financing • Solar energy projects

• Green housing initiatives

• E-Waste Management : We employ eco-friendly practices for responsible E-waste disposal. We have disposed 108 Ton and recycled 103 Ton of E-waste during the year.

•Carbon Footprint Reduction : The Bank has initiated carbon impact assessments for our branches and offices. Additionally, we're committed to tracking and disclosing our Scope 1 and 2 greenhouse gas emissions on a quarterly basis to promote transparency with stakeholders and investors. By implementing these comprehensive risk management and ESG initiatives, the Bank of Maharashtra is committed to building a secure, sustainable, and prosperous future for our stakeholders, the environment, and the communities we serve.

The Bank of Maharashtra understands the importance of a strong brand image in today's competitive landscape. We are committed to strategic marketing and communication initiatives that effectively reach our target audience and build brand loyalty.

A. Reaching Customers Through Integrated Marketing:

•Omnichannel Strategy: We embrace a modern approach that blends traditional media (print, radio, television, and outdoor advertising) with the power of digital marketing to maximize reach and impact. Our print media campaigns raise brand awareness, while radio and television commercials cater to specific regional audiences. Local cable placements and strategic outdoor advertising further amplify our message.

•Digital Engagement: Recognizing the growing influence of online platforms, we've launched targeted digital campaigns across various platforms. These campaigns focus on promoting key products such as home loans, car loans, mobile banking app downloads, account opening with video KYC, and loan options for agriculture, MSME (Micro, Small, and Medium Enterprises), gold loans etc. These digital initiatives not only raise product awareness but also generate leads that branches can convert into business opportunities.

B. Educating and Empowering Our Customers:

•Digital Advocacy: Promoting our digital banking solutions and cybersecurity awareness is central to our marketing efforts. We leverage social media to share important announcements, festive greetings, and informative content through engaging knowledge series.

•Mr. Gyaani & Miss Sayani: Our creative educational video series, "Mr. Gyaani ka Banking Gyaan" (Mr. Wise's Banking Knowledge) and "Miss Sayani ke Sayane Cyber Tips" (Miss Savvy's Smart Cyber Tips), provides viewers with valuable insights on banking and cybersecurity best practices.

C. Staying Ahead of the Curve:

•Social Listening & Market Research: To continuously refine our strategies, we actively utilize social media listening tools. These tools provide valuable data on audience engagement, brand sentiment, and competitor activity, allowing us to adapt and improve our marketing efforts.

D. Building Trust Through Public Relations:

•Community Engagement: We actively participate in sponsorships, CSR (Corporate Social Responsibility) activities, and charitable initiatives.

Th ese efforts not only demonstrate our commitment to social good but also help build strong public relations and reinforce our positive brand identity.

E.Looking Forward:

The Bank of Maharashtra remains dedicated to continuous improvement and innovation in our marketing and public relations strategies. By implementing these initiatives, we aim to solidify our position as a trusted leader in the banking industry and build lasting relationships with our customers.

The Bank has adopted the Citizen's Charter since 2000-01, which details the duties and responsibilities of the Bank towards its customer. The charter is displayed at all the branches and Bank's website.

The Bank of Maharashtra recognizes its responsibility to contribute positively to the communities it serves. We are committed to implementing impactful Corporate Social Responsibility (CSR) initiatives that address the needs of the most vulnerable populations.

A.Focus Areas:

Our CSR activities target a range of critical areas, aiming to create a measurable difference in the lives of the underprivileged:

•Healthcare: We support essential medical services by providing financial assistance for ambulances, dialysis machines, eye checkup camps, and awareness campaigns on various health issues.

•Education: We promote educational opportunities for underprivileged children by sponsoring admissions, scholarships, and infrastructure upgrades in schools.

•Sports & Skill Development: We empower youth through sponsorships for sports activities and skill-based training programs, enhancing their employability.

•Women Empowerment: We champion women's empowerment through initiatives that provide training for self-employment, support women entrepreneurs, and facilitate access to resources.

•Sanitation: We contribute to improved sanitation by sponsoring sanitary pad vending machines and beautification projects for garbage collection points.

•Environment: We actively support environmental sustainability through tree plantation

B. Key Initiatives:

•Financial Assistance: We've provided financial aid for various projects, including ambulances, medical equipment installations, educational scholarships, and skill development programs.

•Empowering Women: We've supported women's self-employment through training programs, sponsorships for exhibitions, and events promoting entrepreneurship.

•MSME Support: We've facilitated the growth of Micro, Small, and Medium Enterprises (MSMEs) by sponsoring exhibitions and conferences specifically designed for women entrepreneurs.

•Rural Development: We actively work alongside our Rural Development Centres (RDCs) and dedicated trusts (MARDEF & GMBVM) to address challenges in agriculture, rural infrastructure, and women's empowerment in rural areas.

