Competition Refresher Magazine

ECONOMY FINANCE an article about bank of Maharastra can be viewed on the 44^th page of competition refresher

Bank of Maharashtra closes 51 branches to .cut costs

Competition Refresher Magazine Public sector bank, Bank of Maharashtra (BoM) has announced the closure of 51 branches across the country as part of cost-cutting measures being implemented Competition Refresher Magazine in the banking industry, an official said. All the branches were in urban centres and have been identified for the action as they were declared non-viable Competition Refresher Magazine and were incurring huge losses, said the official of the Pune­headquartered bank. Declining to be identified, the senior bank official said that these 51 units have been clo'sed down and merged with neighbouring branches. Competition Refresher This is the first such measure initiated by any PSB in Maharashtra. The BoM has around 1,900 branches all over India. CompetitionRefresher In a terse announcement, the BoM said that it has closed down and merged these 51 branches for public convenience. Competition Refresher The IFSC Code and MICR codes of these branches have also been cancelled and all the savings, current and other bank accounts have been transferred to the branches with which they have been merged. Competition Refresher gk All customers have been directed to deposit their cheque books issued from the closed branches with the old IFSC/MICR Codes by November -30, and collect their payment instruments bearing the new branch's IFCS/MICR codes. Competition Refresher gk The BoM cautioned that since the old IFSC/MICR Codes have been spiked and shall be discontinued permanently from December 31, the customers, henceforth, Competition Refresher gk should conduct all their banking transactions only with the new IFSC/MICR Codes.