Bank of Maharashtra Marks 91st Foundation Day with Finance Minister’s Call for Customer-Centric Banking
Pune, 25th September 2025: Union Finance and Corporate Affairs Minister Nirmala Sitharaman underscored the importance of customer confidence in the banking sector while addressing the 91st Foundation Day of Bank of Maharashtra in Pune today.
“Every grievance raised by a customer should be treated as an opportunity — an opportunity to correct processes, innovate, and strengthen trust. The same mistake must not be repeated,” Sitharaman said, urging banks to prioritize transparency and accountability in their functioning.
The event was also attended by M. Nagaraju, Secretary of the Department of Financial Services, and Nidhu Saxena, Managing Director and Chief Executive Officer of Bank of Maharashtra.
In his welcome remarks, Saxena spoke about the bank’s growth journey and its future roadmap. On this occasion, the bank also inaugurated its new Corporate Office through a virtual ceremony.
Delivering the keynote address as the chief guest, Sitharaman highlighted the critical role public sector banks play in nation-building. “Financial institutions are central to India’s infrastructure and economic progress. For investments in industry, infrastructure, and innovation to be sustainable, banks must maintain robust balance sheets,” she said.
She noted that in times of global uncertainty, banks are not only custodians of deposits but also drivers of growth, supporting entrepreneurs and businesses to navigate challenges and seize opportunities.
Reflecting on India’s economic performance, the Finance Minister added, “Despite global turbulence, India’s resilience stands out. Strong fundamentals, a young population, and growing domestic demand have placed us on a firm high-growth path.”
She pointed out that India has recorded an average annual GDP growth of nearly 8% since the pandemic recovery period (2021–22 to 2024–25), retaining its position as the fastest-growing major economy. The April–June 2025 quarter alone posted a 7.8% expansion.
“This resilience is the outcome of timely policy interventions, structural reforms, massive investment in physical and digital infrastructure, better governance, and improved competitiveness,” Sitharaman said. “All of this reflects the Government’s ‘Nagrik Devo Bhava’ approach, aligned with the vision of Viksit Bharat 2047.”
She also highlighted India’s success in digital payments. “UPI has emerged as a global benchmark for interoperability. The IMF recently acknowledged its robust design. But while digitalization transforms systems, empathy, integrity, and human judgment remain indispensable,” she added.
Commending Bank of Maharashtra, Sitharaman said the institution has made notable contributions to financial inclusion. As of March 31, it has:
Opened 1.21 crore Jan Dhan accounts
Facilitated over 55 lakh enrollments under PM Jeevan Jyoti Bima Yojana
Covered 1.16 crore people under PM Suraksha Bima Yojana
Enrolled 17.7 lakh subscribers in the Atal Pension Yojana
Disbursed nearly ₹33,000 crore to 46 lakh beneficiaries under PM MUDRA Yojana
Provided over ₹1,200 crore in credit to 5,300+ entrepreneurs through Stand-Up India
Supported 1.67 lakh street vendors under PM SVANidhi
“These achievements reflect the bank’s dedication to empowering citizens and strengthening inclusive growth,” she noted.
Speaking at the event, DFS Secretary M. Nagaraju said public sector banks have demonstrated a remarkable turnaround. “In the last financial year, PSBs recorded a collective profit of ₹1.78 lakh crore. They are also now surpassing private banks in terms of credit disbursement, which is a positive sign for the sector,” he said.
Nagaraju added that PSBs should focus on becoming more customer-centric, aiming to provide world-class service while ensuring credit expansion to key sectors such as MSMEs, agriculture, and education.
