Reserve Bank of India has given licence to Saraswat Bank for all India operation. While other UCBs, barring a few are struggling to find feet, Saraswat bank miraculous growth is testimony of power of idea of cooperative movement.
Mr Eknath Thaur, Chairman of the Bank told Indian Cooperative.com that in the beginning we would concentrate in Western and Southern India but would soon spread to other parts of the country.World is there now for us to conquer, said a ecstatic Thakur to Indian Cooperative.Com.
Next five year would prove turning point for the bank as we aim at doubling the total number of Bank’s branches to 500 from the present number of 226, said the Chairman. Many people are to be hired as the existing personnel would not be able to handle all the pressure.
We have a work force of 3338 which, by the end of 2016 would become more than 9000.
This year alone 1250 persons are to be recruited, said Mr Thakur.
Operating currently in six states – Maharashtra, Goa, Karnataka, Gujarat, Madhya Pradesh and Delhi-NCR, the Bank proposes to open branches in more cities across India. The bank has plans to open 100 new branches this financial year, including 77 in the six states where it is now present.
The bank has raised its business volume target to Rs. 75,000 crore in 2016 from Rs. 28,000 crore currently.
Saraswat Cooperative Bank recently became the largest cooperative bank in the country after achieving business mix of Rs. 28,000 crore surpassing the erstwhile largest cooperative bank, Maharashtra State Co-operative Bank with a business mix of Rs. 27,800 crore. Even otherwise, MSCB is caught in never ending political battle of Congress and NCP.
Earlier, Saraswat Bank tied up with Anil Ambani’s ADAG to sell Core Banking Solutions “Swift Core” which has been developed by Saraswat Infotech Limited, a subsidiary of Saraswat Bank.
It should not be forgotten that majority of urban cooperative banks numbering 1750 are getting reprimanded by RBI from time to time on flouting this norm or that. And the story of Madhavpura mercantile bank created such a fear in the minds of depositors that the very survival of Urban Cooperative Banks became shaky. Saraswat Bank’s growth story has suddenly restored confidence that all is not lost yet.