Saraswat Co-operative Bank Ltd

Saraswat Co-operative Bank Ltd. is an urban co-operative banking institution, having its headquarters in Mumbai, Maharashtra, India and operating as a co-operative society since 1918.[2] The Founding Members of the society were J.K. Parulkar as chairman, N.B. Thakur as vice-chairman, P.N. Warde as Secretary, and Shivram Gopal Rajadhyaksha as Treasurer.[3]

Saraswat Co-operative Bank Ltd.
TypeMulti-State Co-operative Bank
IndustryFinancial services
Founded14 September 1918 (1918-09-14)
HeadquartersSaraswat Co-operative Bank Ltd,
Ekanath Thakur Bhawan 953,
Appasaheb Marathe Marg,
Prabhadevi. Mumbai- 400 025
Key people
ProductsCommercial Banking
Retail Banking
Private Banking
Insurance
RevenueIncrease₹3,552.58 crore (US$440 million) (2022-23)[1]
Increase₹355.49 crore (US$45 million) (2022-23)[1]
Total equity₹3,023.75 crore (US$380 million) (2022-23)[1]
Number of employees
4,650 (as of March 2023) [1]
Websitesaraswatbank.com

In 1988, the bank was conferred with the Scheduled status by the Reserve Bank of India. It is the first co-operative bank to provide merchant banking services. The bank got a permanent license to deal in foreign exchange in 1979. Presently, the bank has a correspondent relationship in 58 countries covering nine currencies with over 162 banks.

The bank's total business which was around ₹4,000 crore in the year 2000, has reached to ₹63,422 crore in 2020.[4]

In the last two decades, the bank has witnessed a steady growth in business and also taken several strategic business initiatives such as undertaking business process reengineering initiative, merging seven cooperative banks and then consciously nurturing them. The bank tied up with VISA International for issuance of debit cards. The bank launched RuPay EMV Debit Card in 2013–14. The bank was the first to achieve this milestone in respect of RuPay EMV card along with the Bank of Baroda.

In 2011, the bank was granted permission for All India Area of Operation by the Reserve Bank of India.

The bank has a network of 284 fully computerised branches and 311 ATMs (Automated teller machine) as on 31 March 2020[4] covering six states viz. Maharashtra, Gujarat, Madhya Pradesh, Karnataka, Goa and Delhi.

From the annual report for financial year 2020–2021, the bank's business is ₹67,042 crores.[5] [6] It was ranked second-best bank in India by The World's Best Banks 2020 survey[7][8] conducted by the Forbes, an American business magazine.

References
  1. "Annual Report 2022-2023" (PDF). Saraswat Bank.
  2. "India's leading co-operative bank". Saraswat Bank. Retrieved 20 August 2010.
  3. "Saraswat Bank achieves its target of 50,000 Cr". Free Press Journal. Retrieved 6 April 2021.
  4. https://www.saraswatbank.com/Assets/ANNUAL%20REPORT%202020_12112020_1131.pdf
  5. https://www.saraswatbank.com/Assets/80175_Sarswat%20AR%202020_High%20Resoultion_Website_07092021_0400.pdf
  6. "Saraswat Centenary: Who's who at kick-off event". Indian Cooperative. 15 September 2017. Retrieved 6 April 2021.
  7. "The World's Best Banks 2020". Forbes. Retrieved 6 April 2021.
  8. "Forbes Survey: Saraswat Bank beats HDFC, SBI to emerge ahead". Indian Cooperative. 13 June 2020. Retrieved 6 April 2021.
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