Bank of Maharashtra (BoM) has registered the highest growth among public sector banks in terms of total business and deposit mobilization in the last financial year.
Bank of Maharashtra (BoM) has registered the highest growth among public sector banks in terms of total business and deposit mobilization in the last financial year. BOM has achieved this growth at a time when most public sector banks were seen struggling to achieve double-digit growth.
According to the published data of public sector banks, the total domestic business of Pune-headquartered Bank of Maharashtra has increased by 15.94 percent in the last financial year 2023-24. After this, the State Bank of India (SBI) registered an increase of 13.12 percent. However, in value terms, SBI's total business (deposits and advances) was almost 16.7 times higher at Rs 79,52,784 crore compared to Bank of Maharashtra (BoM)'s Rs 4,74,411 crore.
Similarly, in the last financial year, BOM has had the best growth rate in terms of deposit mobilization. In the last financial year, the deposit growth of BOM was 15.66 percent. This was followed by SBI (11.07 percent), Bank of India (11.05 percent) and Canara Bank (10.98 percent).
In the last financial year, out of 12 public sector banks, only these four banks have been able to achieve a growth of more than 10 percent in terms of deposits. Bank of Maharashtra also remained on top in terms of low-cost CASA (Current Account Savings Account) deposits with a growth of 52.73 percent. This was followed by the Central Bank of India with an increase of 50.02 percent. CASA deposits help banks keep their cost of funds low.
In terms of loan growth, Kolkata's UCO Bank was slightly better than BOM with a growth of 16.38 percent. After this, BOM was next with an increase of 16.30 percent. SBI registered an increase of 16.26 percent in terms of advances in the financial year 2023-24. In the last financial year, the loan growth of other public sector banks was less than 16 percent.
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