Building a Sustainable Tomorrow: Bank of Maharashtra’s Commitment to ESG Principles

Building a Sustainable Tomorrow: Bank of Maharashtra’s Commitment to ESG Principles

FPJ BureauUpdated: Friday, December 08, 2023, 02:57 PM IST
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Bank of Maharashtra, a premier Public Sector Bank in the country reinforces its commitment on Environmental, Social & Governance (ESG) principles, outlining its comprehensive strategy to seamlessly integrate sustainability into all aspects of its business operations aligning with SEBI’s “Business Responsibility & Sustainability Reporting Framework”. At the heart of Bank of Maharashtra’s operational ethos, lies its long-standing philosophy of creating shared value for its stakeholders while actively contributing to a more sustainable and equitable society.

Environmental, Social & Governance (ESG) is a framework for measuring the sustainability and impact of an organization’s activities. It considers how an organization interacts with the environment, its customers, its employees and the communities in which it operates.

A S Rajeev, MD & CEO, Bank of Maharashtra said,” Since our inception, Bank of Maharashtra is committed to serving diverse sections of society, enhancing shareholders’ value and creating a positive societal impact. We believe that long term success requires creating value for all our stakeholders and we are committed to invest in sustainable practices for the well-being of our customers and communities.” Rajeev further expressed,” We are continuously integrating ESG considerations into our business practices and we are ensuring a sustainable future for our organization, and also for the communities we serve.”

Asheesh Pandey, Executive Director, Bank of Maharashtra expressed his thoughts, “Bank of Maharashtra’s ESG focus is a reflection of our belief of embedding sustainability into our core operations which not only benefits our stakeholders but also reinforces our position as a responsible corporate organization.”

He further opined,” In our pursuit of operational improvement we have implemented several measures, including digitization of loan processing, introducing STP (Straight Through Process) journey for various processes, enabling Opening Online Savings Bank Account through Video-KYC, expanding our multi-channel delivery through Net Banking, Mobile Banking and WhatsApp Banking in order to optimize resource consumption and promote digitization over print communication. The Bank is also progressively transforming towards digital and paperless banking cutting down on the environmental impact with traditional banking processes and also enhancing organizational efficiency to deliver services more rapidly thereby meeting the evolving needs of our customers. At Bank of Maharashtra we hold the conviction that thoughtfully executed sustainable initiatives have the potential to instigate positive transformation, effectively tracking broader social and environmental challenges. Our commitment extends to cultivating a diverse and inclusive workplace, advocating gender parity and ensuring equitable opportunities for everyone. As an environmentally conscious financial institution, we pledge to contribute to the development of a digital and aspirational India, actively supporting the nation’s path towards achieving net-zero emissions.”

The Bank recognizes the pressing need to address climate change and has undertaken concrete steps to minimize the environmental footprint. The Bank has made significant investments in renewal energy sources, including installation of solar panels at its Head Office and other premises owned by the Bank across the country thereby savings 6,47,467 units of energy till 30th November,2023. The Bank has undertaken various tree plantation drives across the country as a contribution towards making the environment cleaner and healthier. The Bank has planted around 13,069 trees in total out of which 5,776 are planted during the FY2023-24.

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