From Crop Loans To Startups: Bank Of Maharashtra Expands Funding Across Nashik's Key Sectors

Nashik: Despite intense competition and rapid technological change in the banking sector, the Bank of Maharashtra (BoM) has managed to sustain steady growth by blending its traditional customer-centric approach with modern digital technology.

Rajesh Deshmukh, BoM’s Regional Deputy General Manager (Zonal Manager), told The Free Press Journal (FPJ) that Nashik’s continued development offers fresh opportunities for the bank to expand its reach and consolidate its position. “We believe Nashik’s overall progress is inevitable in the coming years, and we are ready to turn challenges into opportunities,” he told the FPJ.

Focus on agriculture and MSMEs

Explaining the bank’s operations in Nashik, Deshmukh said the district has a strong base in both agriculture and industry. “While the economy largely depends on agriculture, the industrial estates spread across five to six locations also contribute significantly. Hence, the bank gives priority to lending in both sectors,” he said.

“As private sector banks enter the market aggressively, we, as a leading public sector bank, have adapted our operations and continued to attract new customers,” he added. The bank is expanding its funding in agriculture, offering preferential loans to startups, and maintaining a strong presence in self-help group (SHG) financing. In terms of total business volume, BoM ranks second in the Nashik region after the State Bank of India.

Support for farmers and agro-based industries

Nashik, being predominantly agricultural, has seen the bank focus heavily on supporting farmers. Under the MahaKrushi Samruddhi scheme, loans of up to Rs100 crore are offered to small, medium and large-scale farmers. The bank also supports agro-based industries and extends financial assistance to major industrial groups operating in the region.

Expansion plans for Nashik

With Nashik’s rapid development, the bank expects continued growth. The start of air services, improved road connectivity, an industry-friendly environment and the upcoming Vadhavan Port are expected to boost the district’s economic potential.

Deshmukh said the banking sector will directly benefit from this momentum. “We plan to introduce several new schemes to attract customers while ensuring steady business expansion,” he noted.

BoM’s business in Nashik district (as of end-September)

Sector  -  Amount (₹ Crore)

Agriculture -  2,020.65

Crop Loans - 872.90

MSME - 2,101.45

Education - 116.80

Housing - 1,070.22

Social infrastructure - 449.80

Other advances - 350.92

Total others - 6,585.26