Maharashtra State Cooperative Bank has brought cheer to its employees this Diwali with a record 14% bonus, the highest in the past 20 years. The bonus, covering 750 employees, will amount to a total of Rs 9 crore.
Bank Administrator Vidyadhar Anaskar highlighted that the bank has consistently delivered remarkable performance over the past few years.
In the financial year 2024-25, the bank reported a record profit of Rs 651 crore, with total assets exceeding Rs 18,400 crore, earning it recognition as one of Asia’s most capable state banks. The bank’s per-employee business has grown significantly, from Rs 26 crore in 2017-18 to Rs 75 crore today, underscoring the vital role of employees in this success.
The bonus announcement follows a steady increase in employee rewards over the years, with previous rates at 10%, 12%, 12.5%, 13.25%, and 13.5%. This year’s 14% bonus sets a new benchmark.
In addition, in keeping with social responsibility and ethical considerations, contract employees were also presented with a Rs 10,000 Diwali gift. Employees expressed that this year’s Diwali became extra special due to the generous gesture by the bank.