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Corporate Banking

At ICICI Bank, we offer corporates a wide range of products and services, the technologies to leverage them anytime, anywhere and the expertise to customize them to client-specific requirements.

From cash management to corporate finance, from forex to acquisition financing, we provide you with end-to-end services for all your banking needs. The result is an overall financial solution for your company that helps you accomplish your objectives. ICICI Bank can guide you through the universe of strategic alternatives - from identifying potential merger or acquisition targets to realigning your business' capital structure. ICICI Bank has been the foremost arrangers of acquisition finance for cross border transactions and is the preferred financer for acquisitions by Indian companies in overseas markets. The Bank has also developed Forex risk hedging products for clients after comprehensive research of the risks a corporate body is exposed to, e.g., Interest Rate, Forex, Commodity, Credit Risk, etc. We offer you global services through our correspondent banking relationship with 950 foreign banks and maintain a NOSTRO account in 19 currencies to service you better and have strong ties with our neighbouring countries ICICI Bank is the leading collecting bankers to Public & Private Placement/ Mutual Funds/ Capital Gains Bonds issues. Besides, we have products specially designed for the financial intermediaries to meet their unique requirements. We support your international business by meeting working capital requirements of export and import financing. We also have a host of non-funded services for our clients. Whatever your industry, size or financial requirements, ICICI Bank has the expertise and the solutions to partner you all the way.



The Bank delivers world class banking services to financial sector clients. Our current roaming accounts empower you with 'Anytime, Anywhere Banking'. They are designed for your convenience. Our comprehensive collection and payment services span India's largest CMS network of over 4,500 branches. We provide correspondent banking tie-ups with foreign banks to assist them in their Indiarelated businesses.



The FISG is responsible for syndication of loans to corporate clients. We ensure the participation of banks and financial institution for the syndication of loans. Some of the products syndicated are

Project Finance Corporate Term Loans Working Capital Loans Acquisition Finance, etc.



ICICI Bank is a market leader in the securitisation and asset sell-down market. From its portfolio, the FISG offers different products to its clients in this segment. The products are: Asset-Backed Securities (ABS). Mortgage-Backed Securities (MBS). Corporate Loan Sell-down. Direct Loan Assignment.


As a part of a risk-diversification and portfolio-churning strategy, ICICI Bank offers buyouts of the assets of its financial sector clients.


The Bank also raises resources, from clients, for internal use by issuing a gamut of products, which run from Certificates of Deposit (CDs) to Term deposits to Term Loans.

Financial services
From Wikipedia, the free encyclopedia

The examples and perspective in this article may not represent a worldwide view of the subject. Please improve this article and discuss the issue on the talk page.(December 2010)

Financial services are the economic services provided by the finance industry, which encompasses a broad range of organizations that manage money, including credit unions, banks, credit card companies, insurance companies, accountancycompanies, consumer finance companies, stock brokerages, investment funds and some government sponsored enterprises. As of 2004, the financial services industry represented 20% of the market capitalization of the S&P 500 in the United States.[1]The U.S. finance industry comprised only 10% of total non-farm business profits in 1947, but it grew to 50% by 2010.[2] Over the same period, finance industry income as a proportion of GDP rose from 2.5% to 7.5%, and the finance industry's proportion of all corporate income rose from 10% to 20%.[3]

1 The history of financial services 2 Banks

o o

2.1 Commercial banking services 2.2 Investment banking services

3 Foreign exchange services 4 Investment services 5 Insurance 6 Other financial services 7 Financial crime

7.1 UK

8 Market share 9 See also 10 References 11 Further reading 12 External links

The history of financial services[edit]

The term "financial services" became more prevalent in the United States partly as a result of the GrammLeach-Bliley Act of the late 1990s, which enabled different types of companies operating in the U.S. financial services industry at that time to merge.[4] Companies usually have two distinct approaches to this new type of business. One approach would be a bank which simply buys an insurance company or an investment bank, keeps the original brands of the acquired firm, and adds the acquisition to its holding company simply to diversify its earnings. Outside the U.S. (e.g., in Japan), non-financial services companies are permitted within the holding company. In this scenario, each company still looks independent, and has its own customers, etc. In the other style, a bank would simply create its own brokerage division or insurance division and attempt to sell those products to its own existing customers, with incentives for combining all things with one company.

Main article: Bank

Commercial banking services[edit]

A "commercial bank" is what is commonly referred to as simply a "bank". The term "commercial" is used to distinguish it from an "investment bank," a type of financial services entity which, instead of lending money directly to a business, helps businesses raise money from other firms in the form of bonds (debt) or stock (equity). The primary operations of banks include:

Keeping money safe while also allowing withdrawals when needed Issuance of chequebooks so that bills can be paid and other kinds of payments can be delivered by post Provide personal loans, commercial loans, and mortgage loans (typically loans to purchase a home, property or business)

Issuance of credit cards and processing of credit card transactions and billing Issuance of debit cards for use as a substitute for checks Allow financial transactions at branches or by using Automatic Teller Machines (ATMs) Provide wire transfers of funds and Electronic fund transfers between banks Facilitation of standing orders and direct debits, so payments for bills can be made automatically Provide overdraft agreements for the temporary advancement of the Bank's own money to meet monthly spending commitments of a customer in their current account.