C. MARDEF's Achievements:

•Mahabank Rural Self Employment Training Institutes (MRSETIs): These institutes train individuals for self-employment, with a settlement rate of 73.71% for new business ventures initiated by trained participants. In 2023-24, 6,276 individuals received training, and 2,631 trainees secured credit linkages for their businesses.

•Financial Inclusion: MRSETIs actively promote

financial inclusion and literacy by raising awareness about government schemes and facilitating the opening of savings accounts and enrollment in social security programs.

D. Looking ahead:

The Bank of Maharashtra remains steadfast in its commitment to social responsibility. By continuing and expanding our CSR initiatives, we aim to build a more inclusive and sustainable future for all.

The Bank of Maharashtra takes immense pride in its commitment to promoting Hindi as the official language. We've achieved significant milestones in this area during the year 2023-24.

A.Recognition for Excellence:

•Rajbhasha Kirti Puraskar: The Bank was conferred the prestigious "Rajbhasha Kirti Puraskar," the highest national recognition for outstanding implementation of Hindi. We received this award in two categories:

"Better Implementation of Official Language" and "Best House Magazine" at a ceremony held in Pune on September 14th, 2023. Shri A. S. Rajeev, Managing Director & CEO, received the awards on behalf of the Bank.

• Additional Accolades: We were further honored with the "Vishesh Puraskar" and "Rajbhasha Gaurav Award" by the esteemed Mumbai-based institution 'Aashirwad' for our exceptional use of Hindi.

• Zonal Recognition: Several zonal offices, including Lucknow, Patna, and Jaipur, were recognized by Town Official Language Implementation Committees (TOLIC) convened by other banks for their exemplary implementation of Hindi language practices.

B. Promoting Hindi Accessibility:

• Multilingual Communication: We actively promote Hindi across various channels. Our e-magazine 'Mahabank Samvad Sarita' and quarterly house magazine 'Mahabank Pragati' are published regularly in Hindi. As an innovative initiative, 'Mahabank Samvad Sarita' is now available in Braille, catering to visually challenged employees.

• Digital Inclusion: Recognizing the growing

importance of digital access, we've made the Hindi version of our mobile banking platform, Maha-Mobile Plus, readily available to our customers. Furthermore, our website and internal resources like "Online Rajbhasha Kosh" and "Online Hindi Roster" are accessible in Hindi, ensuring information accessibility for all employees.

• Multilingual Customer Service: Our commitment to inclusivity extends to customer service. "WhatsApp Banking Various Language Facility" allows customers to interact in Hindi, English, Marathi, Tamil, Malayalam, Telugu, and other languages.

C. Fostering a Culture of Hindi:

• TOLIC Leadership: The Bank serves as the convener bank for TOLIC committees in Mumbai, Pune, Solapur, Latur, and Jalgaon. These committees organize regular meetings and activities to promote the use of Hindi.

• Hindi Working Day: All branches and offices observe "Hindi Karya Diwas" (Hindi Working Day) on the third Saturday of every month, encouraging staff to conduct their work primarily in Hindi.

• Knowledge Sharing Events: We actively participate in industry-wide initiatives. The Bank organized the "All India Hindi Seminar on 'Bhavishya Ki Banking'" (Future of Banking) in Delhi, inviting participation from PSBs (Public Sector Banks), financial institutions, and insurance companies across the country.

• Hindi Day Celebrations: We host annual Hindi Day celebrations at our Head Office. These events feature prominent personalities as guests and recognize winners of the Bank's All India Rajbhasha Trophy Scheme.

The Bank of Maharashtra remains dedicated to upholding Hindi as an official language. Through these initiatives, we strive to create an inclusive and accessible environment for all our stakeholders.

The Bank of Maharashtra prioritizes the safety and well-being of our customers, staff, and assets. To achieve this, we've implemented a comprehensive Security Policy that encompasses several key areas:

• Safeguarding Bank Assets: This includes robust measures to protect cash, gold, documents, and valuables across branches, administrative offices, currency chests, data centers, and other critical locations. Secure cash handling procedures and advanced vault security protocols are in place to minimize risks.

• Creating a Secure Environment: We foster a safe and welcoming atmosphere for everyone who walks through our doors. This allows staff, visitors, and customers to conduct banking activities with confidence and peace of mind.

•Disaster Preparedness: We understand the

importance of being prepared for unforeseen events. Our Security Policy incorporates measures to counter both man-made and natural disasters, ensuring business continuity and the safety of all stakeholders

Proactive Security Measures:

The Bank continuously assesses and strengthens its security posture through ongoing analysis of potential threats. These proactive measures include:

•Threat Intelligence Gathering: We actively monitor current crime trends, analyze bank robbery methods, identify security breaches, and study fire incident patterns to stay ahead of potential risks.

