Your directors have pleasure in presenting the Annual
Report of the Bank with the audited Balance Sheet, Profit &
Loss Account and the Report on Business and Operations
for the year ended March 31, 2026.

Economic & Banking Scenario 2025-26: Sustained
Growth Amidst Challenges

1.1    Economic Growth:

I.    The Indian economy maintained a steady growth
trajectory during FY 2025-26 despite a
challenging global environment characterized by
geopolitical tensions, supply disruptions and
volatility in commodity prices.

II.    Real GDP growth for the year is estimated at
around 7.6 per cent, supported by strong
domestic demand, sustained public capital
expenditure and improving private investment
activity.

III.    Economic activity remained broad-based, with
stable rural demand supported by agricultural
output and continued strength in urban
consumption.

1.2    Inflation and Monetary Policy Environment:

I.    Headline CPI inflation remained within the
tolerance band during FY 2025-26, with core
inflation around 3.7 per cent and food inflation
moderating on account of favorable supply
conditions, though risks persisted due to
commodity prices and weather-related
uncertainties.

II.    The Union Budget maintained a prudent fiscal
stance, balancing consolidation with growth, with
continued emphasis on capital expenditure and
Kartavya priorities such as infrastructure,
inclusive development, productivity, and financial
sector strengthening.

1.3    Banking Scenario:

I.    Public sector banks recorded robust business
expansion during FY 2025-26, with total business
reaching Rs.283.3 lakh crore (12.8% year-on-
year), driven by healthy growth in credit and
deposit portfolios across key segments.

II.    Return ratios remained healthy, and operational
efficiency improved, supported by digital adoption
and better cost management across banks.

1.4    Credit Growth Dynamics:

I. Public Sector Bank's gross advances stood at
Rs.127 lakh crore registering y-o-y growth of

15.7% as on 31.03.2026, led by sustained
traction in Retail, Agriculture and MSME
segments.

II. In Public sector Banks, Retail, Agriculture and
MSME advances registered healthy y-o-y growth
of 18.1%,    15.5% and 18.2% respectively,

highlighting important role of Public sector Banks
in supporting financial inclusion and growing
entrepreneurship.

1.5    Deposit Mobilization Challenges:

I.    Deposit mobilization remained a key focus area
during the year amid competitive conditions and
evolving liquidity dynamics.

II.    Banks continued to focus on granular deposit
growth and CASA mobilization, supported by
customer engagement and product innovation.

1.6    Interest Rate Trends:

I.    The monetary policy stance remained stable
during FY 2025-26, with the policy repo rate
maintained at 5.25 per cent as on March 2026.

II.    Elevated cost of funds and competitive deposit
pricing exerted pressure on Net Interest Margins
(NIMs) across the banking sector.

1.7    Asset Quality Improvements:

I.    In Public sector banks, Asset quality has been
improved significantly with gross non-performing
assets (GNPA) declining to historic low of 1.93%
as on 31.03.2026 reflecting, improved recovery
mechanism, prudent underwriting standards and
effective risk management practices.

II.    Net NPAs moderated to 0.39% as on 31.03.2026
supported by improved recoveries, lower
slippages and strengthened credit monitoring
frameworks.

1.8    Technological Transformation:

I.    Digital banking, automation and analytics

continued to enhance operational efficiency and
customer experience during FY 2025-26. The
Bank is strengthening its digital infrastructure and
leveraging advanced technologies and
partnerships to deliver seamless, integrated
banking services. Adoption of advanced
technologies supported improvements in credit
monitoring, fraud detection and service delivery
across the banking system.

II.    End-to-End Digital Journeys

Implemented multiple digital journeys across
retail, MSME, and agriculture segments, including
PM Suryaghar, EWS Housing Loans, Pre¬
approved Personal Loans, E-GST MSME
onboarding, Digital Mudra, SHG, and Kisan Tatkal
Loans.

III.    Integration with RBIH's Unified Lending
Interface enables seamless digital lending.
Upcoming offerings such as Digital KCC,
Business Loans (ETB/NTB), and Digital Housing
Loans will further scale the digital footprint.

IV.    Digital Infrastructure Enhancement

Deployed Digi LEAP, a tablet-based account
opening solution at branches to improve
compliance, enhance customer experience, and
reduce manual effort. The solution is being
extended to field functionaries for faster
onboarding.

V.    Mobile Banking Transformation

Launched “Zen Lyfe” mobile banking app. The
platform integrates banking with lifestyle services,
offering payments, transfers, and curated
services like travel, shopping, and dining through
a seamless user experience.

VI.    Key Action Points - Future Goals

a)    Establish CoEs & Standardization: Set up

Centers of Excellence and adopt industry
frameworks to drive consistency, quality, and
scalable delivery.

b)    Agile & Responsive IT Delivery: Embed
Agile methodologies to accelerate execution
and enhance business responsiveness.

c)    Real-time, Data-led Operations: Enable
near real-time data capabilities to support
faster decisions and operational agility.

d)    Strengthened Governance & Resilience:

Implement ISO-led governance and robust
incident management for higher reliability and
continuity.

e)    Integrated Operating Model: Transition to a
layered IT structure (BA, CoE, QA, Testing) to
drive efficiency and sustained performance
improvement.

1.9 India's Economic and Banking Outlook 2025-26 &
Beyond

India continues to remain one of the fastest-growing
major economies, supported by strong domestic
demand, sustained public investment, and improving
private sector participation. Real GDP growth for FY
2025-26 is estimated at around 7.6 per cent, while
global institutions such as the International Monetary
Fund and World Bank project India's growth in the
range of 6.5-7.0 per cent in the near term, reinforcing
its position among leading economies.

The Government's continued emphasis on
infrastructure development, manufacturing,
digitalization, and financial inclusion, aligned with
national priorities and the vision of Viksit Bharat 2047,
is expected to support medium-term growth.
Improving employment conditions, stable inflation and
continued focus on capital expenditure are likely to
sustain consumption and investment activity.

1.10 Charting Resilient Future

India's long-term growth trajectory remains well
supported by favorable demographics, expanding
digital infrastructure, and increasing formalization of
the economy. The focus on key priorities under the
Viksit Bharat vision, including Yuva, Garib, Mahilayen
and Annadata is expected to strengthen inclusive
growth while addressing the needs of a dynamic and
evolving population.

The continued emphasis on manufacturing through
Make in India, technology transfer and strengthening
domestic capabilities is positioning India as a key
driver of global economic activity and an emerging
leader of the Global South. Parallelly, sustained
efforts towards improving last-mile delivery of
benefits, targeted incentives and policy support are
aiding formalization and enhancing economic
participation.

Energy self-sufficiency, transition towards sustainable
sources and strengthening of domestic production
ecosystems are further supporting the shift from a
developing to a near-developed economy.

The banking sector will play a critical role in this
transition, with increased focus on deposit
mobilization to strengthen liquidity buffers and
Liquidity Coverage Ratio (LCR), while supporting
credit growth. Strengthened balance sheets,
improved asset quality and enhanced digital
capabilities will enable banks to cater effectively to
evolving customer needs and support long-term
economic transformation.

2.1 The bank demonstrated robust financial
performance in FY 2025-26, achieving notable
growth across key financial parameters.

I.    Overall Business Growth of 17.47%: The total
business expanded to <6,42,531 crore as of
March 31, 2026, marking a YOY increase of
17.47% from <5,46,979 crore as of March 31,
2025.

II.    Deposits Grew by 14.14%: Total deposits
reached <3,50,564 crore as of March 31, 2026,
reflecting a YOY growth of 14.14% from

<    3,07,143 crore as of March 31, 2025.

III.    CASA Strengthens by 12.48%: CASA deposits,
a key indicator of low-cost deposits, increased to

<    1,84,087crore as of March 31, 2026, reflecting
a YOY growth of 12.48% from < 1,63,657 crore
on March 31, 2025.

IV.    Loan Portfolio Increases by 21.74%: Gross
advances grew to < 2,91,967 crore as of March
31, 2026, demonstrating a YOY increase of
21.74% compared to < 2,39,837 crore on March
31, 2025.

V.    Operating Profit Soars by 16.17%: Operating
profit witnessed a rise of 16.17% YOY, reaching

<    10,826 crore as of March 31, 2026, compared
to < 9,319 crore for the year ended March 31,
2025.

VI.    Net Profit Up by 27.17%: Net profit achieved an
impressive YOY increase of 27.17%, climbing to

<    7,019 crore as of March 31, 2026, from <
5,520 crore for the year ended March 31, 2025.

2.2 Financial Ratios

The various financial parameters of the Bank during
FY 2025-26 are as under:

2.3 Income, Expenditure and Profitability

The total income of the Bank increased to < 32,823
crore in FY 2025-26 as compared to < 28,402 crore
in FY 2024-25.

The detailed income/expenditure components are as
under:

(< in Crore)

2.4 Compliance with Minimum Public Shareholding
guidelines

I. On 1st December 2025, the Government of India,
as promoter, initiated and successfully completed
an Offer for Sale (OFS) of 46,15,68,297 equity
shares, representing 6% of the Bank's paid-up
capital, in line with SEBI guidelines. The OFS
involved only the sale of existing shares with no
proceeds to the Bank.

The Offer for Sale (OFS) was successfully
completed, resulting in compliance with SEBI's
minimum public shareholding requirement of
25%.

2.5    Net Worth and Capital Adequacy Ratio

a.    Net Worth Growth: The Bank's net worth
increased to < 30,272.42 crore as of March 31,
2026, from < 25,880.52 crore as of March 31,

2025.

b.    Strong Capital Adequacy: As of March 31,

2026,    the capital adequacy ratio stood at 18.36%,
comfortably exceeding the regulatory requirement
of 11.50% (including the Capital Conservation
Buffer) under Basel III norms. The Common
Equity Tier 1 (CET1) capital ratio was robust at
14.59%.

2.6    Dividend Recommendation

Your Bank's Board of Directors has recommended a
final dividend of < 1.20 per equity share (12%) on the
paid-up equity share capital of < 10 per share for the
financial year 2025-26. This is in addition to the

2.7    Sectoral Deployment of Credit

interim dividend of < 1.00 per equity share (10%)
declared on 13.01.2026 and paid during the financial
year.

The final dividend will be paid to members whose
names appear in the Register of Members and the
Beneficial Ownership Position provided by NSDL/
CDSL as of the close of business hours on Friday, 5th
June, 2026.

This recommendation was approved at the Board
meeting held on April 20, 2026. Further it is
informed that the Record Date for determining the
eligibility of members entitled to receive dividend on
equity shares is Friday, 5th June, 2026. Dividend, if
approved by the shareholders of the Bank, shall be
paid after the AGM to those shareholders, whose
names appear in the Bank's Register of Members/
Register of Beneficial Owners maintained by the
Depositories viz., National Securities Depository
Limited and Central Depository Services (India)
Limited as at the close of business hours on Friday,
5th June, 2026.

The Bank's Commitment to Priority Sector Lending

The Bank understands that a strong agricultural sector and
a bustling small business ecosystem are the backbone of
equitable and sustainable development, like two strong legs
for a healthy body. That's why we take Priority Sector
Lending (PSL) very seriously, exceeding the mandatory
target by a good margin. In the financial year 2025-26, we
achieved a PSL ratio of 49.50% of ANBC (Adjusted Net
Bank Credit), i.e. < 118374.27 Cr of advances (Including
investments).

3.1. Empowering Our Kisans: Building a Stronger
Foundation

Knowing the unique challenges our kisans (farmers)
face, the Bank has put strategies in place to give
agriculture a real boost:

I.    Lending a Helping Hand: With a total
outstanding advance of < 40212.06 Cr, we
sanctioned < 24,401.68 Cr in fresh loans for
agriculture and related activities during FY 2025¬
26, underscoring our unwavering commitment to
our farmers.

II.    Building a Brighter Tomorrow for Our Kisans:

We at the Bank are firm believers in investing in
the future of our agriculture. This is why your
bank has witnessed a significant jump of 59.31%
in investment credit, with fresh sanctions of

<    16150.96 Cr in FY 2025-26. This substantial
investment empowers our kisans to invest in
critical infrastructure and modern technologies.
By doing so, our kisans will be well-equipped to
increase their crop yields in the long run,
ensuring a more prosperous future for
themselves and Indian agriculture as a whole.

III.    Unlocking Liquidity: Your Bank's Swarna Krishi
Loans have been a game-changer for our kisans.
By leveraging the value of their gold, we've seen
a massive 50.08% jump with fresh sanctions of

<    12388 Cr in FY 2025-26. This innovative
scheme unlocks much-needed cash flow, helping
our farmers bridge financial gaps and cover
everyday expenses. It's like turning their gold into
golden opportunities.

IV.    Standing with Each Kisan, Customized Loan
Solutions: Bank understands that every farm is
unique, just like every farmer. A “one size fits all”
approach simply won't do. That's why the Bank
launched a successful campaign for MKCC
Review/Renewal, completing 43.28% in FY 2025¬
26. This initiative ensures our kisans get the
support they deserve. Through this program,
existing loans are reviewed and customized to fit
each farmer's specific needs and circumstances.
It's all about putting our kisans first and
empowering them to succeed.

V.    Nurturing Innovation: The Bank actively

supports the growth of Agro and Food processing
industries, a crucial step in adding value to our
agricultural produce. Under the “Maha Krishi
Samruddhi Scheme,” Bank has sanctioned a
significant <    1440.01 Cr in FY 2025-26,

empowering these industries to contribute even
more to the agricultural value chain.

VI.    Making Access Easier through Digital
Initiative: Financial inclusion is a priority for the
Bank. Bank has digitized the KCC Renewal
process, making it simpler for our kisans to
access credit. Bank has also onboarded KCC Jan
Samarth STP Journey for processing of KCC
proposal up to Rs. 2.00 Lakhs Maharashtra State
and 1.60 Lakhs for Karnataka State.

VII.    Weathering the Storms: The Bank understands
that farming can be a challenging profession, and
natural calamities like droughts, floods, and
hailstorms can cause immense hardship for our
kisans. That's why Bank stands shoulder-to-
shoulder with them through thick and thin. Within
regulatory guidelines, Bank extends timely relief
measures to help our farmers get back on their
feet after such disasters. Bank is committed to
being a dependable partner in their journey
towards a secure future.

A.    MARDEF's Achievements:

a.    Mahabank Rural Self Employment Training

Institutes (MRSETIs): These institutes train
individuals for self-employment, with a settlement
rate of 75% & credit linkage Rate of 52 % for new
business ventures initiated by trained
participants. In 2025-26,    8360 individuals

received training against target of 7820 and 4345
trainees secured credit linkages for their
businesses.

b.    Financial Inclusion: MRSETIs actively promote
financial inclusion and literacy by raising
awareness about government schemes and
facilitating the opening of savings accounts and
enrollment in social security programs.

