Jump to content

Saraswat Co-operative Bank Ltd

From Wikipedia, the free encyclopedia

This is an old revision of this page, as edited by LTbharat (talk | contribs) at 14:20, 31 December 2021 (updated number of employees as on March 2021 and added ref link). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

Saraswat Co-operative Bank Ltd.
Company typeMulti-State Co-operative Bank
IndustryFinancial services
Founded14 September 1918; 106 years ago (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
RevenueIncrease₹37,422.4 million (US$450 million) (2019-20)[1]
Increase₹2,702.4 million (US$32 million) (2020-21)[1]
Number of employees
4,242 (as of March 2021) [2]
WebsiteOfficial website

Saraswat Co-operative Bank Ltd. is an urban co-operative banking institution, having its head quarter in Mumbai, Maharashtra, India and operating as a co-operative society since 1918.[3] 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.[4]

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.[5]

In the year 2008, the bank launched a new logo branding with an objective to reconfirm the thrust of the bank on its core values i.e. "sense of belonging".

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.[citation needed]

In 2011, the bank was granted permission for All India Area of Operation by the Reserve Bank of India. The bank has an ambitious business expansion plan in place to have a presence in all major cities of the country and is well poised to double total business to ₹1 lakh crore over the next few years. [citation needed]

The bank has a network of 284 fully computerized branches and 311 ATMs (Automated teller machine) as on 31 March 2020[6] covering six states viz. Maharashtra, Gujarat, Madhya Pradesh, Karnataka, Goa and Delhi. In 2018, the bank also introduced their Bank on WhatsApp facility to help customers receive updates and avail various banking services via the chat platform.[7][8]

As per bank's annual report for financial year 2019-2020, the bank's business is ₹63,422 crores.[9] It received The Best Cooperative Bank Award in 2016.[10] and ranked second-best bank in India by The World's Best Banks 2020 survey[11][12] conducted by the Forbes, an American business magazine.

References

  1. ^ a b "Annual Report 2019-20" (PDF). Saraswat Bank.
  2. ^ https://www.saraswatbank.com/Assets/80175_Sarswat%20AR%202020_High%20Resoultion_Website_07092021_0400.pdf
  3. ^ "India's leading co-operative bank". Saraswat Bank. Retrieved 20 August 2010.
  4. ^ "Saraswat Bank achieves its target of 50,000 Cr". Free Press Journal. Retrieved 6 April 2021.
  5. ^ https://www.saraswatbank.com/Assets/ANNUAL%20REPORT%202020_12112020_1131.pdf
  6. ^ https://www.saraswatbank.com/Assets/ANNUAL%20REPORT%202020_12112020_1131.pdf
  7. ^ "WhatsApp is your new bank! Kotak Mahindra, Saraswat Co-operative Bank move to chat app; Here's all you can do". Zee Business. 8 December 2018. Retrieved 6 April 2021.
  8. ^ "Kotak Mahindra, Saraswat Bank Launch Services On WhatsApp". Moneycontrol. Retrieved 6 April 2021.
  9. ^ https://www.saraswatbank.com/Assets/ANNUAL%20REPORT%202020_12112020_1131.pdf
  10. ^ "Saraswat Centenary: Who's who at kick-off event". Indian Cooperative. 15 September 2017. Retrieved 6 April 2021.
  11. ^ "The World's Best Banks 2020". Forbes. Retrieved 6 April 2021.
  12. ^ "Forbes Survey: Saraswat Bank beats HDFC, SBI to emerge ahead". Indian Cooperative. 13 June 2020. Retrieved 6 April 2021.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Saraswat_Co-operative_Bank_Ltd&oldid=1062975403"