Akola is a city in the Vidarbha region of the Indian state of Maharashtra. It is known for being one of the largest producers of cotton in the entire country and has hence received the nickname of the Cotton City. It is a striking road and rail junction near the Tapti River valley, which is also a commercial trading center chiefly for cotton. The city with roughly 5 lakh people, is governed by Akola Municipal Corporation. The city lies near the Tropic of Cancer and experiences a tropical humid climate and the residents are mostly found donning plain cotton clothes. Akola city is known for its many agricultural universities alongside veterinary colleges, engineering, medical and normal degree colleges. Cotton production and textile industry chiefly drive the economy of Akola. Akola has a very good grain market which contributes to the citys economy. The city has mills for pulses and oil. The IT sector is also growing at a fast pace. Standing on the banks of the Morna River, the city of Akola is rapidly developing.
the Bank of Maharashtra was founded on 16 September 1935, at Pune and commenced its operations on 8 February 1936. In 1938, the second branch of the bank was opened at Fort, Bombay(currently Mumbai). The bank expanded rapidly after nationalization in 1969. In 1998, the bank had achieved autonomous status after moving into A category from C due to which it has limited interference of Government authority in its decision-making process and internal affairs. In 2004, it was listed in Bombay Stock Exchange and National Stock Exchange of India. In 1978, the new head office building was inaugurated by the late Prime Minister of India, Mr. Morarji Desai. In 1991, the Mahabank Farmer Credit card was introduced after the bank entered into domestic card business. In 2011, the first SHG branch was opened in Pune. In 2013, the Rupay Card was launched by Ms.Sonia Gandhi in New Delhi. In 2014, the number of BoM ATMs increased to 1827 by the addition of 1129 ATMs.In 2015, it reached the network of 1889 branches across India and launched Mahamobile as the mobile banking app. In 2016, the bank was awarded the Best Financial Inclusion Initiative by the IBA banking technology.