B.    Bank exposure to select segments:

3.2 Fueling India's Growth Engine: The Bank's
Commitment to MSMEs

Micro, Small, and Medium Enterprises (MSMEs) play
a pivotal role in the Indian economy by fostering
inclusive growth and generating substantial
employment opportunities, both directly and indirectly.
Recognizing their vital contribution, the Bank has
implemented a holistic approach aimed at supporting
the MSME sector and strengthening its role in the
country's overall economic progress.

I.    Record Growth and Exceeding Targets

The Directors take note of the Bank's continued
emphasis on the MSME segment, which resulted
in a year on year growth of 10.71 per cent in

MSME advances as of March 31, 2026. During
the year, MSME lending increased by < 5,178 Cr
in absolute terms. Consequently, total
outstanding MSME advances stood at < 53,547
Cr as on March 31, 2026, reflecting the Bank's
sustained commitment to supporting this priority
sector and its contribution to economic growth
and employment generation.

Performance in FY'26

The Bank's unwavering support to the MSME
sector is further reflected in its performance
during FY 2025-26. The Bank continued to
maintain a strong focus on micro enterprises
within the MSE portfolio, in line with regulatory
and policy objectives. As on March 31, 2026, the
share of Micro enterprises in total MSE
outstanding stood at 66 per cent, exceeding
the stipulated target of 60 per cent. This
performance underscores the Bank's
commitment to promoting inclusive growth by
strengthening credit flow to micro enterprises.

II.    MUDRA: Empowering Aspiring Entrepreneurs

The Bank actively participates in the Pradhan
Mantri Mudra Yojana (PMMY) scheme, providing
crucial credit to small businesses and non-farm
enterprises engaged in manufacturing, trade, and
services. In FY'26, the Bank sanctioned a
commendable < 6,420.11 Cr under PMMY,
exceeding the ambitious target of < 6,400 Cr.
This 100.31% achievement rate reflects the
Bank's dedication to empowering small-scale
entrepreneurs.

III.    Beyond Lending: A Holistic Approach

The Bank's engagement with MSMEs goes
beyond credit delivery and encompasses a range
of initiatives aimed at strengthening their overall
growth ecosystem.

a. MSME Outreach Initiatives: As part of its
ongoing engagement with the MSME
segment, the Bank undertook a series of
outreach initiatives during the year across
multiple geographies. These initiatives
enabled the Bank to interact with prospective

enterprises, gain insights into their banking
needs, and extend appropriate financial
solutions. The programs facilitated deeper
engagement with MSMEs and reinforced the
Bank's presence at the grassroots level.

b.    Cluster-Based Lending: The Bank is
adopting a focused cluster-led approach by
designing sector- and activity-specific
offerings across various regions to drive scale
and volume. Dedicated financing solutions
have been rolled out for the Glass & Bangles
cluster in Firozabad (Uttar Pradesh) and
Textile clusters in Surat, Kolhapur, Jaipur,
Tirupur, Coimbatore and Malegaon.

c.    Segment-Specific MSME Products: Loan
products are being tailored to meet the
distinct needs of different MSME segments.
Eligible categories such as Doctors, CAs,
CSs, Architects, Contractors, Hospitality units
and Transport operators are offered
competitive interest rates, longer repayment
tenors, and concessions in processing fees
and BG/LC charges.

d.    MSME Capacity Building and Networking:

The Bank actively promotes financial
awareness among MSMEs through
workshops, webinars and advisory initiatives.
It also facilitates growth by organizing
networking platforms that connect MSMEs
with investors, suppliers and other key
stakeholders.

e.    Focus on Women and Young
Entrepreneurs: Special loan schemes have
been introduced for Women and Young
Entrepreneurs to enable easier access to
credit, supporting their economic upliftment
and social empowerment.

f.    Support to MSME Start ups: Special loan
products have been introduced to support
MSME Start ups by addressing their early
stage financing needs and facilitating
sustainable business growth.

g.    Digital and Cash Flow-Based Lending: By

Leveraging technology, the Bank is expanding
its digital lending portfolio. Financing to micro
units is increasingly driven by cash flow
assessment using digital footprints, with
reduced dependence on collateral security.

h.    Co-Lending Partnerships: The Bank is
enhancing its outreach through strategic
collaborations with NBFCs, fintech firms and e
commerce platforms under the Co Lending
framework.

i.    Green Financing Initiatives: To encourage
sustainable practices, the Bank offers
incentivized financing to MSMEs undertaking
renewable energy and environmentally
responsible projects. A dedicated scheme
supports installation of captive solar power

systems to promote clean energy and lower
operating costs. For proposal having
exposure above 50 Crore, bank is offering
concession in ROI based on ESG Score.

j.    Credit guarantee cover and capital /
interest subsidy: The Bank facilitates access
to credit guarantee cover and capital/interest
subsidies under various Government
schemes, aiding financial inclusion and
accelerating MSME onboarding.

k.    Trade Receivables Discounting System
(TReDS): A centralized platform has been
developed to streamline and strengthen the
Bank's Trade Receivables Discounting
System (TReDS) operations. TReDS
onboarding and bidding has been centralized
to build quality portfolio.

l.    Various IT initiatives for process
improvement are as under:

•    Automation of validation of ZED
certification in CBS through ZED portal
(www.zed.msme.gov.in) and passing of
applicable incentives to beneficiaries.

•    Automated CGTMSE fee payments.
System automatically processes
guarantee fee and annual guarantee fee
payments if sufficient funds are available
during the debit run. It targets the following
accounts based on the facility covered
under CGTMSE:

IV. Digital Products Initiative

In line with the Bank's strategic focus on digital
transformation and process automation, several
end-to-end digital credit journeys were
implemented during the year to enhance
operational efficiency, improve customer
experience, and support Government of India
initiatives for the MSME sector. The Bank is also
in the process of launching additional digital
products to ensure faster, hassle free credit
access for MSMEs.

Digital PM SVANidhi: The Bank has successfully
implemented a fully Straight Through Processing
(STP) digital journey for loans under the Pradhan
Mantri SVANidhi Scheme. This initiative facilitates
faster credit delivery to street vendors with
minimal manual intervention, thereby improving
turnaround time and ensuring seamless access
to institutional credit.

Digital MUDRA: A digital STP journey has been
launched for MUDRA credit facilities (Cash Credit
/ Term Loan) up to < 10 lakh. The facility is
available on a PAN India basis for Existing-to-
Bank (ETB) customers through a fully digital
mode, while New-to-Bank (NTB) customers are
onboarded through an assisted digital process.
This initiative has significantly reduced the TAT
and streamlined credit delivery under the MUDRA
framework.

Auto Review / Renewal of MSME Working
Capital Facilities up to < 10 Lakh: The Bank
has introduced automation for review and
renewal of existing MSME Working Capital
facilities up to < 10 lakh through an STP-enabled
system. The key objectives of this initiative
include:

•    Significant reduction in manual processing
and manpower deployment at branches
across the Bank.

•    Enhanced customer convenience by
substantially reducing, and in many cases
eliminating, the need for physical branch
visits.

Maha E GST Scheme: The Bank has launched a
digital credit journey under the Maha e GST
Scheme for sanction of Cash Credit facilities up
to < 25 lakh to MSME customers. The credit
assessment is carried out using a data-driven
model based on GST and other digital footprints
available within the financial ecosystem, enabling
quick and informed credit decisions.

Digital PM Vishwakarma: The Bank has also
rolled out a fully STP digital journey for credit
under the Pradhan Mantri Vishwakarma Scheme,
thereby ensuring efficient implementation of the
Government's initiative aimed at supporting
traditional artisans and craftsmen through timely
and hassle-free access to credit.

V. Looking Ahead: Building a Stronger MSME
Ecosystem

The Bank's steadfast commitment to the MSME
sector is reflected in its focused efforts to achieve
and surpass targets under key Government
schemes such as MUDRA, PM Vishwakarma,
Stand Up India and PMEGP. In addition, the Bank
is actively extending credit support to MSMEs
under CGTMSE and focusing on providing
support to start ups under the Credit Guarantee
Scheme for Start ups (CGSS). These initiatives
are expected to significantly strengthen the
Bank's MSME credit portfolio while enabling a
larger number of enterprises to grow, sustain, and
contribute to economic development.

3.3 Fulfilling Common Man Dreams: The Bank's
Commitment to Retail Lending

Retail lending continued to be an important growth
driver and a stabilising component of the Bank's
advance portfolio during the year under review. The
Bank's retail credit strategy is anchored in balanced
growth with due emphasis on risk management
and asset quality, with a strong focus on extending
affordable and accessible credit to a wide
spectrum of customers.

Retail advances play a critical role in supporting
household aspirations such as home ownership,
education, mobility and other personal requirements,
while contributing to portfolio granularity and long

term sustainability of earnings. The Bank offers a
comprehensive suite of retail loan products catering
to diverse customer needs, including housing loans,
education loans, vehicle loans, gold loans and
personal loans, supported by prudent underwriting
standards and robust monitoring mechanisms.

During the year, the Bank pursued calibrated
expansion of retail credit, with a conscious emphasis
on secured lending and quality accretion, even amidst
a firm interest rate environment. Housing finance
remained the anchor of the retail portfolio,
reflecting continued demand for residential housing
and the Bank's long standing commitment to this
segment.

III. FY 2025-26 at a Glance:

Bank's commitment to empowering individuals and
families is reflected in the impressive growth of
Bank's retail portfolio, reaching a whopping
< 85856.92 Cr as of March 31, 2026. Let's explore
some key initiatives that fueled this success:

During the year, the following key initiatives supported
the expansion of retail advances:

i.    Centralised Processing of Mortgage based
Loans: Centralised Processing Cells (CPCs)
were made operational across all zones for
mortgage based loan products such as Housing
Loans, Loan Against Property and Top Up Loans.
The centralised processing mechanism facilitated
uniform credit appraisal, improved turnaround
times and enhanced internal controls.

ii.    Expansion of Housing Finance Branches:

Considering the sustained demand for housing
finance, the Bank established Housing Finance
Branches at 50 major centres, including Tier II
locations. These specialised branches enabled
focused sourcing, faster processing of housing
loan proposals and improved customer service.

iii.    Rationalisation of Central Processing
Structure: The central processing framework
was further strengthened by clearly defining
mandates, whereby CPCs were aligned to

process mortgage based loan proposals from
mapped branches. This initiative improved
governance, standardisation and accountability in
retail credit operations.

The Bank continued its efforts towards
simplification and digitisation of retail lending
processes with an objective to enhance customer
convenience and operational efficiency.

i.    Competitive Pricing: Retail loan products
were offered at competitive interest rates,
ensuring affordability for customers while
maintaining appropriate risk adjusted returns.

ii.    Streamlined Retail Loan Processing: Retail
loan processing was further strengthened
through the effective use of loan management
systems, including integration of Loan Against
Property and Top Up Loans, enabling
seamless processing and improved
monitoring.

iii.    Digital Loan Processing: Digital loan
processing and Straight Through Processing
(STP) were implemented for select retail loan
products, resulting in reduced documentation
requirements and faster loan sanctioning.

iv.    Direct Selling Agent (DSA) Portal: A

dedicated portal for Direct Selling Agents was
introduced to streamline lead management
and commission settlement. The initiative

contributed to improved productivity and
reduced operational dependency on manual
processes.

v.    Digital Enablement of Retail and
Government linked Schemes: Digital
platforms were developed for schemes such
as PM Surya Ghar, PM Vidyalakshmi
Education Loan and Digital Car Loans,
enabling seamless and hassle free loan
application and sanctioning.

vi.    Progress towards End to End Digital
Journeys: The Bank continued to work
towards end to end digital enablement of
education loans, housing loans, personal
loans and other retail products, with a focus
on minimising customer touchpoints and
documentation.

Supporting Environmental Sustainability

In line with the Government of India's initiatives and the

Bank's commitment towards sustainable development, the

Bank continued to promote environmentally responsible

retail loan products.

i.    Green Vehicle Loans: Under the “Maha Bank Green
Vehicle Loan Scheme”, financing support was
extended for purchase of electric vehicles to
encourage adoption of environmentally cleaner
mobility solutions.

ii.    Green Housing Loans: The Bank supported eco
friendly housing projects through the “Maha Bank
Green Housing Loan” scheme, facilitating investment
in sustainable living solutions.

iii.    PM Surya Ghar - Muft Bijli Yojana: Under the PM
Surya Ghar - Muft Bijli Yojana, the Bank extended
financing support for installation of rooftop solar
panels, enabling households to generate renewable
energy and reduce dependence on conventional
power sources.

Outlook on Retail Credit - FY 2026 27

Looking ahead, the Bank will continue to pursue calibrated
growth in retail credit, with emphasis on secured lending,
portfolio granularity and asset quality. The retail lending
strategy for FY 2026 27 will focus on strengthening digital
capabilities, improving process efficiency and expanding
reach through specialised branches and partnerships, while
remaining aligned with the prevailing interest rate
environment and regulatory guidelines. The Bank will also
continue to enhance credit appraisal and monitoring
mechanisms to ensure sustainability of growth and
resilience of the retail loan portfolio.

BridgingtheGap|TheBank’s^^^^^^

The Bank recognizes the vital role financial inclusion plays
in empowering individuals and driving national economic
growth. We are firmly committed to the national agenda of
ensuring that every Indian, regardless of location or
socioeconomic background, has access to essential
banking products and services.

A. Making Banking Accessible for All

During the year 2025-26, the Bank has made
significant strides towards achieving this goal. We
successfully opened a staggering 8.23 lakh new
Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts.
This translates to providing access to basic banking
facilities like savings accounts, debit cards, and
overdraft protection to over a million previously
unbanked individuals.

Banks Performance in Financial Inclusion are as below:

H -^ - - -—k

Bank's unwavering focus on asset quality has yielded
impressive results. Bank has achieved significant reductions
in both Gross NPA (Non-Performing Assets) and Net NPA
ratios:

a)    Gross NPA Reduction: Declined from 1.74% as of
March 31, 2025, to 1.45% as of March 31, 2026.

b)    Net NPA Reduction: Declined from 0.18% as of
March 31, 2025, to 0.13% as of March 31, 2026.

c)    Provision Coverage Ratio (PCR): Achieved a strong
98.59% PCR as of March 31, 2026.

A. Rebuilding Trust, Recovering Value: The Bank's
NPA Recovery Strategy

Bank has implemented a comprehensive strategy to
manage and recover non-performing assets:

I.    Dedicated Recovery Teams: Bank has
established Asset Recovery Cells (ARC) at all
zonal offices and 13 dedicated Asset Recovery
Branches (ARB) to focus on large NPA accounts,
particularly those involved in legal proceedings.

II.    Stressed Asset Management: A separate
department at the Head Office oversees four
Stressed Asset Management (SAM) branches.
These branches prioritize recovery efforts for
NPA accounts with balances exceeding < 5 Cr.