Provide internet banking system to facilitate the customers to view and operate their respective accounts through internet.

Provide Charge card advances of the Bank's own money for customers wishing to settle credit advances monthly.

Provide a check guaranteed by the Bank itself and prepaid by the customer, such as a cashier's check or certified check.

Notary service for financial and other documents Accepting the deposits from customer and provide the credit facilities to them. Sell Investment products like Mutual funds etc.

Investment banking services[edit]

Capital markets services - underwriting debt and equity, assist company deals (advisory services, underwriting, mergers and acquisitions and advisory fees), and restructure debt into structured finance products.

Private banking - Private banks provide banking services exclusively to high-net-worth individuals. Many financial services firms require a person or family to have a certain minimum net worth to qualify for private banking services.[5] Private banks often provide more personal services, such as wealth management and tax planning, than normal retail banks.[6]

Brokerage services - facilitating the buying and selling of financial securities between a buyer and a seller.

Foreign exchange services[edit]

Foreign exchange services are provided by many banks and specialist foreign exchange brokers around the world. Foreign exchange services include:

Currency exchange - where clients can purchase and sell foreign currency banknotes. Wire transfer - where clients can send funds to international banks abroad. Remittance - where client that are migrant workers send money back to their home country.

Investment services[edit]

Asset management - the term usually given to describe companies which run collective investment funds. Also refers to services provided by others, generally registered with the Securities and Exchange Commission as Registered Investment Advisors. Investment banking financial services focus on creating capital through client investments.

Hedge fund management - Hedge funds often employ the services of "prime brokerage" divisions at major investment banks to execute their trades.

Custody services - the safe-keeping and processing of the world's securities trades and servicing the associated portfolios. Assets under custody in the world are approximately US$100 trillion.[7]

Main article: Insurance

Insurance brokerage - Insurance brokers shop for insurance (generally corporate property and casualty insurance) on behalf of customers. Recently a number of websites have been created to give consumers basic price comparisons for services such as insurance, causing controversy within the industry. [8]

Insurance underwriting - Personal lines insurance underwriters actually underwrite insurance for individuals, a service still offered primarily through agents, insurance brokers, and stock brokers. Underwriters may also offer similar commercial lines of coverage for businesses. Activities include insurance and annuities, life insurance, retirement insurance, health insurance, andproperty & casualty insurance.

Reinsurance - Reinsurance is insurance sold to insurers themselves, to protect them from catastrophic losses.

Other financial services[edit]

Bank cards - include both credit cards and debit cards. Bank Of America is the largest issuer of bank cards.[citation needed]

Credit card machine services and networks - Companies which provide credit card machine and payment networks call themselves "merchant card providers".

Intermediation or advisory services - These services involve stock brokers (private client services) and discount brokers. Stock brokers assist investors in buying or selling shares. Primarily internet-based companies are often referred to as discount brokerages, although many now have branch offices to assist clients. These brokerages primarily target individual investors. Full service and private client firms primarily assist and execute trades for clients with large amounts of capital to invest, such as large companies, wealthy individuals, and investment management funds.

Private equity - Private equity funds are typically closed-end funds, which usually take controlling equity stakes in businesses that are either private, or taken private once acquired. Private equity funds often use leveraged buyouts (LBOs) to acquire the firms in which they invest. The most successful private equity funds can generate returns significantly higher than provided by the equity markets

Venture capital is a type of private equity capital typically provided by professional, outside investors to new, high-potential-growth companies in the interest of taking the company to an IPO or trade sale of the business.

Angel investment - An angel investor or angel (known as a business angel or informal investor in Europe), is an affluent individual who provides capital for a business start-up, usually in exchange for convertible debt or ownership equity. A small but increasing number of angel investors organize themselves into angel groups or angel networks to share research and pool their investment capital.

Conglomerates - A financial services company such as a universal bank that is active in more than one sector of the financial services market e.g. life insurance, general insurance, health insurance, asset management, retail banking, wholesale banking, investment banking, etc. A key rationale for the existence of such businesses is the existence of diversification benefits that are present when different types of businesses are aggregated i.e. bad things don't always happen at the same time. As a consequence, economic capital for a conglomerate is usually substantially less than economic capital is for the sum of its parts.

Financial market utilities - Organisations that are part of the infrastructure of financial services, such as stock exchanges,clearing houses, derivative and commodity exchanges and payment systems such as real-time gross settlement systems orinterbank networks.