•Investing in Personnel Training: Security personnel and other bank staff are equipped with the necessary skills and knowledge to handle security situations effectively. Regular training programs ensure they are prepared to respond to a variety of scenarios.

•ATM E-surveillance: A Pioneering Initiative: This innovative security system plays a vital role in protecting our ATM network. We'll delve deeper into the functionalities of ATM E-surveillance in the following section.

By implementing a comprehensive Security Policy and embracing cutting-edge solutions like ATM E-surveillance, the Bank of Maharashtra fosters a secure and reliable banking experience for all.

FUNCTIONING OF ATM E -SURVEILLANCE SYSTEM OF BANK

The Bank of Maharashtra prioritizes ATM security with its innovative E-surveillance system. A central Command Center, staffed 24/7, monitors ATMs via a network of advanced sensors (motion, thermal, etc.), high-definition CCTV cameras, and two-way audio. This allows for immediate action in case of suspicious activity, with audible warnings issued directly to intruders and simultaneous alerts sent to local authorities and bank officials, ensuring a swift response and a safer banking environment for all.

In terms of Regulation 25 of SEBI LODR, 2015, the performance of the Independent Directors were evaluated by the Board of Directors in the Meeting dated 28.02.2024.

Further, the performance evaluation of Whole Time Directors is carried out by Committee of Board for Performance Evaluation on the basis of guidelines prescribed by Government of India. Further, Performance of non-official Directors/ Shareholder Director is done by Board of Directors on annual basis.

All the Independent Directors of Bank have submitted the declaration confirming that they meet the criteria of independence as provided under Regulation 25 of SEBI (LoDr) Regulations, 2015.

The composition of the Board and its Sub-committees as required to be constituted as per the SEBI (LODR) Regulations, Government of India / Reserve Bank India Guidelines and the meetings held therein are mentioned in the Corporate Governance Report.

Pursuant to Regulation 24A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Circular No. CIR/CFD/CMD1/27/2019 dated February 08, 2019, Bank had appointed M/s. DVD & Associates, Practicing Company Secretaries, Pune as a Secretarial Auditor to undertake Secretarial audit of Bank for the financial year 2023-24. The Secretarial Audit Report is annexed to this Report.

Observation of Auditor	Management's Reply
There is no Independent Woman Director on the Board of the Bank as required by SEBI LODR Regulations, 2015.	The composition and functions of Board of Directors of the Bank are governed by the provisions of Banking Companies (Acquisition & Transfer of Undertaking) Act, 1970, Banking Regulation Act 1949 & Nationalized Banks Scheme, 1970, RBI / GOI Guidelines. As per Banking Companies (Acquisition & Transfer of Undertaking) Act, 1970, the power to appoint Directors including Woman Director/ Independent Director except Shareholder Director is vested with the Government of India. The Government of India appoints the director(s) on the Board of the Bank in accordance with the regulatory compliances and other business requirements. As the Bank is a Public Sector Bank established under The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, the SEBI (LODR) Regulations, 2015 are applicable to it to the extent it does not violate the statutes / RBI guidelines / MOF guidelines applicable to it.
Number of Independent Directors was less than 50% of its total strength of Board members as required by SEBI LODR Regulations, 2015
Observation of Auditor	Management's Reply
There was no meeting of the nomination and remuneration committee during the Financial year which is required to be held once in a year as per Regulation 19 (3A) of SEBI LODR Regulations, 2015.	Since there was no agenda for the meeting, therefore, no such meeting held during the Financial Year 2023-24.
The bank is in process of taking out the Directors and Officers insurance policy for their independent directors as required by Regulation 25 (10) of SEBI LODR Regulations, 2015	Bank has already floated RFP in this regard. Bank will soon take the said policy.
As per the Rule 3 of National Financial Reporting Authority Rules, 2018 every Body Corporate not being a Company should file form NFRA-1 and NFRA-2 the same has not been complied by the Bank	The bank is in the process of filing the necessary forms
The listed entity needs to improve the system in respect of reporting of the events in respect of Regulation 30 along with Schedule III of SEBI LODR Regulations, 2015 within the time limits prescribed thereunder especially in respect of the orders of various authorities in respect of the penalties etc. which are disclosed in the Annual Report but have not been reported to the stock exchanges within stipulated time.	Bank is working on improving the systems in this regard.
The Bank has received notice dated 14.12.2023 from BSE Ltd. and National Stock Exchange of India Limited (NSE) each for imposing the fine of Rs. 5000 (excluding GST) for non-compliance of Regulation 23 (9) of SEBI (LODR) Regulations, 2015 pertaining to delay in filing disclosure of	Bank will be extra cautious in the future.
O bservation of Auditor	Management's Reply
Related Party Transactions onconsolidated basis for the quarter and half year ending 30.09.2023. The bank has made the payment of the penalty in due course of time and also informed the stock exchanges about the order of the penalty as per Regulation 30.