III.    AI-Powered Communication: An AI-based
Interactive Voice Assistant solution has been
developed for outbound calls to customers with
stressed accounts and for our contact center.
This AI-powered solution communicates with
customers in their preferred language, promoting
better communication and understanding.

IV.    Active Loan Tracking: A dedicated Loan
Tracking Cell conducts daily telephone follow-ups

with borrowers of stressed accounts and overdue
payments. This proactive approach ensures
timely recoveries and facilitates NPA upgrades.

V.    Wilful Defaulter Identification: Separate cells at
the Head Office identify wilful defaulters which
brings pressure on the NPA Borrowers for early
resolution of the account.

VI.    Action under SARFAESI / DRT: Robotic
Process Automation helps field offices in ensuring
timely actions and follow up of SARFAESI/ DRT
cases. As per DFS guidelines Nodal officer is
appointed at each zone for DRTs and DRATs to
maintain liasoning with Presiding Officer and
Recovery Officer of DRT to expedite the
Recovery process. Further, nodal officer is
entrusted with responsibility to maintain liasoning
with DM/CJM for early execution of Physical
Possession order.

VII.    BAANKNET: Bank has partnered with
BAANKNET to provide seamless and transparent
platform for sale of stressed Assets. Bank is
putting properties under symbolic and physical
possession for e-Auction on BAANKNET portal.

VIII. My KASE Application: Bank has introduced
MyKase application for all the Law Officers and
Nodal Officers for monitoring and tracking the
DRT cases on daily basis. MyKase application
helps to monitor and review the performance of
Advocate. Advocates have also been provided
access to My Kase application for real time
updation of case status.

IX.    One-Time Settlement Schemes: Bank offers fair
and transparent One-Time Settlement (OTS)
schemes like “SARAL” & “NIVARAN” to facilitate
debt resolution for eligible borrowers under
various categories.

X.    e-OTS: Bank has launched a digital OTS platform
(e-OTS) for a streamlined, efficient and hassle-
free settlement process for accounts with limit

To meet the rising demand for foreign exchange services,
the Bank operates a robust network of 51 strategically
positioned Category B branches across India. These
branches provide a wide range of foreign exchange
solutions, ensuring seamless international transactions for
individuals and businesses alike.

Highlights for FY 2025-26:

I.    Merchant Business Expansion:

A significant increase in merchant business was
recorded, generating < 52,766 crore during the year.
This reflects the Bank's dedication to empowering
businesses engaged in global trade.

II.    Profitability:

The foreign exchange division earned a profit of
< 126 crore, contributing to the the Bank's overall
financial performance.

The Bank upholds a well-diversified investment portfolio,
ensuring compliance with Statutory Liquidity Ratio (SLR)
regulations while strategically expanding into non-SLR
securities.

7.1 Investment Portfolio Breakdown (as of March 31,
2026):

I.    Gross Investments:    <    1,02,207 Crore

a)    < 86,647 Crore (SLR Securities): Investments

that comply    with    the mandatory    liquidity

requirements set by the Reserve Bank of India.

b)    <    15,560 Crore (Non-SLR Securities):

Investments made beyond the SLR requirement,
offering greater flexibility and potential for higher
returns.

c)    Surplus SLR Securities: < 29,770 Crore: This
surplus demonstrates the Bank's strong liquidity
position.

II.    Net Investments:    <    1,01,480 Crore    (net    of

provisions) as of March 31, 2026.

III.    Investment Portfolio Composition:

a.    56.13% Held-to-Maturity (HTM): Investments
intended to be held until maturity, providing a
stable source of income.

b.    43.12% Available-for-Sale (AFS) & Fair Value

Through Profit & Loss: Investments that can be
actively bought and sold to generate additional
income and manage portfolio risk.

7.2 Financial Performance:

a)    Treasury Profit Growth: Trading profit increased
by 70.47% from < 283.31 Crore in FY2024-25 to

<    483.05 Crore in FY2025-26. Net profit is
reported to < 202.47 Crore as Bank provided for
the provision of < 280.59 Crore as an exceptional
item against the impairment of capital investment
by the Bank in its RRB i.e. Maharashtra Gramm
Bank (MGB) post implementation of
amalgamation plan under “One State One RRB”
of GoI, wherein Vidarbha Konkan Gramin Bank
(VKGB) was amalgamated with MGB.

b)    Net Interest Income Growth: Increased by
21.63% from < 5360.43 Crore in FY 2024-25 to

<    6519.84 Crore in FY 2025-26, highlighting the
Bank's ability to generate consistent returns from
its investment portfolio.

* Excluding one-of-item, the profit for the year will be
Rs.483.05 Crore

During the year, Bank handled 38 issuance of Commercial
Papers amounting to < 34,545 crore for its clients as an
Issuing and Paying Agent (IPA).

7*

The borrowing of the Bank as on March 31, 2026 stood at
Rs. 35234 crore including re-finance as under:

|1^

I.    Bank is Depository Participant (DP) of Central
Depository Services of India Ltd. (CDSL) since
September 1999.

II.    The Bank has been providing Depository services
such as account opening, dematerialization, pledging/
unpledging of securities, rematerialisation etc.

As on 31/03/2026 -

III.    The Bank has tied up with Religare broking Limited
as its trading partner and is in process of onboarding
Aditya Birla Money Limited for online 3-in-1 account
opening journey. The facility of online 3-in-1 account
opening will be integrated in the mobile banking app
'Zenlyfe' and internet banking application.

IV.    Bank has introduced ASBA through net banking and
UPI through which customers can apply for various
IPO's and Rights issue along with the facility to
submit applications physically to the branches.

I.    Comprehensive Insurance Offerings: The Bank
serves as a corporate agent for an extensive
selection of bancassurance products, encompassing
Life, General, and Health Insurance. Through
strategic partnerships with 8 insurance companies,
we provide customers with a diverse range of
insurance solutions tailored to their unique needs.

II.    Enhancing Digital Experience: Dedicated to
delivering a seamless digital journey, the Bank has
collaborated with a prominent Fintech company to
create an intuitive digital insurance platform. This
platform enables customers to effortlessly explore,
compare, and purchase insurance products through
the Bank's digital channels.

Performance during FY 2025-26 (Amount in Crore)

Ý .......- —

12.1    Convenient Doorstep Banking Services

The Bank offers Doorstep Banking Services through
M/s PSB Alliance Pvt. Ltd., catering to retail
customers across 1,000 cities via 1676 branches.
These services encompass both financial and non¬
financial assistance:

I.    Financial Services: Cash withdrawal and fund
transfer.

II.    Non-Financial Services:

a)    Delivery Services: Account statements, TDS
certificates/Form 16.

b)    Pickup Services: Collection of cheques/DD,
Form 15G/15H, standing instructions, cheque
book requisition slips, GST challans with
cheques, and nomination forms. Additionally,
pensioners can submit digital life certificates
from the comfort of their homes.

12.2    Efficient Tax Collection

In FY 2025-26, the Bank collected 6,57,169 challans
of Direct Taxes and 6,31,969 challans of Indirect
Taxes, earning a total commission of Rs 1.62 crore.

12.3    Comprehensive Pension Services

Serving senior citizens with dedication, the Bank
processes and credits monthly pensions for Central
Government, Defense, Railway, and Telecom
pensioners through its Central Pension Processing
Cell (CPPC) in Pune. This service generated a
Government Business commission of Rs 7.83 crore
for FY 2025-26.

12.4    Promoting Small Savings Schemes

The Bank opened numerous accounts under various
small savings schemes during FY 2025-26:

I.    1,40,847 new PPF accounts.

II.    22,506 new Senior Citizens Savings Scheme
(SCSS) accounts.

III.    11,970 new Sukanya Samriddhi Scheme
accounts.

The Bank earned a commission of Rs 8.16 crore from
these schemes during the year.

PSII^

13.1    Lead Bank Responsibility

Bank holds Lead Bank responsibility in seven
districts: Chhatrapati Sambhaji Nagar, Jalna, Nashik,
Palghar, Pune, Satara, and Thane. The Lead District
Managers of these districts work collaboratively with
other banks and district authorities to prepare and
implement District Credit Plans (DCPs) annually.
These plans ensure targeted financial support for
various sectors within each district.

13.2    State-Level Coordination:

I.    State Level Bankers' Committee (SLBC)
Convener: As the convener of the SLBC for
Maharashtra, the Bank plays a central role in
coordinating financial initiatives across the state.

II.    State Annual Credit Plan: Bank guides, the
SLBC prepares the annual credit plan in
consultation with various stakeholders, including
Lead District Managers, Member Banks,
NABARD, and the Reserve Bank of India. The
Priority Sector Plan for FY 2025-26, valued at
< 8,06,168 crore, ranks as one of the highest
credit plans in the country, underscoring our
commitment to fostering financial growth in
Maharashtra.

III.    Regular Reviews and Meetings: The SLBC
convenes quarterly meetings to monitor progress
on the State Annual Credit Plan, prioritize lending
to critical sectors, and oversee the
implementation of government-sponsored
schemes. Additionally, the SLBC facilitates

communication and collaboration between
Member Banks, Central & State Government
agencies, and central institutions like RBI and
NABARD.

IV. Supporting Government Initiatives:

The SLBC works closely with various government
departments to ensure the successful
implementation of key programs through member
banks. These programs aim to empower different
segments of the population, including:

a.    Supporting Agriculture and Allied Sectors:

Initiatives such as KCC Saturation for Animal
Husbandry, Dairy & Fisheries, and PM-Kisan
beneficiaries.

b.    Support for Small Entrepreneurs:

Implementation of PMSVANidhi, Svanidhi se
Samruddhi for street vendors, and PM
Vishwakarma schemes for traditional artisans
and craftspeople.

c.    Targeted Interventions: Coordination with
NITI Aayog to implement the Targeted
Financial Inclusion Intervention Programme
(TFIIP) in aspirational districts and blocks.

d.    Mission Utkarsh Programme: Focus on
fostering financial inclusion and development
in Nandurbar district, one of the 10
designated aspirational districts in the country.

13.3 Opening Doors of Formal Banking to Everyone
through Financial Inclusion:

As the SLBC convener, the Bank has been
instrumental in driving the Pradhan Mantri Jan Dhan

Yojana (PMJDY) in Maharashtra. As of March 31,
2026, over 3.79 crore PMJDY accounts have been
opened in the state, providing essential banking
services to a previously unbanked population.

Amalgamation of Maharashtra Gramin Bank and
Vidarbha Konkan Gramin Bank -

As per Government of India (GoI) vide Gazette Notification
CG-DL-E-07042025-262329 dated 7th April 2025 has
notified the implementation of amalgamation of RRBs in 11
States/UTs from 1^st May 2025. Maharashtra Gramin Bank
and Vidharbha Konkan Gramin Bank Sponsored by Bank of
Maharashtra and Bank of India respectively in the State of
Maharashtra are amalgamated into a single Regional Rural
Bank, which is called as “Maharashtra Gramin Bank” with
its head office at Chhatrapati Sambhajinagar, Sponsored by
Bank of Maharashtra.

I.    Performance of Regional Rural Bank (New

Amalgamated entity - Maharashtra Gramin Bank)
is summarized below:

I.    Performance Highlights

Maharashtra Gramin Bank (MGB), a regional rural
bank Sponsored by the Bank of Maharashtra, plays a
pivotal role in bringing financial services to rural
communities across the state of Maharashtra. Here's
a look at their performance for FY 2025-26:

The Bank has demonstrated stable growth post¬
amalgamation with strong CASA performance and
near-target achievement in advances and total
business. However, focus is required on improving
non-interest income streams and strengthening
recovery in written-off accounts. Continued emphasis
on digital transformation and financial inclusion is
expected to further enhance operational efficiency
and outreach.

II.    Branch Network Expansion:

1.    As of March 31, 2026, MGB has a network of 759
branches with 13 Regional Offices covering 34
out of 36 districts in Maharashtra.

2.    All branches and controlling offices are now
under Core Banking Solution (CBS) for enhanced
efficiency.

III.    Financial Performance:

1.    Total Deposits increased from < 25944.84 crore
(1^st May-25) to < 28591.21 crore (31^st March-26),
achieving 95.30% of the target, reflecting a YTD
growth of 10.20%.

2.    Advances increased to <17465.98 crore,
achieving 99.81% of the target and showing
positive YTD growth of 9.10%.

3.    Advances growth is after adjusting IBPC of Rs.
950 Cr. Actual advance growth is 15.02%.

4.    Overall Total Business stood at < 46057.19
crore, with 96.96% target achievement and a
YTD growth of 9.09%.

5.    CASA deposits increased to < 16,524.70 crore,
with a YTD growth of 17.53%.

6.    CASA constitutes 57.79% of total deposits,
remaining above the target CASA ratio
(achievement 111.15%).

IV.    Supporting Government Initiatives:

1.    MGB actively promotes government schemes like
Pradhan Mantri Jan Dhan Yojana (PMJDY).
During FY 2025-26, they opened 1,61,821
PMJDY accounts, bringing the total to 40,61,921
accounts as of March 31, 2026.

2.    The bank plays a key role in social security
schemes, covering 11.60 lakh customers under
PMJJBY (life insurance), 38.26 lakh under
PMSBY (accident insurance), and 7.23 lakh
under APY (pension scheme).

3.    MGB actively supports the PMMY (Micro Units
Mudra Yojana) scheme, empowering micro¬
entrepreneurs. Also other government sponsored
credit schemes such as PMEGP, CMEGP,
PMFME, PM Vishwakarma etc.

V.    Technological Advancements:

In line with Government directives, the Bank of
Maharashtra, as the sponsor bank, has assisted
MGB in upgrading their technology infrastructure.
Initiatives taken by Maharashtra Gramin Bank

during FY 2025-26 are as below -

1.    Successfully completed CBS migration from
Fincale to Bancs 24 Platform for eVKGB
Branches as per NABARD SOP within timeline
given by the DFS.

2.    The bank has successfully integrated and
launched the Jan Suraksha Portal. This portal
facilitates the digitization of the Pradhan Mantri
Jeevan Jyoti Bima Yojana (PMJJBY) and
Pradhan Mantri Suraksha Bima Yojana (PMSBY),
covering the entire process from enrolment to
claim processing and settlement.

3.    Bank has launched Loan Origination System
(LOTUS) for digitized processing of loan
application. It auto generate the sanction letter
and appraisal note. LOTUS is now available for
Car Loan, GST MSME Scheme. Housing Loan &
Personal Loan.

4.    Bank has launched the dedicated tool for SMA
and NPA Monitoring named SMAART (Special
Mention Accounts and NPA Recovery Tool),
which is one stop solution for monitoring of SMA
and NPA Accounts. Bank has also launched the
mobile version of SMAART portal.

5.    Bank has successfully implemented Bharat E-
commerce Payment Gateway for seamless digital
transactions.

6.    Bank has introduced Video KYC facility for saving
account opening and become the 1^st RRB in India
to avail this facility to customers.

