Bank of Maharashtra top PSU in terms of loan, deposit growth in Q1

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New Delhi. Public Sector Bank of Maharashtra (BoM) has performed best among Public Sector Undertakings (PSUs) in terms of credit and deposit growth in the first quarter of the current financial year. The Pune-based lender registered a growth of nearly 25 per cent in deposits and loans, the highest for any public sector bank (PSB) during the April-June quarter. According to the published quarterly data of PSBs, the gross domestic credit of the bank increased to Rs 1,75,676 crore at the end of June 2023, with a growth rate of 24.98 per cent.

It was followed by UCO Bank with a growth of 20.70 per cent, Bank of Baroda with a growth of 16.80 per cent and Indian Overseas Bank with a growth of 16.21 per cent at the third and fourth position respectively. The country’s largest lender State Bank of India (SBI) ranked fifth with a growth of 15.08 per cent in household loan growth. However, SBI’s total debt (Rs 28,20,433 crore) was 16 times that of BoM’s total debt (Rs 1,75,676 crore).

In case of Retail-Agri-MSME (RAM) loans, the highest increase in BOM was 25.44 per cent, followed by Punjab & Sind Bank at 19.64 per cent and Punjab National Bank at 19.41 per cent. With regard to deposit growth, BoM saw a growth of 24.73 per cent and raised Rs 2,44,365 crore at the end of June 2023. As per the published data, Bank of Baroda was at the second spot with a 15.50 per cent increase in deposits (Rs 10,50,306 crore), while Punjab National Bank registered a growth of 13.66 per cent to Rs 12,67,002 crore.

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