Nationalized bank of Maharashtra has plans to raise Rs.1,500 crore in three years said a top official. 

"We have a plan to raise Rs.500 crore every year (starting from this fiscal) for three years via follow-on public offer, qualified institutional placement or issue perpetual preference shares," bank chairman and managing director Allen C.A. Pereira told reporters on the sidelines of a banking conclave. 

Talking about the bank's credit and deposit growth, Pereira said: "We have a deposit target of 17-18% and a credit target of 20% this fiscal." 

The net interest margin (NIM) in the first quarter (April-June) of the current fiscal was 2.43%."We have set a NIM target of 2.7% this fiscal," Pereira said. 

The bank is planning to open 76 branches this fiscal. Of these, four branches would be in the north-eastern states of Assam, Arunachal Pradesh and Meghalaya.