7.    Bank has introduced UPI based scanned sound
box service for account holders. The sound box
service allows customers to receive real-time
transaction updates and notifications regarding
their accounts through audio messages, making
banking more accessible and user-friendly.

8.    Bank has introduced the services of UPI LITE
with the help of NPCI which has increased the
services of small token transaction.

9.    The Bank has provided UPI, Internet Banking &
Mobile Banking facilities to all customers as per
the RBI guidelines, ensuring secure and
convenient digital banking services.

10.    Bank is one of the firsts RRB to implement
generation of UPI IDs based on Aadhaar instead
of ATM cards

11.    Bank has centralized the system generated
process of unclaimed deposits for more than 10
year at Head office level and bank has also
developed in-house DEAF portal for monitoring
and processing of DEAF claims through system.

12.    As per Reserve Bank of India guidelines, credit
balance entries pending for more than 5 years
have been reviewed, and as amount of Rs 7.08
crore has been transferred to a Blocked Credit
Account. Necessary records are maintained, and
claims will be settled as per applicable norms.

VI. Door-Step Banking:

1. MGB leverages a network of 2174 Business

Correspondents (BCs) to provide convenient
doorstep banking services to customers in rural
areas.

II. Performance of METCO during FY 2025-26

A.    Safeguarding Your Legacy: The Maharashtra
Executor & Trustee Company (METCO)

The Bank of Maharashtra's wholly owned
subsidiary, METCO, has been a trusted partner
for over 80 years. Established in 1946, METCO
provides a comprehensive suite of services to
manage /distribute your assets and ensure your
wishes are carried out.

B.    METCO's Core Services:

1.    Will Management: METCO offers expert
guidance on drafting, safekeeping, and
executing your will. They act as your executor,
ensuring your assets are distributed according
to your wishes, including property sale or
transfer to the intended beneficiaries.

2.    Trust Administration: METCO helps you
draft the trust deed, establish the trusts and
manage both private and public trusts. They
act as the managing trustee, handling all
aspects of trust administration, including
managing movable and immovable assets,
ensuring compliance with regulatory bodies,
and fulfilling charitable objectives.

3.    Power of Attorney: METCO can be
appointed as the Power of Attorney holder to
manage your investments and immovable
properties. This includes tasks like property
rentals, sale, and transfers.

4.    Guardianship:    In court-appointed

guardianship cases, METCO acts as the legal
guardian, managing a minor's property.

C.    METCO's Reach and Impact:

1.    Headquartered in Pune with four branches in
Pune, Mumbai, Thane and Nagpur, METCO
serves clients across Maharashtra.

2.    As of FY 2025-26, METCO manages over
887 public and private trusts through its four
units.

3.    During the current FY 2025-26, they have
added 69 new wills, bringing the total to 543
live wills under their custody for execution.

4.    METCO currently manages movable and
immovable properties for 30 active POA
accounts through Power of Attorney
agreements.

5.    The company, as Managing Trustee of its 887
trusts, catalysts its social responsibility by
providing help to poor & needy people by
extending financial assistance for the purpose
of education, medical, cultural, religious,
spiritual, art and culture, etc.

6. During FY 2025-26, the Company has also
donated through its trusts, Rs. 256 lakhs to
1259 needy beneficiaries.

D. Financial performance:

METCO maintains sound financial practices. For
FY 2025-26, the company has recorded a Net
profit of Rs. 1.32 Cr., having crossed Rs. 1 Cr.
Net Profit consecutively for second year.

|j 5|

15.1 Expanding Access: Banking Outlets, ATMs and
Passbook Kiosks

Our Bank is steadily expanding its national footprint,
serving customers across 28 states and 8 union
territories. As of March 31, 2026, our network has
grown to 3,061 banking outlets, a notable rise from
2,761 outlets as of March 31, 2025. Additionally, the
significant milestone for the Bank is to establish its
first overseas branch at Internation Financial Service
Center in GIFT City, Gandhinagar, Gujarat. This
growth underscores our dedication to delivering
convenient and accessible banking services
nationwide.

A.    Diverse Network for Every Need:

Our robust network is designed to meet a variety of
customer requirements:

i.    Branches (2782 nos.): Comprehensive banking
services tailored to everyday needs.

ii.    Digital Banking Units (3 nos.): Cutting-edge
technology delivering a seamless digital banking
experience.

iii.    Customer Service Points (276 nos.): Operated
by Bank Mitras, these points offer essential
banking services in easily accessible locations.

iv.    GIFT IBU: Catering global business of Indian
companies.

B.    Strategic Expansion: Bringing Banking Closer to
You

During FY 2025-26, our network expansion focused
on strategic initiatives:

i.    New Branches: Bank has extended its branch
network by opening 183 new branches,
facilitating our services to more communities
across diverse regions of the country. This year
the bank opened a branch at Kavaratti in
Lakshdweep Islands.

ii.    Enhanced CSP Network: Added 121 new
Customer Service Points (CSPs) to ensure
continued accessibility at unbanked locations.

C. Specialized Branches: Tailored Financial Solutions

Our network includes specialized branches to address specific financial needs:
i.    Foreign Exchange    ii.    Government Business

iii.    Treasury and International    Banking    iv.    Corporate Finance

v.    Micro, Small, and Medium    Enterprises (MSMEs)    vi.    Hi-tech Agriculture

vii.    Mid Corporate    viii.    Housing Finance

ix. Startup branch

Banking Outlet type wise classification of branches as on 31.03.2026, vis-a-vis 31.03.2025 is as under:

Banking Outlets Details As of 31.03.2026

Banking Outlets Details As of 31.03.2025

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Data management and governance is the nerve system of
Banking system. Realizing this critical aspect and to make
the bank resilient and future ready with a data driven
scientific approach, Bank has created Strategic Data
Management vertical. Following are the important aspect
undertaken by the department.

A. Data Quality Initiatives

To improve data accuracy, consistency and
completeness across Management Information
Systems (MIS), regulatory returns, EASE metrics,
Credit Information Companies (CICs), customer
Personally Identifiable Information (PII) and business
reporting requirements, the Bank implemented an
enterprise wide Data Quality Portal.

• A total of 174 data gap reports are currently
monitored and displayed to field units for
corrective action, including 54 reports triggered
under EASE 8.0 requirements.

•    69 data quality reports were added during FY
2025-26, including 22 new reports introduced

in Q4, reflecting continuous enhancement of data
controls.

•    A Data Quality Index (DQI) Score is auto
derived and published on a daily basis for all
locations, ensuring transparency and
accountability.

Data improvement efforts covered the entire lifecycle,

including:

•    Implementation of controls at the data capture
stage,

•    Strengthening data mapping and extraction
processes, and

•    Cleaning of legacy data inconsistencies in
CBS.

B. Data Governance Framework

During the year, the Bank further strengthened

governance mechanisms around data management:

•    The Board approved Data Governance Policy,
DQI Framework, DQI Scoring methodology,

and related Standard Operating Procedures
(SOPs) were circulated and taken up for phased
implementation.

•    Control validations are being embedded across
source systems, in coordination with user
departments, to prevent creation of new data
gaps, in line with EASE 8.0 directions.

•    Linking of DQI scores with business metrics

was completed to reinforce ownership and
accountability.

Additionally:

•    SOPs for Data Catalogue and Data Entitlement
Rights were issued to formalise data usage and
access governance.

•    Training and awareness programmes on Data
Quality and Data Governance were initiated for
field staff, including a quiz based awareness
programme conducted through HRMS.

C.    Central Data Repository - “MIS GANGA”

The Bank's Central Data Repository, MIS GANGA,
was further enhanced during the year:

•    Interfaces were established with 24 source
systems, with daily data refresh.

•    The platform currently supports 21 downstream
projects, enabling consistent, controlled and
automated data supply for business, regulatory
and analytical needs.

D.    Automation of Regulatory and MIS Reporting

As part of its workplace automation and compliance
strategy:

•    The Bank automated 13 additional RBI
regulatory returns during FY 2025-26, taking
the total number of automated regulatory returns
to 58.

•    22 additional MIS reports were automated
during the year, bringing the total number of
automated MIS reports to 158.

•    Overall, 216 automated reports are currently in
production, serving both internal management
and regulatory requirements, improving
efficiency, accuracy and timeliness.

E.    Credit Information Company (CIC) - Data Quality
Improvements

The Bank continued to strengthen the quality and
reliability of data shared with Credit Information
Companies:

•    As on 31.03.2026,

o CIC Consumer data acceptance stood at
98.58%, with a DQI of 98.53%.

o Commercial data acceptance improved to
96.27% from 95.88% as on 31.03.2025, while
DQI improved significantly to 90.02% from
78.29%.

Quality enhancements included enrichment of data
fields such as:

•    Officially Valid Documents (OVD) including
Aadhaar,

•    PAN, cheque dishonour data, related party and
collateral details,

•    Wilful defaulter, CKYC and legal constitution
data,

•    ROI, guarantor, occupation, joint borrower,
company identification, co lending details, credit
product classification,

•    MFI (SHG), non funded facilities and UHFC
enhancements.

Further improvements are in progress through
controls at data capture, mapping, extraction
levels, along with legacy data cleansing, to achieve
higher acceptance and DQI levels.

F.    CIC Policy and Process Enhancements

During the year, the Bank revised its CIC Policy and
SOPs in line with latest RBI circulars to strengthen:

•    CIC data submission processes,

•    Complaint handling mechanisms, and

•    Overall improvement in CIC data quality and
compliance.

G.    CIC Based Products, Early Warning and Fraud
Prevention

The Bank leveraged CIC data for risk management,
business insights and customer protection:

•    Implemented automated Risk Alerts as an Early
Warning System (EWS) to identify customers
turning delinquent in other banks, classifying
accounts into defined risk quadrants.

•    Introduced Market and Business Insight
reports from CIC data to support branch
expansion decisions, target setting and peer
comparison at pin code level.

•    Enabled Enquiry Alert (BiZ Triggers), wherein
borrowers receive automated SMS and email
communication with relevant Bank loan offerings
when loan enquiries are observed in other banks.

•    Implemented Borrower Tracker (Skip Tracing)

functionality to aid recovery and collections using
incremental contact information available through
CICs.

•    Deployed “HUNTER”, a fraud prevention
platform, within digital lending journeys for Gold
Loan, e GST, Mudra and PAPL products.

H.    Customer Awareness and Outreach

To promote financial discipline and transparency:

•    Automated SMS and Email alerts were sent to
customers when overdues are reported to CICs.

•    Awareness campaigns were undertaken through
the Bank's Corporate Website and social media
platforms, emphasising the importance of
updating mobile numbers and email IDs.

I.    CIC Complaint Redressal

The Bank maintained a strong grievance redressal
mechanism for CIC related complaints:

•    During FY 2025-26,    7,656 CIC related

customer complaints were resolved within RBI
stipulated TAT of 30 days.

o 55.85% resolved within 1 day,

o 31.38% within 2-6 days,

o 10.74% within 7-14 days,

o 1.90% within 15-21 days,

o 0.13% within 22-30 days.

•    No compensation was paid in any case,

reflecting timely and effective grievance handling.

•    48 complaints were under process as on
31.03.2026, all of which were resolved
subsequently within prescribed timelines.

J.    PSB Hackathon, Awards & Accolades

•    Successfully organized the FinSpark 2025
Hackathon under the PSB Hackathon series,
with winning teams presenting solutions at the
Global Fintech Festival (GFF-2025).

•    Achieved a hat trick in IBA Awards by winning
Maximum numbers of Award for Best Mid Size
Bank in multiple categories for three consecutive
years across PSBs, private banks, and NBFCs.

•    Conferred IBEX Awards in multiple categories
for excellence in banking performance, IT
initiatives, and customer centric services.

Conclusion

The initiatives undertaken during FY 2025-26 reflect
the Bank's sustained and holistic approach towards
technology led transformation, with a clear focus on
customer convenience, operational resilience, data
integrity, cyber security and regulatory compliance.
During the year, the Bank not only strengthened its
core banking and technology infrastructure but also
placed significant emphasis on enterprise data
quality, data governance, automation of regulatory
reporting and responsible use of external data
ecosystems.

Focused interventions in data quality management,
centralised data repositories, MIS automation and
Credit Information Company (CIC) integration have

enhanced the accuracy, transparency and reliability of
data used for regulatory reporting, risk management
and business decision making. Improvements in CIC
data quality, grievance redressal and customer
awareness further underline the Bank's commitment
to fairness, customer protection and supervisory
expectations.

Through sustained investments in scalable
technology platforms, network modernisation, cyber
security, automation, skilled manpower and robust
governance frameworks, the IT Department has laid a
strong and future ready foundation. These efforts
position the Bank to support business growth,
withstand emerging technology and cyber risks, and
continue delivering secure, compliant and customer
centric banking services in the years ahead.

The Bank continued to strengthen its position as a trusted
partner to Government and institutional clients during FY
2025-26 by delivering integrated banking solutions across
infrastructure, public finance, and urban development
ecosystems. Our business development initiatives remained
focused on expanding the customer base, enhancing
service capabilities, and driving sustainable revenue growth.
In line with evolving market dynamics, the Bank progressed
in its strategic shift from traditional deposit mobilization to
project-linked and transaction-oriented banking services.

The Bank further deepened its engagement with key
Government entities and infrastructure bodies, while
strengthening integration with digital Government platforms
such as Bharatkosh (NTRP). These efforts are rooted in our
commitment to innovation, customer-centricity, and
adherence to environmental, social, and governance (ESG)
principles, enabling us to deliver enhanced value to
stakeholders and contribute to a sustainable and inclusive
growth trajectory.

• Strategic Partnerships: Collaboration remains the
key to the Bank's growth strategy, with a strong
emphasis on Government Business. During the year,
the Bank forged and strengthened strategic
partnerships with key Ministries, Government
Departments and Bureaucratic & Judiciary
ecosystem. These engagements have enabled
deeper penetration into high-value customer
segments, expanded our service footprint, and
facilitated delivery of tailored banking solutions. The
partnerships have yielded mutually beneficial
outcomes, reinforcing the Bank's competitive
positioning and establishing it as a preferred banking
partner within the Government and institutional
landscape.

Government Partnership and rendering value added
services:

•    Infrastructure & Mega Project Ecosystem

Bank deepened its CASA position by engaging in new
large-scale infrastructure and nation-building projects,
including:

Ý    National Highways Authority of India (NHAI)

National Highways Authority of India is
responsible for development and maintenance of
national highways across the country.

Ý    Eastern Rajasthan Canal Project

The Eastern Rajasthan Canal Project aims to
address water scarcity in eastern Rajasthan
through inter-basin water transfer. It supports
drinking water supply and irrigation for
sustainable regional development. The project
has received a significant push with its
inauguration by Hon'ble Prime Minister,
underscoring its national importance.

