Bank of Maharashtra , a prominent public sector bank, has announced the appointment of Devesh Verma as its new General Manager of Digital Transformation, effective August 4, 2025. This strategic move underscores the bank's commitment to enhancing its digital capabilities and staying competitive in the rapidly evolving banking landscape.

A Tech-Savvy Leader at the Helm

Devesh Verma, 38, brings a wealth of experience and expertise to his new role. With a B.Tech in Information Technology and an Executive Programme in Digital Transformation from the prestigious Indian Institute of Management (IIM) Indore, Verma is well-equipped to lead the bank's digital initiatives.

Extensive Banking Sector Experience

Verma's appointment comes on the back of an impressive 17-year career in the banking sector, with a specific focus on digital transformation initiatives. His diverse experience spans across several notable financial institutions:

• Poonawala Fincorp
• Kotak Mahindra Bank
• State Bank of India (SBI)
• HDFC Bank
• ICICI Bank (where he served as Deputy CTO in his most recent role)

This extensive background in various banking environments positions Verma well to understand the unique challenges and opportunities in digital transformation within the banking sector.

Expectations and Challenges

As the new General Manager of Digital Transformation, Verma is expected to spearhead Bank of Maharashtra's efforts in leveraging technology to improve customer experience, streamline operations, and introduce innovative digital banking solutions. His appointment comes at a crucial time when banks are increasingly focusing on digital strategies to meet changing customer expectations and compete with fintech disruptors.

Official Announcement

The bank officially informed the stock exchanges about this appointment in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The announcement was made through a filing signed by Vishal Sethia, Company Secretary & Compliance Officer of Bank of Maharashtra.

This appointment reflects Bank of Maharashtra's proactive approach to digital transformation and its commitment to staying at the forefront of technological advancements in the banking sector. As Devesh Verma takes on this crucial role, stakeholders will be keenly watching the bank's digital initiatives and their impact on its overall performance and customer satisfaction in the coming years.

Bank of Maharashtra , a prominent public sector bank, has announced a reduction in its Marginal Cost of Funds Based Lending Rate (MCLR) across multiple tenors, effective July 31, 2025. This move is likely to impact borrowers with MCLR-linked loans.

Key Rate Changes

The bank has made the following adjustments to its MCLR:

Impact on Different Tenors

• One-Year MCLR: The benchmark one-year MCLR, which serves as the basis for most consumer loans, has been reduced by 5 basis points from 9.05% to 9.00%.
• Six-Month Tenor: Saw a significant cut of 20 basis points, dropping from 8.90% to 8.70%.
• Three-Month Tenor: Decreased by 10 basis points, from 8.65% to 8.55%.
• Short-Term Rates: The overnight and one-month MCLR rates remain unchanged at 8.20% and 8.40% respectively.

Regulatory Compliance

As part of its regulatory obligations, Bank of Maharashtra has communicated these changes to the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE). This disclosure is in line with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The revised rates, as confirmed by Mr. Vishal Sethia, Company Secretary & Compliance Officer of Bank of Maharashtra, will come into effect from July 31, 2025.

This adjustment in MCLR rates by Bank of Maharashtra could potentially lead to lower interest rates for borrowers, particularly those with loans linked to the six-month and one-year MCLR. However, the actual impact on individual loan rates may vary based on specific loan terms and conditions.