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. Environmental, Social & Governance (ESG) is a framework for measuring the sustainability and impact of an organisation’s activities. It considers how an organisation interacts with the environment, its customers, its employees and the communities in which it operates.
Stakeholder’s comments
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.” Rajeev further emphasised on adoption of sustainable practices for the well-being of our customers and communities we serve thereby ensuring a sustainable future for the organisation and the society at large. Asheesh Pandey, Executive Director, Bank of Maharashtra, highlighted the digital and eco-friendly initiatives taken up by the Bank, which reflects Bank’s belief in embedding sustainability into core operations of the Bank. In its pursuit of operational improvement, the Bank has implemented various measures including digitisation of loan processing, online account opening through Video-KYC, among many other digital banking offerings for optimising resource consumption and promoting digitisation over print communication.
The Bank has undertaken concrete steps to minimise environmental footprint such as installation of solar panels at various locations across the country thereby saving 6,47,467 units of energy till 30th November,2023. Introduction of special scheme like Mahabank Green Car Loan addressing critical issue of air pollution and also implemented eco-friendly practices such as electronic waste collection wherein the Bank has disposed off approx. 57,725 kgs. of electronic waste contributing to a remarkable reduction of approx. 76,196 kgs. of carbon emissions by 24th November, 2023. The Bank has also discontinued usage plastic folders & single use plastic and has been conducting tree plantation drives across the country by planting 13,069 trees in total out of which 5,776 are planted during the FY2023-24 & many other such initiatives in order to contribute to a greener, healthier and more sustainable future.
Range of social initiatives
The Bank is also actively engaged in a range of social initiatives designed to contribute to the social and economic development of the various communities it serves. Bank operates various Rural Development Centres including, Gramin Mahila Va Balak Vikas Mandal (GMVBM), Mahabank Agricultural Research & Rural Development Foundation (MARDEF) and Rural Self Employment Training Institute (R-SETI) Centres. These centres serve as catalysts for positive change in underdeveloped regions. By providing training and conducting workshops for Women, Self-Help Groups (SHGs) and Youth we actively contribute to skill development & empower individuals and groups to start their own ventures thereby elevating their lives which helps to inculcate economic independence within these communities.
Furthermore, the Bank has expanded its reach to underserved communities, with a total nationwide network of more than 2350 branches, the Bank has 54 per cent branches in rural and semi-urban centres which serves as a benchmark of the Bank’s philosophy for overall societal development.
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