•    Government Schemes & Escrow Management

Bank played a pivotal role in managing funds under
major Government schemes such as:

Ý    Pradhan Mantri Fasal Bima Yojana (PMFBY)

Scheme provides comprehensive crop insurance
coverage against natural calamities, pests and
diseases. It aims to stabilize farmers' income and
promote sustainable agricultural practices.

Ý    Weather-Based Crop Insurance Scheme

The Weather Based Crop Insurance Scheme
offers insurance protection based on adverse
weather parameters such as rainfall and
temperature.

It enables faster claim settlement through
weather data, reducing yield assessment
complexities.

Ý    Chief Minister Women Empowerment
Programme

The Chief Minister Empowerment Programme
focuses on enhancing livelihood opportunities
and financial inclusion through targeted welfare
initiatives.

It aims to empower beneficiaries by promoting
self-employment and socio-economic
development in the region.

•    Mission-Driven & National Priority Projects

Active engagement with below mentioned national
priority programs reflects the Bank's commitment to
sustainability-driven and mission-oriented initiatives.

Ý    National Mission for Clean Ganga (NMCG)

National Mission for Clean Ganga is the flagship
programme for rejuvenation, protection and
management of the river Ganga. It focuses on
pollution abatement, river surface cleaning and
sustainable ecosystem restoration.

Ý    Rajasthan Protected Area Conservation
Society

The Rajasthan Protected Area Conservation
Society works towards conservation and
management of protected forest and wildlife
areas in the state. It supports biodiversity
preservation, eco-restoration and sustainable
management of natural resources.

•    Urban Local Bodies & Development Authorities

Banking relationships were established and
strengthened with key development authorities and
urban bodies, including:

Ý    Agra Development Authority

The Agra Development Authority is responsible
for planned urban development and infrastructure
creation in Agra. It focuses on land use planning,
housing development and provision of civic
amenities.

Ý    Urban Improvement Trust (Balotara)

The Urban Improvement Trust undertakes
development of urban infrastructure and housing
across designated cities. It aims at planned urban
expansion, land development and improvement
of civic facilities.

Ý    Polavaram Development Authority

The Polavaram Development Authority oversees
the execution of the Polavaram multi-purpose
irrigation project. It focuses on irrigation,
hydropower generation and flood control.

•    Integration with Government Platforms

Ý    Integration with Bharatkosh (NTRP Portal)
enabled seamless non-tax revenue collections

Strengthened digital transaction flows and
improved float management

Institutional Ecosystem Development

•    Strategic empanelment with premier institutions such
as NHAI, CSIR, Power Finance Corporation, and Oil
Industry Development Board

•    Enabled branches across zones to service these
institutions, improving reach and deepening
relationships

•    Expansion of presence in Central Government
ecosystem through the upcoming Netaji Nagar
Branch, designed as a multi-ministry banking hub.

These initiatives have strengthened the Bank's
institutional footprint and facilitated scalable business
growth.

Central Government Salary Scheme - “CG 2025”
Initiative

During FY 2025-26, in due consultation with the
Department of Financial Services, Bank conceptualized and
implemented the “CG 2025” initiative to deepen
engagement with Central Government employees and
strengthen the Bank's presence across Ministries and
Departments.

Performance & Outcomes under tailored schemes

118

The Human Resources Management (HRM) department at
Bank of Maharashtra plays a pivotal role in fostering a
competent and passionate workforce to achieve business
excellence. Aligned with the Bank's HR mission of “Creating
Competence and Passion for Business Excellence,” the
HRM department is responsible for key functions as below:

•    Talent Acquisition and Recruitment

•    Employee Development and Training

•    Performance Management

•    Policy Formulation and Compliance

•    Employee Relations and Welfare

MANPOWER STRENGTH:

The total Manpower of the Bank as on 31^st March 2026
stood at 15596. The following are the details of category of
employees.

The Bank undertakes a comprehensive annual review of
staffing needs across various cadres, meticulously
analyzing vacancies in light of the business growth, future
branch expansion and rationalization plans, and anticipated
attrition due to resignations, superannuation, and voluntary
retirements, ensuring a well-aligned and forward-looking
human resource strategy.

GENDER DIVERSITY:

Gender sensitivity and inclusiveness along with gender
friendly spaces has always been the cornerstone of Bank's
HR policy. Out of the total workforce, the representation of
women is 29.23%spread across all geographies and levels
of hierarchy.

The Average Age of employees in our Bank is 37 years.

•    PwBD:

In alignment with the Government of India's guidelines,
continuous efforts have been made by the Bank to address
and resolve grievances of employees belonging to reserved
categories, fostering cordial relations, and assisting in their
career progression.

The Bank has also organized various training programs for
SC/ST employees and Welfare Associations, covering
important areas such as the reservation policy, pre¬
promotion training, and related topics aimed at empowering
and preparing them for future responsibilities.

HR ADMINISTRATION & POLICIES:

Managing human capital remains one of the most vital and
dynamic functions in steering the organization towards
sustained success. The efficiency and effectiveness of the
Bank's operations are deeply interconnected with the
performance and engagement of its employees.
Recognizing this, the Bank has implemented a range of HR
initiatives aimed at strengthening its administrative
foundation.

Key developments during the year include:

•    Active promotion of dialogue with key stakeholders,
including team leaders, union representatives, and
other field functionaries to foster collaborative
development.

•    Framing policies that emphasize discipline,
commitment, and devotion to duty, thereby enhancing
employee productivity and organizational efficiency.

•    Recruitment process
LEARNING AND DEVELOPMENT:

At Bank of Maharashtra, Learning & Development is
anchored on the philosophy of “continuous learning for
continuous growth”, ensuring that employees are not only
equipped with technical competencies but are also
empowered with the right mindset, customer orientation,
and leadership capabilities. Bank's approach during FY
2025-26 has been to move from training delivery to
capability building, focusing on:

Ý    Future-ready skill development

Ý    Employee well-being and engagement

Ý    Leadership pipeline strengthening

Ý    Digital and self-paced learning ecosystems

STRATEGIC FOCUS AREAS IN FY 2025-26:

During FY 2025-26, the Bank strengthened its learning
ecosystem with a clear focus on capability building,
employee engagement, and holistic development, ensuring
alignment with business priorities and emerging industry
requirements.

The Bank's training infrastructure, including Staff Training
Colleges (STCs), ITTI, and other centers, continued to play
a crucial role in effective training delivery. A balanced
approach of classroom sessions, virtual learning, and
experiential workshops ensured wider reach and improved
learning outcomes.

A.    Functional & Technical Training

Ý    Credit appraisal, risk management, treasury
operations.

Ý    Regulatory compliance, ITIL Training &
Certification and audit readiness.

Ý    Digital banking, Gen AI & ML Boot Camp and
fintech awareness.

B.    Behavioral & Soft Skills Training

Ý    Customer service excellence.

Ý    Communication and interpersonal effectiveness.

Ý    Session on mindfulness towards leadership and
managerial effectiveness.

C.    Induction & Role-Based Training

Ý    Structured onboarding programs for new recruits.

Ý    Role-specific training for BDOs, branch heads,
and operational staff.

D.    Leadership Development Initiatives

Ý    Leadership Development Plan (LDP) for senior
and mid-level executives.

Ý    Assessment center-based development
interventions.

Ý    Coaching and mentoring sessions through
external experts.

E.    Specialized & Thematic Programs

Ý    Special Training Program for Differently abled
Employees (PwD)

Ý    Training cum exposure visit of foreign delegates
on Agri and MSME sector.

Ý    Women empowerment and inclusivity initiatives

KEY INITIATIVES & INNOVATIONS:

FY 2025-26 witnessed several curated and impactful
initiatives:

♦    Art Ledger - Championing a culture of innovation
and holistic engagement, the Bank has established a
unique platform that unlocks employees' creative
potential, driving fresh perspectives and inclusive
participation. The initiative has earned national
recognition with the Gold Award in the BFSI category
at the SKOCH Group Awards, underscoring the
Bank's leadership in progressive HR practices.

♦    HR Genie - Redefining HR service delivery, the Bank
has institutionalized an Al-powered virtual assistant
enabling instant, consistent, and intelligent employee
support, significantly enhancing accessibility, decision
efficiency, and digital adoption across the
organization.

♦    ECHO - Embedding well-being as a strategic priority,
the Bank has rolled out a comprehensive Employee
Assistance Program, fostering emotional resilience,
psychological safety, and a culture of care, thereby
strengthening workforce sustainability and
productivity.

♦    Karmayogi Integration - Embedding national
learning initiatives into the Bank's training ecosystem
with “Seva Bhav” as the key impact. Our bank has
proudly imparted Karmayogi training to 9333
employees out of 15522 as of Feb 2026 which is
approximately 60% of the total employee count.

♦    Blended Learning Model - At your Bank's STCs with
the Combination of classroom, virtual, and self-paced
modules for maximum reach and effectiveness we
optimized utilization of all centers with improved
coordination and delivery.

♦    Bank has also Launched a Podcast Series on the
Learning Management System (LMS), focusing on
regional language understanding and sign language
awareness. This initiative marks an important step
towards building a more inclusive, empathetic, and
customer-centric workplace.

These concerted efforts have resulted in enhanced
employee participation, improved competency levels, and
stronger alignment with organizational objectives. The
increased adoption of digital learning platforms and higher
engagement levels reflect a positive shift towards a culture
of continuous and self-driven learning.

As part of our sustained commitment to building a future-
ready leadership pipeline, the Bank continues to
institutionalize a suite of high-impact developmental
interventions. Key initiatives such as Overseas Training and
Study Tours, Director Development Programmes, structured
Coaching engagements, Individual Development Plans
(IDP), Leadership Development Programmes, and
comprehensive High Performance and High Potential
assessments remain integral to our talent strategy.

These are further strengthened through robust succession
planning frameworks and a well-structured Mentorship
Allotment Programme, currently encompassing 5,494
mentors and 15,389 mentees across the organization. In
addition, large-scale capacity building is consistently driven
through bulk training programmes in collaboration with
empanelled institutions. Going forward, these initiatives will
not only continue as a core and constant approach but will
also evolve with a sharper, future-focused orientation,
leveraging data-driven insights, emerging competencies,
and global best practices to ensure sustained organizational
excellence.

Looking ahead, the Bank aims to further strengthen its L&D
framework by leveraging data-driven insights, personalized
learning pathways, and emerging technologies. Focus areas
will include upskilling in digital banking, cybersecurity,
customer experience, and innovation, ensuring that
employees remain equipped to navigate the evolving
banking landscape.

The journey of Learning & Development at Bank of
Maharashtra continues to evolve driven by the belief that
investing in people is the most powerful way to shape the
future of the organization.

RECRUITMENT:

Bank has identified vacancy of 1850 officers in various
scales & 500 Clerks, as per Manpower planning based on
certain parameters like attritions, Business position,
minimum staffing pattern etc. Out of which, 1275 officers
(Scale I - 951, Scale II - 207, Scale III - 71, Scale IV - 24,
Scale V - 15, Scale VI - 5 & Scale VII - 2) & 393 Clerks
have joined.

Also, the Bank has transitioned to a fully in-house, online
recruitment process, marking a significant shift from the
earlier practice of relying on the Institute of Banking
Personnel Selection (IBPS) for application management.
With the development of your Bank's own recruitment
portal, the Bank now independently handles the entire
application process, ensuring greater efficiency,
transparency, and control over talent acquisition.

Bank has reviewed the scheme of Compassionate
Appointment scheme in line with Govt. of India / IBA
guidelines, which is aimed at providing financial relief to the
indigent family of deceased employees. Bank has offered
compassionate appointments to 22 & 24 candidates in
clerical cadre & Sub-staff cadre respectively.

CAREER PROGRESSION (PROMOTION 2025-26):

Promotion is one the key motivating factors for the
employees as it brings higher responsibilities, monetary
benefits and status. This promotion process is carried out
every year based upon Board approved Promotion policy
which is formulated in line with GOI & other regulatory
guidelines and ensuring availability of adequate employees
at each level keeping in view the business growth of the
Bank along with availability of sufficient number of
employees for shouldering responsibilities at higher levels.
Concerted efforts have been taken by the Bank for fostering
career progression of employees for rewarding them for
their performance and motivation.

IMPROVISATION OF STAFF BENEFITS AND WELFARE
ACTIVITIES:

Bank has acknowledged the efforts taken by employees for

the banks outstanding performance. In order to recognize
the efforts of employees & to motivate them the following
initiatives are taken by the Bank.

Payment of Performance Linked Incentive (PLI) as per
8th Joint note & XI-Bipartite Settlement: Based upon
Banks financial results for the year 2024-25, Bank has paid
15 days Performance Linked Incentive to all the employees
up to Scale III.

Payment of Rs. 3,000 /- to all employees in view of
Banks outstanding performance in FY 2024-25: Taking
into consideration of Bank's transformative performance in
FY2 024-25 & to celebrate the occasion, bank has paid Rs.
3,000 /- to all employees & retirees towards purchase of
gifts, sweets, dry fruits etc. as a token of appreciation for
their service to the Bank.

Reimbursement towards expenses for Maintenance of
Good Health: With a motive to promote well-being amongst
the staff members and as a token of appreciation, the Bank
had announced a reimbursement of Rs. 5,500/- per
employee, as a special one-time gesture towards
Maintenance of Good Health (Joining Yoga / Meditation /
Health Club etc.)

Reimbursement towards Health Checkup of Retirees:

The Bank had also made a reimbursement of Rs. 2000
towards Health Check-up of Retirees as a one-time
measure.

Disclosures under Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act,
2013

The position of complaints in respect of Sexual Harassment
of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 received and resolved during the year
is as under:

I. Enhanced Access and Service Excellence (EASE) is
a flagship reform initiative launched in January 2018
by the Department of Financial Services (DFS),
Ministry of Finance, Government of India. The
program aims to enhance the performance of Public
Sector Banks (PSBs) through improved efficiency,
transparency, governance, and customer-centric
service delivery.

II.    The latest phase, EASE RISE 9.0, was launched on
20 February 2026 by the Secretary, DFS. It reaffirms
the Government's commitment to transforming public
sector banking into a more digitally empowered,
modern, and customer-first ecosystem. This phase
focuses on developing Globally Competitive PSBs for
Viksit Bharat @2047.

III.    Key Objectives of EASE RISE 9.0: Aims to transform
India's Public Sector Banks (PSBs) into globally
competitive, technology driven, resilient, and
customer centric institutions, aligned with the national
vision of Viksit Bharat @2047.

IV.    EASE 9.0 moves beyond digital adoption toward AI¬
led transformation, sustainable growth, resilience,
and institutional excellence—aligning public sector
banking reforms with the vision of Viksit Bharat. The
framework is structured around 16 Action Points,
grouped under four strategic themes:

V. Bank's Performance:

The Bank secured 3rd rank in Theme 1 (Risk &
Resilience) during Q2 of FY 2025-26 under EASE
8.0.

