The Umrale (Nashik) branch of the Bank of Maharashtra (BoM) was awarded the 'Bharat Ratna Dr Babasaheb Ambedkar Best Branch Rolling Trophy' on Thursday. The Umrale branch's performance was the best among the 1,536 branches of BoM in India. The award including a trophy and a cash prize of Rs25,000 was handed over to VV Varahagiri, manager of Umrale branch, by S Karuppasamy, Executive Director of the Reserve Bank of India (RBI). Explaining the concept behind giving away the trophy, J Somnath Sastry, assistant general manager, marketing and publicity, BoM, said, "This is the first-ever Bharat Ratna Dr Babasaheb Ambedkar award for excellent performing branch in the area of disbursement of loan and recovery from the scheduled castes (SC) and scheduled tribes (ST) community. Twelve branches were short listed for the award but the Umrale branch bagged the trophy." This award is given away on the birth anniversary of Dr Babasaheb Ambedkar on April 14 every year. The function took place at Appasaheb Jog Hall, Bank of Maharashtra Central Office. Sastry said the Umarale branch had distributed an amount of over Rs5.62 crore with a recovery rate of around 90%. Chairman and managing director of BoM, AS Bhattacharya, who conceptualised the idea of instituting a rolling trophy in the name of Babasaheb Ambedkar, was also present at the function.
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