Bank of Maharashtra takes top spot in PSU banks in business growth

Bank of Maharashtra recorded the highest growth rate in total business and deposit mobilisation among public sector lenders last fiscal. The Pune-based bank recorded a 15.94 per cent increase in total business (domestic) during FY24, followed by State Bank of India (SBI) with a 13.12 per cent growth, according to the financial reports of the public sector banks (PSBs). Despite BoM's impressive growth, SBI's total business (deposits and advances) stood at Rs 79,52,784 crore, approximately 16.7 times higher than BoM's Rs 4,74,411 crore. In terms of deposit growth, BoM maintained its leading position with a 15.66 per cent rise in FY24. SBI followed with an 11.07 per cent increase, while Bank of India and Canara Bank reported growth rates of 11.05 per cent and 10.98 per cent, respectively. Out of 12 public sector banks, only four achieved double-digit growth in deposits for the financial year 2023-24.