Crisil reaffirms Bank Of Maharashtra A1+ rating for ₹20,000 crore

Bank Of Maharashtra (NSE: MAHABANK) had its Crisil A1+ rating reaffirmed by CRISIL Ratings Limited on its ₹20,000 crore certificate of deposit, it said in a filing on 04 Nov 2026. The rating rationale is dated 03 Nov 2026, and the filing describes the action as a reaffirmation with no change in rating.

Key highlights

• Rated amount: ₹20,000 crore
• Rating: Crisil A1+, reaffirmed
• Rating rationale dated 03 Nov 2026
• Liquidity coverage ratio: 119.03% as on 30 Sep 2026

The rating action in numbers

What the reaffirmation covers

CRISIL Ratings Limited reaffirmed its 'Crisil A1+' rating on the bank's certificate of deposit of ₹20,000 crore, according to the letter filed under Regulation 55 of the SEBI Listing Regulations. The rating rationale is dated 03 Nov 2026 and was issued from Mumbai.

The rationale records the same rating on this instrument on 4 Nov 2025, 5 Nov 2024 and 7 Nov 2023, which the filing describes as reaffirmed or rated at the same level. The instrument is regulated by the RBI and has a maturity of 7 to 365 days.

Factors the rationale lists

The rationale says the rating continues to factor in the expectation of strong support from the majority owner, the Government of India. It also says the bank's comfortable resource profile and sustained improvement in asset quality and profitability support the rating.

The rationale says these strengths are partly offset by moderate scale and high regional concentration in operations. It states that Maharashtra accounted for 71% of deposits and 52.7% of advances as on 31 Mar 2026, and that the liquidity coverage ratio was 119.03% as on 30 Sep 2026.

What would lower the rating

The rationale lists two downward sensitivity factors: a material change in shareholding or a change in the expectation of support from the Government of India, and a significant weakening of capital adequacy buffers, with the Tier I ratio below 11% for an extended period.

The filing gives the overall capital adequacy ratio as 18.5% and gross non-performing assets as 1.25%, both as on 30 Sep 2026, but does not link either figure to a rating threshold beyond the Tier I level stated.

What the rating reaffirmation means for Bank Of Maharashtra's shareholders

The reaffirmation leaves the rating on the ₹20,000 crore instrument at the same level, according to the filing, and the rationale ties it to support from the Government of India and to the bank's capital and asset quality. A change in shareholding is listed as a factor that could lower the rating.

Not stated: how much of the instrument is outstanding beyond the rated amount, the maturity of the specific deposits now in issue, and whether the reaffirmation affects the bank's cost of funds. No further dated step is given in the filing.