What is the full form of BOM?
The BOM full form is the Bank of Maharashtra. Note that BOM also refers to the “Bill of Materials” in accounting. Similarly, BOM provides numerous meanings based on the field. As banking is the main topic of this article, we shall focus on the “Bank of Maharashtra.”
Bank of Maharashtra is an important public sector bank in India. It is owned by the Government of India’s Ministry of Finance. As of March 2022, the bank has 29 million customers and 2022 branches nationwide. It had the greatest subsidiary network of any public sector banking institution in Maharashtra.
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A brief history of BOM
- D.K. Sathe and V. G. Kale founded the Indian bank in Pune.
- On 16 September 1935, the bank was granted a license with an authorized capital of $1 million, and on 8 February 1936, it began operations.
- It provided financial support to small businesses and spawned several manufacturing firms.
- After nationalization in 1969, the bank flourished rapidly.
- On December 2, 2018, A.S. Rajiv became the bank’s Managing Director and Chief Executive Officer.
