The leading cooperative bank of India Saraswat Bank is ready for adopting international accounting norms according to the Chairman Shri Eknath Thakur.

Talking to Indiancooperative.com Shri Thakur said that” IFRS is no problem and in fact we are working on it in phases. We could adopt it when times come for it.

ICAI, Institute of Chartered Account of India is already working on it. The concept would be developed in phases and it would help us take on the global challenges informed Shri Thakur to the cooperative news portal.

Readers could recall that Reserve Bank of India has asked the urban cooperative banks that they should adopt new international accounting norms IFRS latest by 2014.

The RBI has said that all banks and NBFCS have to improve their skills and use knowledge and technological possibilities to move to the new financial norms so that they could measure up to the challenges of international standards.

Even small size urban cooperative banks and financial companies are supposed to adopt international financial norms.

Many other cooperative banks sounded unaware of this development. Talking to Indiancooperative.com some of them said that they are still studying the matter.

Abhyudaya Bank Chairman Shri Sitaram Ghandat said that a team of bank officials are studying the matter to arrive at a conclusion.

Other smaller banks displayed ignorance about the RBI circular.

Abhyudaya Co-op Bank Ltd said on Thursday that it is eyeing a total business mix of Rs 11,300-crore in the financial year 2011-12.

“We are targeting a total business mix of Rs 11,300-crore in FY’12 as compared to Rs 9,000 crore in FY’11,” Abhyudaya Co-op Bank Managing Director & CEO Vijay Morye told reporters.

“We are looking at achieving deposits of Rs 6,800-crore and advances of Rs 4,500-crore in FY’12. The bank’s total deposits stood at Rs 5,261-crore and advances at Rs 3,453-crore in FY’11,” Morye said.

The bank plans to open 11 more branches in the year 2011-12, Morye said, adding that the bank plans to open new branched in New Delhi and Union Territories of Dadra and Nagar Haveli, and Daman and Diu in FY’13, to open new branches.

Over a span of 46 years, the bank has become a leading Urban Co-op bank in the country.

The Bank opened its 100th branch on the eve of its 47^th foundation day today at Kandivali in Mumbai. Abhyudaya Bank has presence in Maharashtra, Gujarat and Karnataka.

“We are growing constantly with an aim to increase our market share in the coming years and fulfill our stakeholder’s expectations,” Bank Chairman Sitaram Ghandat said.

The bank has successfully implemented core banking solutions (CBS) allowing its consumers the facility to withdraw money without any extra charge.

It has also collaborated with 57 other banks across the country, providing pan India accessibility to its consumers from more than 75,000 ATMs through BANCS & NFS networks in India.

It also offers other services like tele banking, mobile banking and internet banking services.