Bank of Maharashtra, in a bid to cut operating costs, has shut down over 50 of its branches in the country. The branches which were closed were under loss, according to a report by Economic Times.
The shutdown is effective from October 1. The closed branches were in urban areas, with the bank choosing not to shut branches in rural regions.
According to the same report, the shut branches have been merged with other branches in the area.
This is the first time a PSB in the state of Maharashtra has shut branches to cut costs. With around 1,900 branches across the country, Bank of Maharashtra is one of the larger PSBs in India.
Of the 51 branches shut, 13 are in the Mumbai-Thane region, with 5 branches closed in Pune, 4 in Jaipur, 3 in Bangalore and one each in places like Goa, Kolkata, Chandigarh, and Noida.
Sources: Economic Times, NDTV