The branch must also meet the needs of the advances guaranteed by the government, said the special chief secretary for Irrigation Rajat Kumar
The Bank of Maharashtra on Friday opened a new corporate finance branch (CFB) in the city as part of plans to strengthen the network and expand business in the state.
The Telangana government’s Special Chief Irrigation Secretary Rajat Kumar inaugurated the facility, located in Sultan Bazar, in the presence of BoM Executive Director ABVijayakumar and other bank officials.
“Bank of Maharashtra has significant exposure to Telangana government for various projects. The CFB branch will also have to meet the needs of government guaranteed advances in the future, ”said Mr. Rajat Kumar, issuing sanction letters for 100 crore to new clients. In a statement, the bank said CFB’s activity level was 3,200 crore, which will rise to ₹ 5,000 crore by March.
The CFB will be exclusively for government and business accounts, Vijayakumar said. BoM intends to expand to Telangana by opening at least one branch per district. It has 38 branches in 17 districts and there are plans to open nine more branches by March, he said.
The activity of the Hyderabad zone of the BoM amounted to 12,121 crore as of March 31, 2021. Creation of a new zone in Vijayawada, by cutting 25 branches in Andhra Pradesh, the activity was reduced by 4,000 ₹ crore. Hyderabad area manager R. Jaganmohan said that by March 2022, the Hyderabad area will reach an activity level of 12,000 crore thanks to the active support of the state government.