What does BOM Stand for?
The full form of BOM is the Bank of Maharashtra. It is an important and popular public sector bank (87.4% of the bank is owned by the Government of India). The bank was officially incorporated on 16 September 1935 by Prof. V G Kale, DK Sathe, and eight others. Since then, 21 presidents have chaired this historic bank, with the latest chairman, Shri A S Rajeev, on the helm since 2018.
BOM Quick Facts
Apart from learning the full form of BOM, here are some important facts about the Bank of Maharashtra that might come in handy.
- Though the bank was officially established in 1935, operations began much later on 8 February 1936, in Pune, and its status as a scheduled bank was obtained in 1944.
- The Bank of Maharashtra was incorporated with an approved capital of USD 1 Million at the time of incorporation.
- Initially, the aim of the bank was to support micro-companies and micro-enterprises with the necessary financial backing. Over the years, the Bank of Maharashtra has been crucial in giving rise to several manufacturing companies.
- The Bank of Maharashtra was one of the first banks to be nationalised in 1969, along with 13 other banks during the first wave of nationalisation.
- The bank is one of the largest banks in India, boasting over 1.5 crore customers across almost 2000 branches: the largest network of branches in the state of Maharashtra.
- BOM is listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE)
- BSE ticker - 532525
- NSE ticker - MAHABANK
- The Bank of Maharashtra is one of the largest banks in terms of employment with over 13,000 official employees on record, as of 2020.
- The Bank of Maharashtra offers a wide variety of services to its customers. These include consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, savings, securities, asset management, wealth management, and credit cards to name a few.
- The Bank of Maharashtra has benefited greatly from the merger of all Public Sector banks, reporting a net profit of INR 385 crores during the Financial Year 2020.
We hope this information was useful to you. Like the full form of BOM, you can learn from others our articles. This would be extremely beneficial for a banking exam.
- IVB Full Form
- APGVB Full Form
- IIFL Full Form
- KVB Full Form
- CIBIL Full Form
- HSBC Full Form
- LIC Full Form
- CUB Full Form