The Directors confirm that in the preparation of the annual accounts for the Financial Year ended March 31, 2024:

a) The applicable accounting standards had been followed along with proper explanation relating to material departures, if any;

b) The accounting policies framed in accordance with the guidelines of RBI were followed and the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Bank at the end of the financial year and of the profit and loss of the Bank for that period;

c) The directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of applicable laws to the Bank for safeguarding the assets of the Bank and for preventing and detecting fraud and other irregularities;

d) The directors had prepared the annual accounts on a going concern basis;

e) The directors had ensured that internal financial controls followed by the Bank are in accordance with guidelines issued by RBI in this regard and that such internal financial controls are adequate and were operating effectively; and

f) The directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively

During FY 2023-24, the following changes took place in the Board of Directors:

•Shri Sanjeev Prakash was appointed as RBI Nominee Director of Bank by the Central Government of India w.e.f 14.07.2023 in place of Shri M. K. Verma.

•Shri Abhijit Phukon was appointed as Government of India Nominee Director of the Bank by the Central Government of India w.e.f 25.10.2023.

•Shri A. B. Vijayakumar, Former Executive Director of the Bank superannuated from the services of the Bank w.e.f.

31.10.2023.

•Shri Rohit Rishi appointed as the Executive Director of the Bank by the Central Government of India w.e.f.

01.11.2023.

•Shri A. S. Rajeev, Former MD & CEO of the Bank, ceased to be a Director on the Board of the Bank w.e.f. 22.02.2024 on his appointment as Vigilance Commissioner at Central Vigilance Commission.

•Shri Nidhu Saxena was appointed as Managing Director and CEO (MD & cEO) of the Bank by the Central Government of India w.e.f 27.03.2024.

In terms of Clause 43A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Bank has formed a Dividend Distribution Policy and the same is available on the Bank's website i.e. https://bankofmaharashtra.in/policies.

As per the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, business responsibility and sustainability report for the year 2023-24 has been prepared and is part of Annual Report and also is available on the Bank's website i.e. https://bankofmaharashtra.in/brsr-disclosure.

•APY Annual Award 'Award of Excellence by PFRDA.

•'Best Innovation in User Experience of the Year' at India Banking Summit & Awards 2023.

•Best Cloud Implementation of the Year at India Banking Summit & Awards 2023, for Bank's own cloud platform "Nakshatra".

•Technology Winner Award in the BFSI Technology Awards 2023 by Indian Express, for our online portal "Suvidha".

•"Retail Bank of the Year" award at the esteemed India Banking Summit & Awards 2023.

•'Finnoviti 2023 Award' by Banking Frontier.

•"APY Big Believers" and "APY Leadership Pinnacle" Campaign Awards for the year 2022-23.

•'Best Performing Bank' in the 'Public Sector Bank' category under 'SHG credit linkage to Women Self Help Groups' in the Maharashtra state for Financial Year 2022-23

•'Best Public Sector Bank' in Financial Express Best Bank's Award.

•SKOCH Award 2023 for Best Bank in Financial Inclusion.

•"Best Mid-Sized Bank in India" during the 'Banking & Economy Summit' organised by Business Today at Gandhinagar, Gujarat.

•"Best Bank for promoting Government Schemes" in MSME Banking Excellence Awards 2023 hosted by Chamber of Indian Micro Small & Medium Enterprises.

•'India's Leading Public Bank (Mid)' for FY 2022-23 at "Dun & Bradstreet BFSI & Fintech Summit 2024".

•"IBEX Award for Best Use in Technology" under PSU category at IBEX India 2024 Technology Awards.

•"Best Public Sector Bank 2023" award at Dhanam BFSI Summit & Award Nite 2024 by Dhanam Business Media.

•'IBA Technology Award' under seven different categories for the year 2022-23

• Best Fintech,

• Best IT Risk Management,

• Best Technology Bank,

• Best Financial Inclusion,

• Best Tech Talent,

• Best Digital Engagement

• Best AI ML category.

•"Brand Visibility Award" at Tech Leadership Conclave by ENQUBE.

•Bank was awarded with "Winner - GeM (Govt. e-market place) - Star Buyer Award by GeM.

The Board of Directors place on record their appreciation for the contribution made by the outgoing Directors.

The Board of Directors wishes to express sincere gratitude to the Government of India, the Reserve Bank of India, the Securities and Exchange Board of India, Insurance Regulatory and Development Authority, Indian Banks' Association, Stock Exchanges and Depositories for their valuable advice, guidance and support; to the Customers and Stakeholders for their patronage; to the correspondents and associates for their co-operation and to all the members of staff of "Mahabank Family" for their unstinted commitment and contribution to the overall development of the Bank.

For and on behalf of the Board of Directors

Place: Mumbai	(Nidhu Saxena)
Date:26.04.2024	Managing Director and CEO