Opening of the corporate finance branch of the BoM

The branch will also meet the needs of advances guaranteed by the government, says Special Chief Secretary Irrigation Rajat Kumar

The branch will also meet the needs of advances guaranteed by the government, says Special Chief Secretary Irrigation Rajat Kumar

Bank of Maharashtra on Friday opened a new Corporate Finance (CFB) branch in the city as part of plans to strengthen the network and expand business in the state.

Telangana Government Special Chief Secretary for Irrigation, Rajat Kumar, inaugurated the facility, located in Sultan Bazar, in the presence of BoM Executive Director ABVijayakumar and other bank officials.

“Bank of Maharashtra has significant exposure to the government of Telangana for various projects. The BFC branch will also cater for government guaranteed advances in the future,” Mr. Rajat Kumar said, handing over letters of sanction for ₹100 crore to new customers.The bank in a statement said CFB’s business level is ₹3,200 crore which will increase to ₹5,000 crore by March.

The CFB will be exclusively for government and corporate accounts, Mr. Vijayakumar said. BoM intends to expand to Telangana by opening at least one branch per district. It has 38 branches in 17 districts and plans to open nine more branches by March, he said.

BoM’s Hyderabad zone activity stood at ₹12,121 crore as of March 31, 2021. Creation of a new zone in Vijayawada, by cutting 25 branches in Andhra Pradesh, activity was reduced by 4,000 ₹ crore. Hyderabad Zone Director R. Jaganmohan has stated that by March 2022, Hyderabad Zone will reach the business level of ₹12,000 crore with the active support of the state government.

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