MahaBank closes 51 branches to cut costs

Source: The Hitavada      Date: 04 Oct 2018 08:46:01



THE Bank Of Maharashtra (BoM) has closed 51 branches across the country as part of cost-cutting measures in the banking industry, an official said on Wednesday. All the closed branches were in urban centres and were declared unviable and incurring huge losses, said the official of the Pune-headquartered public sector bank.  The senior official said on the condition of anonymity that these 51 branches had been merged with neighbouring branches.

This is the first such measure initiated by any public sector
bank in Maharashtra. The BoM has around 1,900 branches all over India. The BoM said the closure decision was taken for public convenience. These shut branches are in Thane (7), Mumbai (6), Pune (5), Jaipur (4), Nashik and Bengaluru (3 each), Amravati, Latur, Aurangabad, Jalgaon, Nagpur, Satara, Hyderabad and Chennai (2 each), Noida, Kolkata, Chandigarh, Raipur, Goa, Solapur and Kolhapur (1 each). All customers at these closed-down branches have been directed to deposit their old chequebooks by November 30 so as to enable issuance of new ones.