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The Bank of Maharashtra was founded in Pune on September 16, 1935, by a group of visionary entrepreneurs led by V.G. Kale and D.K. Sathe. Established to cater to the banking needs of the local community and to promote economic development, its initial mandate was financial assistance to small businesses, agriculture, and nascent industrial units within the Bombay Presidency. The bank became a Scheduled Bank in 1944 and was later among the 14 major commercial banks nationalised by the Government of India in July 1969, a pivotal moment that significantly expanded its reach and its role in rural and agricultural credit. Though it conducted an Initial Public Offering (IPO) in 2004, the bank maintains its status as an Indian public sector bank (PSB).

Today, the Bank of Maharashtra remains an important constituent of the Indian financial system. As a public sector bank, the Government of India retains a majority ownership stake, reflecting its national mandate. It operates as a mid-cap banking entity with a focus on both retail and corporate banking services across the country. Its distinct regional significance stems from having the largest network of branches among all nationalised banks within the state of Maharashtra. The bank continues its historical role of promoting economic activity, especially in the priority and MSME sectors, and serves as the Convener of the State Level Bankers Committee in Maharashtra.