During the second quarter of the current fiscal year, state-owned Bank of Maharashtra (BoM) continued to hold the top rank among public sector lenders in terms of percentage increase in loans and deposits. The Pune-based lender reported a surge in deposits and advances of more than 20 percent, making it the greatest increase by any public sector bank from July to September.
According to publicly available quarterly data on public sector banks (PSBs), the bank’s gross domestic advances increased to Rs 1,83,122 crore at the end of September 2023, growing at a pace of 23.55 percent. The Central Bank of India (17.26 percent growth), UCO Bank (16.53 percent growth), and Indian Overseas Bank (20.29 percent growth) trailed behind.
State Bank of India (SBI), the biggest lender in the nation, rose to the seventh position with a 13.21% increase in domestic advances. In absolute terms, however, SBI’s total loans were around 16 times bigger at Rs 28,84,007 crore than BoM’s Rs 1,75,676 crore.
By the end of September 2023, BoM had mobilized Rs 2,39,298 crore, a 22.18 percent increase in deposits. According to the released data, SBI had an 11.80 percent gain in deposits at Rs 45,03,340 crore, while Bank of Baroda ranked second with a 12 percent growth in deposits (Rs 10,74,114 crore).
With 50.71 percent of low-cost Current Account and Savings Account (CASA) deposits, BoM continued to hold the top spot. The Central Bank of India came in second with 49.93 percent.
