Bank of Maharashtra shareholders seek answers to NPAs, other plaguing issues

Suhas Vaidya, president of the Bank Shareholders Association, had raised the issue of non-reply to the questions he had raised over the functioning of the bank.

Suhas Vaidya, president of the Bank Shareholders Association, had raised the issue of non-reply to the questions he had raised over the functioning of the bank.

The 13th Annual General Meeting (AGM) of Bank of Maharashtra saw irate shareholders asking questions about the Non-Performing Assets (NPA) and various other issues plaguing the bank. The meeting also saw S Muhnot, chairman and managing director of the bank, seeking consent to raise Rs 1,000 crore by way of FPO/Right issue/QIPs etc to meet capital requirements as per RBI’s Basel III norms to tap future growth oppportunities.

Suhas Vaidya, president of the Bank Shareholders Association, had raised the issue of non-reply to the questions he had raised over the functioning of the bank. Other shareholders had raised the issue of non-payment of dividend as well as the absence of a woman director on the board. Questions were also raised about some alleged cases of irregularities.

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Munhot said the bank has achieved an all-time record of Rs 2,50,230 crore in total business, registering 12.05 per cent growth on year-on-year basis. The bank’s gross advances rose by 9.91 per cent (Rs 10,030 crore), while the CASA deposits also indicated a robust growth of 12.52 per cent (Rs 5,670 crore) to Rs 50,967 crore constituting 36.68 per cent of total deposits.

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Addressing their queries, the CMD replied, “Containing the NPAs was a challenge for the entire banking sector due to the slippages in steel, power and infrastructure. We have taken necessary steps to speed-up the recovery process across various levels of loan segments. The bank has the lowest NPA in the retail segment. Going forward, we would increase our efforts in growing our home-loan portfolios. We are estimating a growth of 20-25 per cent in this segment. To fuel this growth, we would like to appoint DSA (Direct Selling Agents). We welcome our retired staff to join hands to expand the reach of our superior products.”

Responding to the query on dividends, he said, “We at Bank of Maharashtra are committed towards our shareholders and striving to provide better value for our investors.”

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