The Bank has significantly improved its performance
under EASE 8.0, recording a 154% increase from its
baseline score of 26.3 to 66.9 out of 100 in Q3 of FY
2025-26.

Detailed Results is as below:

Enhancing Customer Ease, Trust, and IT
Transformation | FY 2025-26

During FY 2025-26, the Bank's Information Technology
Department executed a strategically aligned transformation
agenda focused on enhancing customer convenience,
service reliability, operational resilience, and regulatory
confidence. The initiatives undertaken during the year
ensured secure, highly available, and customer friendly
banking services, while strengthening the Bank's readiness
for future growth and compliance.

1.    Customer Centric Tech-Banking Initiatives

•    Strengthened omni channel customer
communication through the Karix Bulk E mail
platform, enabling faster and reliable delivery of
statements and communications.

•    Migrated key customer facing applications to the
Corporate Website, including a revamped
SPGRS Portal and launch of the DEAF Portal,
improving transparency, grievance resolution,
and depositor awareness.

•    Emerged at the forefront of implementing the
Digital Consent Acquisition (DCA) framework,
enabling transparent, auditable, and customer
controlled digital communications.

•    Became the first public sector bank to enable
API integration with the Indian Cyber Crime
Coordination Centre (I4C) through a home grown
solution, achieving minimal latency and
significantly strengthening real time fraud
response.

2.    Resilient & Scalable Core Infrastructure

•    Upgraded Core Banking Solution to IBM Power
systems, reducing End of Day processing time
from 3.5 hours to under 2 hours despite
increased transaction volumes.

•    Strengthened Data Centre, DR, and Near DR
infrastructure under the Nakshatra-1 &
Nakshatra-2 program, establishing a software
defined, cloud ready private infrastructure with
high availability, fault tolerance, and centralized
management.

•    Enhanced server, storage, and processing
capacity to support over 800 CBS transactions
per second.

•    Maintained a robust and resilient IT infrastructure
for the Bank's flagship mobile banking
application, Zenlyfe, ensuring seamless
customer experience.

•    Established a 24*7 IT Command & Resiliency

Operations Centre for proactive monitoring of
critical systems and faster service restoration.

3.    Network Modernization

•    Migrated over 2,700 branches and 50 zonal
offices to SD WAN, improving availability,
visibility, and issue resolution.

•    Augmented network backbone through
deployment of high speed links and migration
from VSAT to RF and leased lines, reducing
latency and improving throughput.

4.    Security, Risk Management & Compliance

•    Upgraded perimeter and internal security
infrastructure with next generation firewalls
across DC and DR.

•    Enhanced Disaster Recovery capabilities through
new IBM hardware and implementation of a DR
Automation Tool.

•    Strengthened application security through SAST
and DAST testing and standardized identity
controls through an Active Directory Management
Tool.

•    Continued operation of the TRRACS system
leveraging RBI mandated IDPMS and EDPMS for
compliant monitoring of cross border trade
transactions, and initiated implementation of the
Foreign Currency Settlement System (FCSS).

•    Successfully achieved PCI DSS certification,
reinforcing payment security and compliance with
global standards.

5.    Automation, DevOps & Internal IT Enablement

•    Implemented the Master Craft DevOps platform
to enable CI/CD automation and standardized
release management.

•    Rolled out Microsoft Intune for unified endpoint
management, strengthening endpoint security
and compliance across the enterprise.

•    Implemented Google Apigee as the enterprise
API Gateway to enhance security, compliance,
and governance of API integrations.

6.    Capability Building & Governance

•    Strengthened IT leadership and execution
capacity by inducting experienced senior officers
and specialists across key domains such as APIs,
Middleware, DevSecOps, and Cloud.

•    Established two additional Project Management
Offices for GIFT IBU operations and TReDS to
enhance governance and delivery apart for
regular CBS Project Management Office

•    Institutionalized Change Advisory Board(CAB)
based governance for all IT systems like CBS,
LLMS, In-House Development etc. change
requests, improving risk alignment and audit
traceability.

7.    Enterprise Data Management, Governance and
Analytics

Recognising data as a critical enterprise asset for
regulatory compliance, risk management, informed
decision making and customer protection, the Bank
undertook focused initiatives during FY 2025-26 to
strengthen data quality, governance, automation and
Credit Information Company (CIC) integration.

20.1    Harnessing Fintech Partnerships:

I. Accelerated Digital Transformation

The Bank has strategically empanelled 114 FinTechs
(Financial Technology) companies and is working with
16+ FinTechs for development of various
technological initiatives.

20.2    Expansion of digital banking services in
FY 2025-26

i. Enhanced Digital Platforms : During FY 2025-26,
the Bank successfully implemented an enhanced

mobile banking application, Zen Lyfe as part of its
ongoing digital transformation initiatives. The
upgraded application features a significantly improved
user interface and user experience (UI/UX), offering a
modern look and feel designed to enhance customer
engagement and ease of use. Zen Lyfe delivers an
enriched and seamless customer journey through
improved navigation, faster response times,
increased application stability and higher availability.
In addition to the existing range of banking services,
the application now offers expanded banking and
lifestyle services enabling customers to manage their
financial and non-financial needs through a single
integrated platform.

Further strengthening the Bank's digital capabilities, a
new product Global Edge Account Management was
implemented within the Internet Banking application.
This solution enables customers to efficiently manage
their Spend, Reserve and Growth accounts digitally.

ii. Innovative UPI Solutions : The bank introduced
various enhancements to its UPI offerings during the
year. Bank has enabled Central Bank Digital
Currency (CBDC) platform for its retail customers,
known as Digital Rupee (e<), issued by RBI. The e<
is the digital form of India's sovereign currency and
has the same legal status and value as physical cash.
Stored in a secure digital wallet, Digital Rupee can be
used for P2P and merchant transactions, enabling
seamless digital payments without reliance on
traditional banking intermediaries and serves as an
alternate digital payment platform for customers.

20.3 Cyber Security

During FY 2025-26, the Bank of Maharashtra reaffirmed its
strong commitment to strengthening its cybersecurity
posture to safeguard its systems, data, and stakeholders.
This commitment was demonstrated through a range of
strategic initiatives and technological enhancements
designed to reinforce the Bank's resilience against an
increasingly complex and evolving cyber threat landscape.

Strengthening Cybersecurity Framework: The Bank has
deployed a comprehensive suite of security solutions
comprising more than 25 advanced technologies. These
solutions address multiple facets of cybersecurity, including
authentication, threat detection, and network security,
thereby ensuring a robust defense mechanism.

a. Project KAVACH 2.0: A Milestone in Cyber
Resilience: Under the Cyber Resilience initiative,
Project KAVACH 2.0 was implemented during 2025¬
26 to address evolving cyber threats.

•    Endpoint Detection & Response (EDR): EDR
protects endpoints against malwares and
ransomwares.

•    Anti-DDoS

•    SAST and DAST solutions

•    Attack Surface Management and Brand
Monitoring

•    Deception Solution (Honeypot)

Building on this foundation, the Bank has now initiated
Project KAVACH 3.0, incorporating advanced technologies
to further strengthen its cybersecurity posture and
resilience.

b.    Commitment to Global Standards: The Bank is
certified under ISO 27001:2022, demonstrating
alignment with globally accepted information security
standards, with implementation support from M/s
Deloitte. Additionally, the Bank is PCI DSS 4.0
certified, reinforcing the security and integrity of its
financial transaction processing environment.

c.    Cyber Awareness Campaigns: Recognizing the
importance of awareness in preventing cyber fraud,
the Bank has conducted extensive campaigns
targeting employees and customers:

i.    Phishing Simulation and Awareness Exercises:
Periodic simulations and campaigns conducted to
train staff and customers in identifying and
mitigating phishing and social engineering
attacks.

ii.    Awareness    Circulars    and Multilingual

Communication:    Regular circulars and

multilingual posters (in 15 languages)
disseminated to highlight emerging cyber fraud
trends, scam tactics, and preventive measures as
part of the digital awareness campaign.

iii.    Mass Media    and Social    Media Outreach:

Cybersecurity    awareness    promoted through

multilingual jingles broadcast on FM channels,
along with cyber tips/Handouts/Flyers and best
practices shared via “Sayane Cyber Tips” videos
and official social media platforms.

iv.    Proactive Alerts and Visual Messaging: Timely

SMS and email alerts issued to customers and
staff on cybersecurity best practices,
supplemented    by cyber    awareness posters

displayed across all DMS, ATM screens, and as
desktop/laptop wallpapers.

v. Interactive Training and Engagement Programs:
Interactive quizzes hosted on the Bank's website
for both customers and staff, along with
specialized training sessions and quizzes to
reinforce cyber hygiene and security awareness.

d.    Cybersecurity Tabletop Exercises: A tabletop
exercise was conducted by the Data Security Council
of India (DSCI) for senior executives and top
management, with a specific focus on ransomware
and other advanced cyber attack scenarios. The
exercise emphasized executive-level preparedness,
decision making, and coordinated response
strategies to strengthen organizational vigilance
against emerging cyber threats.

e.    Collaborative Efforts for Threat Intelligence: The

Bank collaborates with external agencies, including
CERT-IN, NCIIPC, IDRBT, and DSCI, to stay
informed about the latest vulnerabilities and threats.
This proactive approach ensures robust preventive
measures.

To create a secure ecosystem, the Bank organized
webinars on cybersecurity hygiene for vendor
employees. These efforts underline the importance of
collective responsibility in maintaining cybersecurity.

f.    Enhanced Cyber Resilience: The Bank's
categorization into Category “A” and improved
performance in cyber drills reflect its enhanced
resilience. Additionally, higher scores on platforms
like BitSight/Secure Score Card highlight the
robustness of its cybersecurity measures.

These initiatives reaffirm the Bank of Maharashtra's
dedication to leveraging technology to protect its
stakeholders, achieve sustainable Security
compliance, and ensure a secure operational
environment.

Prioritizing Customer Satisfaction: The Bank's Commitment
to Service Excellence

The Bank of Maharashtra is dedicated to delivering
exceptional customer service and building strong
relationships with its clients. Here's an overview of Bank's
key initiatives:

A.    Implementing Industry Best Practices:

•    We've actively implemented recommendations
from leading committees like Goiporia, Dr. S.S.
Tarapore, and Damodaran to ensure that we
meet the highest customer service standards.

•    As a member of the Banking Codes and
Standards Board of India (BCSBI), we've adopted
the Code of Banks' Commitment to Customers
and MSMEs, further emphasizing Bank's
commitment to ethical and fair practices.

B.    Upholding Customer Rights:

•    In line with the Damodaran Committee's
recommendations, we've appointed an Internal
Ombudsman at the Head Office to address
customer concerns promptly and fairly.

•    We have documented and Board-approved
policies on various aspects of customer
interaction, including deposits, cheque
collections, grievance redressal, compensation,
deceased depositor claims, and customer rights.
These policies ensure transparency and
consistency in Bank's interactions.

C.    Multi-Tiered Customer Service Structure:

•    We've established Customer Service Committees
at all branches, ensuring customer concerns are
addressed locally. These committees meet
monthly to review customer issues and
implement improvements.

•    A dedicated Standing Committee on Customer
Service operates at the Head Office level, along
with Zonal Level Customer Service Committees,
providing oversight and guidance on customer
service matters. These committees meet
regularly to identify and implement ongoing
improvements.

•    The committee of the Board on Customer Service
convenes quarterly to monitor service quality,
grievance redressal processes, and overall
customer satisfaction.

D.    Streamlined Grievance Redressal System:

•    We've implemented a comprehensive Standard
Public Grievance Redressal System (SPGRS) to
ensure prompt and effective resolution of
customer complaints.

•    The SPGRS encompasses complaints received
through various channels, including social media,
bank's website, branches, zonal offices, call
centers, and Head Office departments. It
addresses issues ranging from staff behavior and
credit/debit card concerns to digital transactions
and general customer service matters.

•    We've integrated Bank's CMS (BO) portal,
CPGRAM, and INGRAM with SPGRS using
Robotic Process Automation (RPA). This
automation helps us efficiently track complaints,
record them in SPGRS, notify customers and
relevant branches/zonal offices via email, and
automatically escalate overdue grievances to
higher authorities based on defined timelines.

E.    Enhancing Service Quality:

•    To further elevate service standards, we've
included industry experts on the Customer
Service Committee of Board, benefiting from their
insights and experience for making suggestions
for enhancing the quality of customer services
and improving the level of satisfaction.

•    Bank has launched QR code feedback system at
branches, in all the digital channels (IB/MB/
WhatsApp),QR code printed in the Cheque book
issued to the customer, through call center to
gather real-time customer perspectives on
service quality, Ambience, Ease of Transactions,
Staff Behavior. By scanning the QR code, users
can quickly access feedback form to rate each
attribute and share comments. The feedback
helps us continuously improve Bank's service
and enhance customer satisfaction.

F.    Review of the Resolution:

A process of random review of closed complaints is
implemented within the Customer Service
Department by senior executives and TOP
Management to ensure quality of resolution and to
facilitate continuous improvement through the
identification of areas requiring enhancement.

G.    Expanding Accessibility:

•    We've revamped bank's inbound call center in
Pune and established a new inbound/outbound
call center in Noida to enhance customer support
accessibility.

•    Bank's call centers cater to customers in seven
regional languages (Kannada, Tamil, Telugu,
Marathi, Gujarati) alongside Hindi and English,
ensuring broader communication accessibility for
grievance redressal.

•    Feedback is collected on Call Center IVRS as
well as through Manually calling

H.    Cybersecurity Awareness & Education:

•    We regularly conduct mass awareness
campaigns to educate Bank's customers about
cybercrime prevention and best practices for
cyber hygiene.

•    We utilize various communication channels to
deliver these educational messages, including
WhatsApp, email, branch digital signage displays,
and monthly “Cyber Jaagrukta Diwas” (Cyber
Awareness Day) events.

The Bank of Maharashtra is committed to fair and
transparent grievance redressal processes. In line with
Reserve Bank of India (RBI) guidelines, we have
established an Internal Ombudsman (IO) to act as an
independent authority for reviewing customer complaints.

A.    Independent Review & Recommendation:

•    The IO reviews complaints that have been
partially or wholly rejected by the Bank, ensuring
a fair and objective second look.

•    Based on this review, the IO submits periodic
reports to the Customer Service Committee of the
Board. These reports analyze complaint patterns
and identify root causes.

B.    Continuous Improvement:

•    The Customer Service Committee utilizes the
IO's reports and recommendations to implement
necessary changes in procedures and guidelines.

•    This proactive approach helps address
underlying issues and prevent similar complaints
in the future.

