Bank of Maharashtra has shut down 51 branches across India and merged them with neighbouring branches in a cost-cutting drive.
The affected branches are located in Thane, Mumbai, Pune, Jaipur, Nashik, Bengaluru, Amravati, Latur, Aurangabad, Jalgaon, Nagpur, Satara, Hyderabad, Chennai, NOIDA, Kolkata, Chandigarh, Raipur, Goa, Solapur, and Kolhapur, reported IANS.
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The closure of branches is said to be the first such move carried out by a public sector bank in Maharashtra.
The shuttered branches were declared non-viable and were incurring huge losses, a bank official was quoted by the agency as saying.
The customer bank accounts have been moved from the affected branches to those with which they have been consolidated.
The IFSC and MICR codes of the closed branches have also been cancelled, and will be permanently discontinued from 31 December 2018.
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By GlobalDataThe bank, which has nearly 1,900 branches across the country, recently came under the scanner in a case of fraudulent loans extended to realtor DSK Group.
The scandal resulted in the arrest of the bank’s chairman and managing director Ravindra Marathe and five others.
