Bank of Maharashtra is a Government of India owned public sector bank. It is not a private bank. The central government holds a decisive and dominant majority stake in Bank of Maharashtra — classifying it firmly as a nationalised, government-controlled institution. This means your deposits carry the implicit backing of the Indian government, the bank actively implements government welfare and lending schemes, and its top leadership operates under government oversight through the Ministry of Finance.
Bank of Maharashtra — Quick Overview
| Detail | Information |
| Bank Name | Bank of Maharashtra |
| Founded | 16 September 1935 |
| Origin | Pune, Maharashtra, India |
| Founded By | V. G. Kale and D. K. Sathe |
| Type | Public Sector Bank (Government Bank) |
| Nationalised | 19 July 1969 |
| Headquarters | Pune, Maharashtra, India |
| Government Stake | Approx. 86.46% (as of 2025) |
| Listed On | BSE and NSE |
| Regulator | Reserve Bank of India (RBI) |
| Tagline | One Family One Bank |
The History of Bank of Maharashtra
Bank of Maharashtra was founded on 16 September 1935 in Pune by V. G. Kale and D. K. Sathe — two visionary individuals who wanted to create a bank that genuinely served the common people of Maharashtra. Their philosophy was rooted in community values — providing accessible banking services to farmers, small traders, and working-class families who were largely underserved by existing banking institutions.
The bank was built on cooperative and inclusive principles that were distinctly ahead of their time. From its Pune headquarters, Bank of Maharashtra expanded steadily across Maharashtra — developing an especially strong presence in rural and semi-urban areas. This community-first orientation shaped the bank’s character across generations and earned it deep loyalty among Maharashtra’s ordinary citizens.
The 1969 Nationalisation
Bank of Maharashtra was among the 14 banks nationalised by Prime Minister Indira Gandhi on 19 July 1969. The nationalisation aligned naturally with the bank’s already community-oriented founding philosophy — government ownership formally extended its mandate to serve national development priorities including agricultural credit, rural banking, and financial inclusion across Maharashtra and beyond.
Post-nationalisation, the bank expanded aggressively into previously unbanked rural areas — fulfilling the government’s objective of bringing formal banking services to every corner of the country.
Current Shareholding Pattern
| Shareholder Category | Approximate Stake |
| Government of India | 86.46% |
| Foreign Institutional Investors | 3-4% |
| Domestic Institutional Investors | 4-5% |
| Public and Retail Investors | 5-6% |
Bank of Maharashtra has one of the highest government ownership percentages among all nationalised banks — with the Centre holding approximately 86.46% equity. This near-dominant ownership reflects the government’s strong continued commitment to this institution.
Key Facts and Services
Bank of Maharashtra today operates over 2,400 branches and 2,000+ ATMs across India — with its strongest footprint in Maharashtra, particularly in rural and semi-urban districts. The bank employs over 13,000 people and serves millions of customers across retail, MSME, agricultural, and government banking segments.
Its Mahabank Mobile app and internet banking platform have modernised its digital offerings considerably. Agricultural lending — Kisan Credit Cards, crop loans, and farm mechanisation finance — remains a core strength reflecting the bank’s historical roots. For retail customers, the bank offers savings accounts, fixed deposits, home loans, vehicle loans, personal loans, and gold loans. The bank is also an active implementation partner for PM Awas Yojana, PM Mudra Yojana, and other flagship government schemes.
Frequently Asked Questions (FAQs)
Q: Is Bank of Maharashtra a government or private bank?
A: Bank of Maharashtra is a Government of India-owned public sector bank. The central government holds approximately 86.46% stake.
Q: When was Bank of Maharashtra founded?
A: On 16 September 1935 in Pune by V. G. Kale and D. K. Sathe.
Q: When was Bank of Maharashtra nationalised?
A: On 19 July 1969 — part of PM Indira Gandhi’s nationalisation of 14 major Indian banks.
Q: How many branches does Bank of Maharashtra have?
A: Over 2,400 branches across India.
Q: Is Bank of Maharashtra safe for deposits?
A: Yes — government-owned, RBI-regulated, with DICGC insurance up to ₹5 lakh per depositor.
Q: What is Bank of Maharashtra’s tagline?
A: “One Family One Bank.”
Q: Where is Bank of Maharashtra headquartered?
A: Pune, Maharashtra, India.