C. New Appointment:

• To ensure continuity in this critical role, the Bank
has recently    appointed a    new Internal

Ombudsman effective November 1^st,    2025

following the expiration of the    previous

Ombudsman's term.

Customer Complaint Status:

I²³

The Bank of Maharashtra is committed to upholding
financial integrity and combating money laundering and
terrorist financing activities. Bank's approach includes
robust policies, advances technology and proactive
measures to mitigate financial crime.

(I) Comprehensive KYC-AML-CFT Framework:

We have implemented a comprehensive Know Your
Customer (KYC), Anti Money Laundering (AML) and
Combating Financing of Terrorism (CFT) Policy
approved by Bank's Board of Directors. This
framework is the foundation of your Bank's efforts to
ensure regulatory compliance and prevent financial
crime.

Key Elements of KYC Compliance
Customer Awareness:

i.    We empower customers by providing a detailed list of
eligible KYC documents on our website, ensuring
transparency and ease of access.

ii.    This initiative fosters informed customer participation
in the KYC process.

Employee Training:

i.    Regular training sessions are conducted at your
Bank's dedicated training centres to equip staff with
up-to -date knowledge of KYC -AML-CFT guidelines.

ii.    Employees are trained to identify suspicious activities
and protect Bank's financial systems.

New Initiatives

i. We have implemented MuleHunter.ai of RBIH in your
bank since 29 December 2025 which has transformed
Bank's fraud management from a manual, reactive

process into an automated and precise system. This
has improved efficiency and helping identification of
mule accounts proactively.

(II)    Enterprise Fraud and Risk Management System
(EFRMS)

Proactive Fraud Detection

i.    The EFRMS operates in monitoring and
preventive modes across major digital channels,
including Core Banking, Internet Banking, Mobile
Banking, UPI, AePS, IMPS, ATM, E-commerce,
POS and CMS.

ii.    The system leverages a comprehensive set of
key risk parameter as advised by RBI. These
rules implemented in real time to detect
anomalies and automatically block or flag
suspicious transactions thereby enhancing fraud
prevention.

(III)    Interactive Voice Response System (IVRS)

i.    An automated IVRS solution is being
implemented to verify genuine customer
transactions in real-time.

ii.    This system minimises disruptions for legitimate
transactions while effectively curbing fraudulent
attempts.

(IV)    Off-Site Monitoring for mitigating operational risk
in internal accounts.

i.    Bank's Off-site Monitoring Unit (OMU) proactively
detects suspicious transactions in internal
accounts.

ii.    Internal validations are developed in the system
for monitoring and better efficiency.

iii.    Early detection allows the Bank to address
irregularities swiftly, mitigate potential risks and
strengthen internal controls.

(V)    Cyber Complaint Redressal Mechanism

i.    A dedicated team addresses cyber complaints
through API integration with NCRP as well as
manually by implementing proactive measures
such as account freezes and creating holds for
disputed amounts during the critical “golden
hour”.

ii.    We actively assist in grievance resolution in case
of deprived customer for hold/debit freeze in his
account.

iii.    Compliance of money restoration to the extent of
hold created from the suspected account against
the victim's disputed transaction.

(VI)    Law Enforcement Agency Compliance

i.    Bank has a dedicated single-point contact which
handles data submissions to various law
enforcement agencies, ensuing seamless and
efficient investigations.

ii.    We provide digital and physical records, such as
account statements, KYC documents, IP logs and
CCTV footage to agencies like Cyber Police, CBI,
SFIO, ED, SEBI, PMLA and others under legal
mandates.

13

At the Bank of Maharashtra, we are committed to securing
Bank's financial resilience while operating in an
environmentally and socially responsible manner.

24.1 Proactive Risk Management:

At the Bank of Maharashtra, we are committed to
securing Bank's financial resilience while operating in
an environmentally and socially responsible manner.
As proactive risk management, Integrated Risk
Management (IRM) department is also analyzing 22
Pillar-II risks viz: Concentration risk, Reputation Risk,
Legal Risk, IT/Cybersecurity Risk, Liquidity Risk etc.
These risks are analyzed on quarterly basis, and
remedial steps are initiated based on outcomes. IRM
department is conducting stress testing by simulating
adverse economic scenarios - such as recessions,
high inflation, or market shocks - to evaluate the
impact on Bank's capital adequacy and liquidity.

24.1.1 Risk Management: Strong and Resilient
Risk Culture

I.    The Bank's Risk Management function is
designed to identify, measure, monitor, and
control risks to ensure that they remain within the
defined tolerance levels. An independent
Integrated Risk Management Department (IRMD)
oversees these activities, operating under the
guidance of the Risk Management Committee
(RMC) of the Board. The department is led by the
Chief Risk Officer (CRO), who reports to the
Managing Director & CEO and the RMC. At the
zonal level, risk management is overseen by
Zonal Risk Officers.

II.    The Bank has established comprehensive risk
management frameworks & policies, such as:

a.    Enterprise-wide Risk Management Policy

b.    Policy on Operational Risk Management and
Risk Culture

c.    Asset Liability and Market Risk Management
Policy.

d.    Interest Rate Policy on Advances.

e.    Credit Risk Management and Collateral
Management Policy.

f.    Fraud Risk Management Policy

g.    Climate Risk Management Policy.

h.    Environment-Social-Governance (ESG) Policy

III.    To enhance credit risk management, the Bank
has adopted the CRISIL BOM ICON Model for
borrower credit risk ratings. Automated systems
monitor various prudential exposures, corporate
credit utilization, and risks associated with third-
party vendors and outsourced services.

IV.    Bank monitors its liquidity and asset-liability

mismatch position through Liquidity Coverage
Ratio (LCR), Net Stable Funding Ratio (NSFR),
Stock Approach Ratios, Statement of Interest
Rate Sensitivity (IRS), Statement of Structural
Liquidity (SLS) etc. In addition to this, Bank has
implemented a robust risk management
framework, supported by the implementation of
the Oracle Financial Services Analytical
Applications (OFSAA) solution for strengthening
and automation of Asset Liability Management
and Liquidity Risk Management.

V.    Bank's Operational Risk Management framework
is based on three pillars and three lines of
defense. All the existing as well as new policies /
products of the bank are vetted by Integrated
Risk Management (IRM) department to identify &
assess the inherent/ potential risks and take
suitable mitigation measures. The Risk Control
and Self-Assessment (RCSA) exercise of various
products, processes and systems are also
conducted for identifying the inherent risk and
measuring the effectiveness of controls. Further
to identify & monitor operational risk, the Bank
has devised well defined Key Risk Indicators
(KRIs). In addition to this Bank has developed a
framework to assess Money laundering & Terror
Financing of products.

VI.    Bank is dedicated to safeguarding customers
against fraudulent activities and strengthening
the fraud risk management system through the
implementation of robust fraud prevention
framework includes:

i.    Enterprise Fraud and Risk Management
System (EFRMS): This cutting-edge system
offers real-time transaction monitoring and
analysis, enabling detection and prevention of
suspicious activities.

ii.    Hunter Solution: Powered by sophisticated
machine learning algorithms, this solution
identifies patterns and anomalies that may
indicate fraudulent behavior, ensuring
proactive threat mitigation.

iii.    Early Warning System (EWS) Feeds: By

utilizing industry-wide data and trend analysis,
this system provides timely alerts about
emerging fraud threats, equipping us to
implement preventive measures effectively.

In addition to the above framework Root Cause
Analysis (RCA) of fraud events are done, and
modus operandi of these events are analyzed to
identify the control gaps and framing suitable
strategies to avoid the recurrences of such
incidents. With these advanced tools and
systems, Bank is committed to protecting our
Bank's customers' financial security and
maintaining trust at every step.

VII.    To consider climate risk as an emerging risk Bank
has taken various initiatives for Climate Risk
Management such as issuance of Policy on
Climate Risk Management, disclosure of GHG

(Scope 1 & 2) emissions & disaster risk mapping
of Branches and assessment of Banks's business
w.r.t disaster risk.

24.1.2 Environmental, Social, and Governance (ESG)
Commitment:

I.    MAHA GREEN PEHAL: Leading the Sustainable
Banking Practices:

Under the banner of “Maha Green Pehal,” the Bank
reaffirms its commitment to environmentally
sustainable practices. This initiative is a cornerstone
of Bank's ESG Policy /strategy, encompassing
diverse programs to reduce the environmental impact
and foster sustainable banking.

Key Highlights of your Bank's ESG efforts:

a. Energy Efficiency: Prioritizing energy-efficient
equipment for computers, lighting, air
conditioning, and other systems to reduce energy
consumption.

b.    Green Energy Adoption: Installation of solar
panels at owned premises to harness renewable
energy.

c.    Paper Reduction:    Embracing digital

transformation (e-meeting) to minimize paper
consumption. Promoting virtual meetings to
reduce dependency on printed materials.

d.    Eliminating Single-Use Plastics: Complete ban
on single-use plastics across all facilities.

e.    Green Financing: Introduction of innovative
financial products to support eco-friendly
initiatives such as:

•    Electric vehicle (EV) financing.

•    Solar energy projects.

•    Green housing initiatives.

•    Renewable energy developments.

f.    E-Waste Management: Adopting eco-friendly
disposal methods for electronic waste.

g.    ESG Scorecard: Bank has initiated to access the
Borrower's based on ESG parameters.

h.    Climate Risk Management Strategy: Bank has
developed short-term/medium Term/Long Term
strategy w.r.t climate risk management approach.

II.    Green Cell Initiative: To promote and manage
environmentally sustainable practices the Bank has
established a dedicated Green Cell (an executive-
level committee). Green Cell overseeing & integrating
climate-related risks into the bank's overall risk
management framework, promoting sustainable
finance, and ensuring compliance with regulatory
guidelines related to climate risk.

Through such initiatives, the Bank aligns with
Sustainable Development Goals (SDGs) and
demonstrates its commitment to fostering a secure,
sustainable, and prosperous future for Bank's
stakeholders, the environment, and the communities
we serve.

R f

Marketing and Publicity play a vital role in the growth and
success of the bank by enhancing its visibility, building trust,
and attracting new customers. In today's competitive
financial landscape, effective marketing helps banks
communicate their products, services, and unique value
propositions to a wider audience. Publicity, whether through
traditional media or digital platforms, creates awareness
about the bank's initiatives, achievements, and innovations,
shaping a positive public image. It also strengthens
customer engagement, promotes brand loyalty, and
supports the bank's efforts in financial inclusion by
educating the public about various banking solutions. We
understand the strategic marketing and publicity contribute
to business expansion, customer retention, and long-term
sustainability.

A.    Reaching Customers through Integrated

Marketing:

•    Omnichannel Strategy: We embrace a modern
approach that blends traditional media (print,
radio, television, and outdoor advertising) with
the power of digital marketing & social media
marketing to maximize reach and impact. Bank's
print media campaigns raise brand awareness,
while radio and television commercials cater to
specific regional audiences. Local cable
placements and strategic outdoor advertising
further amplify Bank's message.

•    Digital Engagement: Recognizing the growing
influence of online platforms, digital marketing
campaigns are run extensively across various
platforms. These campaigns focus on promoting
key products such as home loans, car loans, gold
loans, term deposits, account opening through
video KYC, and loan options for agriculture,
MSME (Micro, Small, and Medium Enterprises),
etc. These digital initiatives not only raise product
awareness but also generate leads that branches
can convert into business opportunities.

B.    Educating    and Empowering    your Bank's

Customers:

•    Digital Advocacy: Promoting your Bank's digital
banking solutions and cybersecurity awareness is
central to Bank's marketing efforts. We leverage
social media to share important announcements,
festive greetings, and informative content through
engaging knowledge series.

•    Cyber    Awareness series- To    generate

awareness about cyber security, a audio visual
series known as 'Swara se Seekho, Scam ko
Pahchano' was launched during the year. The
concepts of cyber security were explained in
simplest manner.

•    Mr. Gyaani & Miss Sayani: Your Bank's creative
educational video series, “Mr. Gyaani ka Banking

Gyaan” (Mr. Gyaani's Banking Knowledge) and
“Miss Sayani ke Sayane Cyber Tips” (Miss
Sayani's Smart Cyber Tips), provides viewers
with valuable    insights on banking and

cybersecurity best practices.

•    Bank's Saturday quiz series, Curious Minds, is
an engaging initiative designed to captivate
Bank's audience with thought-provoking
questions related to banking, finance, and the
broader industry. It not only sparks curiosity and
encourages learning but also fosters meaningful
interaction with your Bank's followers. By
blending fun with knowledge, Curious Minds
serves as an effective platform to raise financial
awareness, promote your Bank's brand, and build
a more informed and connected community.

C.    Staying Ahead of the Curve:

•    Social Listening & Market Research: To

continuously refine Bank's strategies, we actively
utilize social media listening tools. These tools
provide valuable data on audience engagement,
brand sentiment, and competitor activity, allowing
us to adapt and improve Bank's marketing efforts.

•    Bank through its defined social media strategy
and engaging content have a follower base of
more than 1.15 crore across all social media
platforms (Facebook, X, LinkedIn, Instagram &
Youtube) taken together. Bank of Maharashtra is
the first bank to cross 1 crore subscribers after
State Bank of India. Bank ranks 1^st in Facebook
& Youtube in terms of number of followers/
subscribers amongst all PSU banks excluding
SBI.

D.    Building Trust Through Public Connect:

•    Community    Engagement:    We actively

participate in    sponsorships, CSR (Corporate

Social Responsibility) activities, and charitable
initiatives. These efforts not only demonstrate
Bank's commitment to social good but also help
build strong public connect and reinforce your
Bank's positive brand identity. Bank has
undertaken several initiatives this year, major
ones being donation to orphanage, sponsorship
for libraries,    donating garbage vehicle to

municipal corporation, donation towards sports,
sponsoring marathon etc.

E.    Looking Forward:

The way forward for the Bank lies in embracing digital
transformation while maintaining a strong focus on
personalized customer engagement. By leveraging
advanced data analytics, we can better understand
customer behavior, tailor marketing strategies, and
launch targeted campaigns that resonate with diverse
audience segments. Strengthening digital channels
through social media, mobile apps, and personalized
email outreach will not only enhance customer
interaction but also build a robust online presence.
Additionally, integrating traditional marketing with
innovative digital practices will help reinforce brand

trust and drive sustainable growth, positioning the
bank as a forward-thinking financial institution in an
increasingly competitive market.

(2^55!^^™

The Bank has adopted the Citizen's Charter since 2000-01,
which details the duties and responsibilities of the Bank
towards its customer. The charter is displayed at all the
branches and Bank's website.

Bank of Maharashtra is deeply committed to its Corporate
Social Responsibility (CSR), consistently striving to give
back to society and contribute to nation-building. The bank
actively engages in initiatives that support education,
healthcare, promoting sports and women empowerment,
environmental sustainability, and community development.
By aligning its CSR efforts with the broader goals of social
welfare, it aims to uplift underprivileged sections of society
and promote inclusive growth. Whether it is through
financial literacy programs, rural development projects, or
wildlife conservation, Bank of Maharashtra continues to
uphold its responsibility as a socially conscious and
compassionate institution dedicated to the well-being of the
communities it serves.

