What is the full form of BOM?
The full form of BOM is the Bank of Maharashtra.
Note: In accounting, BOM also refers to the “Bill of Materials.” Similar to this, BOM gives many interpretations depending on the field. However, as banking is the focus of this article, we will be concentrating on the “Bank of Maharashtra.”
Bank of Maharashtra is a significant bank in the public sector in India. It is owned by the Ministry of Finance of the Government of India. As of March 2022, the bank has 29 million clients nationwide with 2022 branches. It had the largest network of subsidiaries in the state of Maharashtra of any other public sector banking system.
A brief history of BOM
- D.K. Sathe & V. G. Kale formed the bank in Pune, India.
- The bank was licensed with an approved capital of US$ 1 million on 16 September 1935 and became operative on 8 February 1936.
- It supported tiny companies financially and gave rise to several manufacturing companies.
- The bank grew rapidly after nationalization in 1969.
- On 2 December 2018, A.S. Rajiv became the Managing Director & CEO of the bank.