Bank of Maharashtra was founded by a group of visionaries led by the late V. G. Kale and the late D. K. Sathe and registered as a banking company on 16 September 1935 at Pune.
The bank was registered on 16 September 1935 with an authorised capital of ₹ 1 million, and began business on 8 February 1936. Bank's financial assistance to small units has given birth to many of today's industrial houses. After nationalization in 1969, the bank expanded rapidly.
Shri Narendra Singh who had assumed the office of Chairman and Managing Director from 1 February 2012, left his office on September 30, 2013 on attaining superannuation. Shri Sushil Muhnot was the Chairman and Managing Director before Ravindra Prabhakar Marathe. Ravindra Prabhakar Marathe is the current MD and CEO.
Now, it is a major public sector bank in India. Government of India holds 81.61% of the total shares. The bank has 15 million customers across the length and breadth of the country served through 1897 branches as of  April 5, 2016. It has the largest network of branches by any public sector bank in the state of Maharashtra.