A. Focus Areas:

Your Bank's CSR activities target a range of critical
areas, aiming to create a measurable difference in
the lives of the underprivileged:

•    Healthcare: We support essential medical
services by providing financial assistance for
ambulances, dialysis machines, eye checkup
camps, and awareness campaigns on various
health issues.

•    Education:    We promote educational

opportunities for underprivileged children by
sponsoring admissions, scholarships, and
infrastructure upgrades in schools.

•    Sports & Skill Development: We empower
youth through sponsorships for sports activities
and skill-based training programs, enhancing
their employability.

•    Women Empowerment: We champion women's
empowerment through initiatives that provide
training for self-employment, support women
entrepreneurs, and facilitate access to resources.
Bank provided financial assistance for
operational expenditure of school & Orphanage
for Girls.

•    Sanitation: We contribute to improved sanitation
by sponsoring sanitary pad vending machines
and beautification projects for garbage collection
points.

•    Environment: We actively support environmental
sustainability through tree plantation drives and
installation of solar power grid systems.

B.    Key Initiatives:

•    Financial Assistance: We've provided financial
aid for various projects, including ambulances,
medical equipment installations, electric carts,
educational scholarships, and skill development
programs.

•    Empowering Women: We've supported
women's self-employment through training
programs, sponsorships for exhibitions, and
events promoting entrepreneurship.

•    MSME Support: We've facilitated the growth of
Micro, Small, and Medium Enterprises (MSMEs)
by sponsoring exhibitions and conferences
specifically designed for women entrepreneurs.

C.    Looking Ahead:

Bank of Maharashtra is firmly committed to its social
responsibility, recognizing its role in driving positive
change beyond banking. With a strong belief in giving
back to society, Bank of Maharashtra continues to
integrate social responsibility into its core values,
reinforcing its identity as a responsible and
compassionate corporate citizen.

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During the year 2025-26, the Bank achieved various

remarkable achievements in the field of Official Language

implementation:

1.1 Path of Excellence in Promoting the Hindi
Language:

I.    The Bank was awarded with the “Second Prize”
in “B Region” by the Department of Financial
Services, Ministry of Finance, Government of
India for its in house magazine, 'Mahabank
Pragati'.

II.    During the year, the Bank was awarded with the
titles of “Ashirwad Bhasha-Setu Puraskar” in the
category of “Nationalised Bank” and the “
Ashirwad Gaurav Samman” by the prestigious
Mumbai-based institution, 'Ashirwad', for the
progressive use of Hindi.

III.    During the All India Official Language
Conference, Town Official Language
Implementation Committees (TOLICs) convened
by your Bank namely; Mumbai South, Pune City,

Latur and Solapur were awarded by Department
of Official Language, Ministry of Home Affairs.

1.2    Fostering a Culture of Hindi:

I.    Town Official Language Implementation
Committees (TOLICs) convened by other banks
awarded bank's Thane Zonal Office, Chandigarh
Zonal Office, Varanasi Zonal Office, Nashik Zonal
Office and Kolkata Zonal Office for the
outstanding implementation of Official Language
Hindi.

II.    Various Town Official Language Implementation
Committees (TOLICs) convened by other banks
awarded your bank branches of Indore Zone
(Barwani), Chandigarh Zone (Panchkula), and
Jaipur Zone (Jodhpur Main and Ajmer Main) for
the outstanding implementation of the Official
Language Hindi.

III.    The Bank's quarterly house magazine,
'Mahabank Pragati', and E-magazine, 'Mahabank
Samvad Sarita', are being regularly published. As
a new initiative, the Bank's e-magazine,
'Mahabank Samvad Sarita', is also being
published regularly in Braille script for the benefit
of the Bank's visually impaired employees.

IV.    The Parliamentary Committee on Official
Language inspected Bank's Head Office,
Guwahati Zonal Office, Bengaluru Zonal Office,
Bhopal Zonal Office, Indore Zonal Office, Thane
Zonal Office, Mumbai North Zonal Office,
Varanasi Zonal Office, Pune City Zonal Office,
Kolkata Zonal Office, Ernakulam Zonal Office,
Chennai Zonal Office, Aligarh Branch (Noida
Zone) and Puducherry Branch (Chennai Zone)
during the financial year. The Committee
appreciated the implementation of Official
Language Hindi in these offices. On this
occasion, the latest issue of the Bank's e-
magazine 'Mahabank Samvad Sarita', titled
“Artificial Intelligence and Banking,” was also
released.

V.    Your Bank serves as the Convener Bank for the
Town Official Language Implementation
Committees (TOLICs) in Mumbai, Pune, Solapur,
Latur, and Jalgaon. Meetings of these
committees were held regularly throughout the
year, and various activities of the committees
were conducted in accordance with the
scheduled calendar.

1.3    Promoting Hindi Accessibility:

“WhatsApp Banking” -WhatsApp Banking facility is

available in a bilingual format (Hindi and English), as

well as in other Indian languages such as Marathi,

Tamil, Malayalam, and Telugu.

I. “Hindi Karya Diwas” is being observed by all
branches and offices of the Bank on the third
Saturday of every month. All employees perform
the maximum possible amount of their work in
Hindi on this day.

II.    Bank's new mobile banking application, 'Zen Lyfe'
has been made available in Hindi and English
along with 10 other Indian languages for the
convenience of customers.

III.    The Bank's website is available in Marathi, Hindi,
and English, along with 20 other Indian
languages.

IV.    The facility of “Online Official Language
Dictionary” has been made available on the
Bank's intranet for the use of all employees.

123    ^Sarash,ra,l

29.1    Bank of Maharashtra prioritizes safety and well-being
of your Bank's customers, staff, and assets. To
achieve this, a comprehensive Security Policy
encompassing several key areas has been
formulated:

I.    Safeguarding Bank Assets: This encompasses
a formidable security framework designed to
safeguard critical assets across Branches,
Administrative Offices, Currency Chests, Data
centers and other sensitive locations. Bank has
institutionalized risk based access control and
surveillance mechanisms to strengthen asset
protection, enhance institutional resilience and
mitigate operational and reputational risks in a
dynamic threat environment.

II.    Creating a Secure Banking Environment: Bank
is committed to creating a secure, inclusive, and
welcoming environment across all Banking
touchpoints. This enables employees, customers,
and visitors to engage in banking operations with
confidence and trust, while reinforcing the Bank's
commitment to safety, service excellence, and
stakeholder assurance.

III.    Disaster Preparedness: Bank recognizes the
critical importance of preparedness in addressing
unforeseen events. Accordingly, Security Policy
incorporates comprehensive measures to
mitigate risks arising from both natural and man
made disasters. These measures are aimed at
ensuring business continuity, safeguarding critical
operations and protecting the safety and well
being of employees, customers, and other
stakeholders.

29.2    Proactive Security Measures:

Bank continuously assesses and strengthens its
security posture through ongoing analysis of potential
threats. These proactive measures include:

I. Threat Intelligence Gathering: Bank actively
monitors prevailing and emerging crime trends,
conducts systematic analysis of bank robbery

and intrusion tactics, evaluates reported security
breaches and examines fire incident patterns.
This continuous threat intelligence process
enables to anticipate potential risks, enhance
preventive and corrective security measures and
maintain readiness against evolving threats.

II.    Training and Capacity Building: Security
Personnel and other Bank Staff are
systematically equipped with the skills and
knowledge required to manage security situations
effectively. Regular and structured training
programs ensure preparedness to respond
promptly and appropriately to a wide range of
operational, emergency, and threat scenarios.

III.    Outsourced Cash Van Management: Bank has
implemented a centralized outsourcing system for
cash van services. This centralized framework
has significantly enhanced operational efficiency
by ensuring uniform deployment practices,
standardized service levels and streamlined
coordination with cash logistics service providers.
The system has enabled optimum utilization of
manpower by eliminating duplication of efforts at
branch and zonal levels, thereby contributing to
cost efficiency, improved governance and
enhanced operational control, while allowing
branches to focus on core banking functions.

IV.    Technology Driven Security Initiatives: As part
of the Bank's commitment to strengthening its
security framework, an Electronic Surveillance
System has been implemented across all ATMs
of the Bank.

a)    This system comprises a combination of
advanced sensors, cameras, sounding
devices, and analytical tools to detect
suspicious activities, generate real-time alerts
and enable prompt follow up actions.

b)    This innovative surveillance mechanism plays
a crucial role in safeguarding the Bank's ATM
network and mitigating potential security risks.
Bank is further in the process of enhancing
this system by incorporating advanced AI
driven features aimed at proactive deterrence
of untoward activities.

c)    Additionally, Bank is in the process of
extending these enhanced surveillance
capabilities to other customer touchpoints,
thereby ensuring a seamless, robust and
integrated security framework across its
operations.

29.3 By implementing a comprehensive Security Policy
and embracing cutting-edge solutions like Branch and
ATM E-surveillance, the Bank of Maharashtra fosters
a secure and reliable banking experience for all.

|³⁰

During FY 2025-26, the Compliance Department continued
to support the Bank's governance framework through a
balanced, risk based and forward looking approach. By
strengthening processes, leveraging technology, enhancing
awareness and fostering a culture of shared responsibility,
the Department contributed to reinforcing stakeholder
confidence and sustainable business growth. “Business
First, Compliance Always.”

Recognizing that effective compliance depends on
awareness and ownership at the operational level, the
Compliance Department undertook several initiatives to
strengthen compliance culture across the Bank. These
included:

•    Monthly Compliance Newsletters

•    Monthly Compliance Quiz

•    Circulation of Monthly Gists of RBI guidelines in both
Hindi and English

These initiatives supported better understanding
among field staff, encouraged engagement, and
contributed to more consistent implementation of
regulatory requirements.

nilmi

a.    Geotagging and ARJUN Application

Stressed accounts are monitored through the Stress
Assets Visit Portal and the ARJUN mobile app.
Integrated geotagging ensures optimized,
transparent, and accountable field visits to stressed
assets.

b.    Loan Tracking Cell (LTC)

The LTC functions as a centralized call centre for
follow up and upgradation of stressed accounts.
Around 2,500 borrowers are contacted daily. The
primary centre operates from Pune, with system
access across all zones. Apprentices deployed in the
field also support follow up calls.

c.    Delinquency & Compliance Risk Index (DCRI)

A dynamic one page DCRI dashboard is available
24*7 across devices. Daily SMS and email alerts are
sent to senior officials, while monthly reviews by Top
Management have strengthened compliance and
supervision.

d.    Entity Relationship & Transaction Network
Dashboard

This advanced analytics tool provides a consolidated
view of customer relationships and fund flows across

NEFT, RTGS, and intra bank transactions, enabling
faster identification of risky patterns, related party
exposure, and potential fund diversion.

e.    Roll Forward & Roll Backward SMA Movement
Dashboard

The dashboard tracks asset quality migration across
Standard, SMA, and NPA categories over monthly
and quarterly periods, helping identify early stress
and recovery trends with reduced manual effort.

f.    AI Enabled Predictive Analysis for Debt Collection

An AI/ML based collection management module with
coordinated field deployment and the “Field Plus”
mobile app supports recovery in stressed and freshly
slipped accounts. Predictive debt collection models
and PSA reports classify accounts into P1, P2, and
P3 risk categories, enabling targeted interventions
and improving recovery efficiency.

g.    AI Enabled Collections & Field Operations

An AI/ML based Collection Management Module
supports coordinated deployment of Feet on Street
collection agents, complemented by the “Field Plus”
mobile application for recovery in stressed and freshly
slipped accounts.

|3^

The Bank has received license from IFSCA (the GIFT city
regulator) on 08th May 2025 for establishing the branch (i.e.
IFSC Banking Unit) in GIFT city, Gujarat; and the operations
at IBU were commenced w.e.f. 12th Sept 2025. Since IBU
is considered as offshore branch, Bank is now able to offer
various products / services in foreign currency which
includes ECB, Trade Finance, FCTL, deposits in foreign
currency etc.

Within 6 months of its operations i.e. as of 31st March 2026,
IBU has achieved the total assets size of USD 645 million.

133

As per DFS guidelines and with an objective to continuously
improve corporate governance practices, the Bank has
engaged an external agency to support the Bank in laying
down parameters for performance evaluation of Directors
and the Board as a whole. This has resulted in the
development of comprehensive performance evaluation
frameworks. These criteria are meticulously aligned with the
relevant regulations and guidelines, including the SEBI
(Listing Obligations and Disclosure Requirements)
Regulations, 2015 and the SEBI Guidance Note on Board

Evaluation, 2017. For the year FY 2025-26, performance
evaluation of the Board has been conducted, reaffirming the
Board's competence. The process also showcased the
strong synergy and collaboration between the Board of
Directors and Top Management. Report of External Agency
is being placed to Board for noting and suggestion, if any.

Performance evaluation of sub-committees of Board is
being placed to the Board and the same is being evaluated
by the Board on yearly basis.

Further, the performance evaluation of Whole Time
Directors is carried out by Committee of Board for
Performance Evaluation / Board on the basis of guidelines
prescribed by Government of India. Further, Performance of
non-official Directors / Shareholder Director is done by
Board of Directors on annual basis as per prescribed DFS
guidelines.

All the Independent Directors of Bank have submitted the
declaration confirming that they meet the criteria of
independence as provided under Regulation 25 of SEBI
(LODR) Regulations, 2015.

|35^ ^^dA^ltsSub-Committ^s^^^

The composition of the Board and its Sub-committees as
required to be constituted as per the SEBI (LODR)
Regulations, Government of India / Reserve Bank India
Guidelines and the meetings held therein are mentioned in
the Corporate Governance Report.

Pursuant to Regulation 24A of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 and SEBI
Circular No. CIR/CFD/CMD1/27/2019 dated February 08,
2019, Bank had appointed M/s Joshi & Joshi., Practicing
Company Secretaries, Pune as a Secretarial Auditor to
undertake Secretarial audit of Bank for a period of 5 years
wef FY 2025-26 till FY 2029-30. For the FY 2025-26, the
Secretarial Audit Report is annexed to this Report.

The response of the management on the observations
raised by secretarial auditor are as under :

I³⁷1--    —1

The Directors confirm that in the preparation of the annual

accounts for the Financial Year ended March 31, 2026:

I.    The applicable accounting standards had been
followed along with proper explanation relating to
material departures, if any;

II.    The accounting policies framed in accordance with
the guidelines of RBI were followed and the directors
had selected such accounting policies and applied
them consistently and made judgments and estimates
that are reasonable and prudent so as to give a true
and fair view of the state of affairs of the Bank at the
end of the financial year and of the profit and loss of
the Bank for that period;