Bank of Maharastra to shut down 51 branches: Check your account, if any

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BoM has announced a closure of its 51 branches across the country (Representational Image)
BoM has announced a closure of its 51 branches across the country (Representational Image)

Mumbai : Owning to the loan scam, the Bank of Maharashtra (BoM) has announced a closure of its 51 branches across the country. It's an attempt of the management to cut the rising cost. Last year, in June, the esteemed BoM was in news after its CMD Ravindra Marathe, his predecessor Sushil Muhnot and four others were found connection with the Rs 2,043 crore DSK group scam case. 

Now, according to the advertisement published in a Marathi newspaper, the BoM headquarter in Pune mentioned that it had either closed or merged 51 branches across the country and by December 31,2018, it would annul the IFSC and MICR codes of these branches. Also, sources confirmed that all the 51 branches are in urban centres and have been identified for the action as they were declared unviable and incurring huge losses.

While the bank is in the process of cancelling IFSC and MICR codes of these all the Savings, Current and other bank accounts have been transferred to the branches with which these have been merged.

Meanwhile, the BoM has directed all customers to deposit their cheque-books issued from the closed branches with the old IFSC/MICR Codes by Nov. 30, and collect their payment instruments bearing the new branch's IFCS/MICR Codes.

Simultaneously, the BoM cautioned that since the old IFSC/MICR Codes have been spiked and shall be discontinued permanently from Dec. 31 this year, henceforth customers should conduct all their banking transactions only with the new IFSC/MICR Codes.