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Banking sector is quickly transforming and hastening with technological development and investment tie-ups. Stating this, Bank of Maharashtra (BOM) executive director Hemant Tamta talked about various aspects and growth of the sector.

Banking sector is quickly transforming and hastening with technological development and investment tie-ups. Stating this, Bank of Maharashtra (BOM) executive director Hemant Tamta talked about various aspects and growth of the sector with Free Press.
“Banking is expanding as a sector and we must work efficiently to provide seamless and quick transfers to cater to latest generation,” Tamta said. He added that digitalization is a necessity that helped banks provide services to its 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.

Aimed to promote MSME: boost of 25%
BOM is aiming to boost the growth of Micro, Small, and Medium Enterprises (MSME), as shared by Tamta. “BOM’ RAM (retail, agriculture, and MSME) segment grew at the record pace of 14.24 percent to Rs 70,515 crore,” he said. He added that now bank will aim to grow in this sector at 25 percent.

Tie ups with Fin-Tech
Investments have seen a growth in the last year following covid-19 outbreak and it’s time for banks to become more competitive and cater the necessary 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 2021, 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 the following figures, the Bank of Maharashtra enhanced gross advances by 11.46 percent to Rs 1,15,236 crore in the July-September 2021-22 period.

Recovery in markets
“Banking sector is recovering as economy is recovering now,” Tamta said. He added that post Diwali, there has been a boost.

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