Bank of Maharashtra has announced the elevation of three senior executives to Chief General Manager positions, marking a significant development in the bank's leadership structure. The appointments, effective April 1, 2026, were communicated to stock exchanges in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.

Senior Management Appointments

The bank has promoted three experienced professionals who have demonstrated expertise across various banking operations. All three appointees bring substantial experience from working across the bank's three-tier structure comprising branches, zonal offices, and head office operations.

Professional Backgrounds

Shri Devdatta Vitthal Rokade joined the bank as a Specialist IT officer and currently heads multiple critical departments including Operations, Strategy, ABC & Resource Planning. His technical background in Electronics & Communication has been instrumental in his banking career spanning over two decades.

Shri Arun Fanidhar Kabade, the most senior among the three appointees, began his journey with the bank as a Specialist IT officer. With his computer science expertise, he currently leads the FMA & Credit Agriculture Department, bringing nearly three decades of banking experience to his new role.

Shri Milind Babarao Gharad brings a unique marketing perspective to the senior management team. Having joined as a Marketing officer, he currently serves as Chairman of Maharashtra Gramin Bank, a Regional Rural Bank sponsored by Bank of Maharashtra, demonstrating his leadership capabilities in rural banking operations.

Regulatory Compliance

The appointments were formally communicated to both BSE Limited and National Stock Exchange of India Limited, with the bank trading under scrip codes 532525 and MAHABANK respectively. The announcement was signed by Vishal Sethia, Company Secretary & Compliance Officer, ensuring adherence to regulatory disclosure requirements.

Strategic Implications

These internal promotions reflect the bank's strategy of nurturing talent from within and recognizing experienced professionals who have contributed significantly to various banking operations. The diverse expertise of the newly appointed Chief General Managers spans technology, agriculture credit, marketing, and rural banking, positioning the bank to leverage their combined experience for future growth initiatives.

Bank of Maharashtra has announced a selective revision in its Marginal Cost of Funds Based Lending Rate (MCLR) structure, with the changes taking effect from March 31, 2026. The public sector bank has opted to reduce rates only for its shortest tenor while maintaining stability across other lending rate categories.

MCLR Rate Structure Changes

The bank's latest rate review resulted in a targeted adjustment to its overnight lending rate. The overnight MCLR has been reduced from 7.90% to 7.75%, marking a decrease of 15 basis points. This reduction affects the bank's shortest-term lending benchmark, which serves as a reference rate for various loan products.

Rate Structure Maintained for Other Tenors

While the overnight rate saw a reduction, Bank of Maharashtra has maintained its existing rate structure across all other MCLR tenors. The one-month MCLR remains at 8.20%, three-month tenor continues at 8.45%, six-month rate stays at 8.70%, and the one-year MCLR is unchanged at 8.85%. This selective approach indicates the bank's strategy to adjust short-term liquidity costs while preserving medium to long-term lending rate stability.

Regulatory Compliance and Implementation

The rate revision was formally communicated to both BSE Limited and National Stock Exchange of India Limited on March 30, 2026, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Company Secretary and Compliance Officer Vishal Sethia signed the official communication, ensuring proper regulatory disclosure of the material information that could impact the bank's lending operations and customer relationships.