Technological advancements and tie-ups are changing the face of banking in the country, said Bank of Maharashtra (BoM) executive director Hemant Tamta, while interacting with Free Press on Tuesday.
“Banking is expanding as a sector and we must work efficiently to provide seamless transfers to cater to the latest generation,” Tamta said. He added that digitalization is a necessity that helped banks provide services to their customers in Covid-19 times.
“Now, our aim is to provide the best possible digital landing with safe and quick processes,” Tamta said. He added that public sector banks like BoM are aiming to grow and compete with best private banks.
Aim to promote MSME
BoM is aiming to boost the growth of Micro, Small, and Medium Enterprises (MSME), said Tamta. “BoM’s RAM (retail, agriculture, and MSME) segment grew at the record pace of 14.24 per cent to Rs 70,515 crore,” he said. He added that now bank will aim to grow in this sector at 25 per cent.
Tie ups with Fin-Tech
Investments have seen growth during last year following Covid-19 outbreak and it’s time for banks to become more competitive and provide better facilities. “We are tying up with Fin-Tech companies to cater to this rising need of investment,” Tamta said. He added that there has been a quick rise and understanding of the necessity of investment. “Banks need different plans with various risk-taking portfolios for customers,” Tamta said.
BOM grows as top finisher
According to financial records for the quarter and half year ending 30th Sept, BoM has been the top finisher among public sector banks in terms of loan and savings deposit gains during the second quarter of the ongoing financial year. According to figures, the Bank of Maharashtra enhanced gross advances by 11.46 per cent to Rs 1,15,236 crore in the July-September 2021-22 period.
Recover in markets
“Banking sector is recovering as economy is recovering now,” Tamta said. He added that post-Diwali, there has been a boost.