Bank of Maharashtra deserves to keep independent identity: Outgoing chief

Mumbai, 29 November Central government-owned Bank of Maharashtra (BoM) is on the mend and deserves to continue operating as a separate entity, not be merged into bigger and other lenders, says its outgoing managing director (MD).The bank is presently under the Prompt Corrective Action (PCA) clamp of the Reserve Bank of India (RBI), for having see an undue rise in stressed loans.Ravindra Marathe, the outgoing MD and chief executive officer (Thursday is his last day in this office), was asked by this publication if there was a business case for BoM to remain a separate entity, in the backdrop of consolidation among other state-owned lenders. He asserted there was a strong commercial basis for staying an independent entity. Adding: "We might not grow at 20 per cent (annually) but will definitely grow at five to 10 per cent. Nothing wrong in that. It is stable and steady performance." It was, went on, the only bank with nearly 60 per cent of its branch network, and 62 per cent of its ...

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