Debt resolution is a consumer service that assists individuals that have too much debt to pay off as requested, but do not want to file bankruptcy and wish to pay off their debts owed. This debt can be accrued in various ways including but not limited to personal loans, credit cards or in some cases merchant accounts.

Financial crime[edit]
Fraud within the financial industry costs the UK (regulated by the FSA) an estimated 14bn a year and it is believed a further 25bn is laundered by British institutions.[9]

Market share[edit]
The U.S. finance industry comprised only 10% of total non-farm business profits in 1947, but it grew to 50% by 2010.[2] Over the same period, finance industry income as a proportion of GDP rose from 2.5% to 7.5%, and the finance industry's proportion of all corporate income rose from 10% to 20%. The mean earnings per employee hour in finance relative to all other sectors has closely mirrored the share of total U.S. income earned by the top 1% income earners since 1930. The mean salary in New York City's finance industry rose from $80,000 in 1981 to $360,000 in 2011, while average New York City salaries rose from $40,000 to $70,000. In 1988, there were about 12,500 U.S. banks with less than $300 million in deposits, and about 900 with more deposits, but by 2012, there were only 4,200 banks with less than $300 million in deposits in the U.S., and over 1,800 with more.[3]

The financial services industry constitutes the largest group of companies in the world in terms of earnings and equity market capitalization. However it is not the largest category in terms of revenue or number of employees. It is also a slow growing and extremely fragmented industry, with the largest company (Citigroup), only having a 3% US market share.[10] In contrast, the largest home improvement store in the US, Home Depot, has a 30% market share, and the largest coffee house Starbucks has a market share of 32% .

See also[edit]

Different products offered by banks


Broad Classification of Products in a bank: The different products in a bank can be broadly classified into:

Retail Banking. Trade Finance. Treasury Operations.

Retail Banking and Trade finance operations are conducted at the branch level while the wholesale banking operations, which cover treasury operations, are at the hand office or a designated branch. Retail Banking:

Deposits Loans, Cash Credit and Overdraft Negotiating for Loans and advances Remittances Book-Keeping (maintaining all accounting records) Receiving all kinds of bonds valuable for safe keeping

Trade Finance:

Issuing and confirming of letter of credit. Drawing, accepting, discounting, buying, selling, collecting of bills of exchange, promissory notes, drafts, bill of lading and other securities.

Treasury Operations:

Buying and selling of bullion. Foreign exchange Acquiring, holding, underwriting and dealing in shares, debentures, etc. Purchasing and selling of bonds and securities on behalf of constituents.

The banks can also act as an agent of the Government or local authority. They insure, guarantee, underwrite, participate in managing and carrying out issue of shares, debentures, etc. Apart from the above-mentioned functions of the bank, the bank provides a whole lot of other services like investment counseling for individuals, short-term funds management and portfolio management for individuals

and companies. It undertakes the inward and outward remittances with reference to foreign exchange and collection of varied types for the Government. Common Banking Products Available: Some of common available banking products are explained below: 1) Credit Card: Credit Card is post paid or pay later card that draws from a credit line-money made available by the card issuer (bank) and gives one a grace period to pay. If the amount is not paid full by the

end of the period, one is charged interest. A credit card is nothing but a very small card containing a means of identification, such as a signature and a small photo. It authorizes the holder to change goods or services to his account, on which he is billed. The bank receives the bills from the merchants and pays on behalf of the card holder. These bills are assembled in the bank and the amount is paid to the bank by the card holder totally or by installments. The bank charges the customer a small amount for these services. The card holder need not have to carry money/cash with him when he travels or goes for purchasing. Credit cards have found wide spread acceptance in the metros and big cities. Credit cards are joining popularity for online payments. The major players in the Credit Card market are the foreign banks and some big public sector banks like SBI and Bank of Baroda. India at present has about 3 million credit cards in circulation. 2) Debit Cards: Debit Card is a prepaid or pay now card with some stored value. Debit Cards quickly debit or subtract money from ones savings account, or if one were taking out cash. Every time a person uses the card, the merchant who in turn can get the money transferred to his account from the bank of the buyers, by debiting an exact amount of purchase from the card. To get a debit card along with a Personal Identification Number (PIN). When he makes a purchase, he enters this number on the shops PIN pad. When the card is swiped through the electronic terminal, it dials the acquiring bank system either Master Card or Visa that validates the PIN and finds out from the issuing bank whether to accept or decline the transaction. The customer never overspread because the amount spent is debited immediately from the customers account. So, for the debit card to work, one must already have the money in the account to cover the transaction. There is no grace period for a debit card purchase. Some debit cards have monthly or per transaction fees. Debit Card holder need not carry a bulky checkbook or large sums of cash when he/she goes at for shopping. This is a fast and easy way of payment one can get debit card facility as debit cards use ones own money at the time of sale, so they are often easier than credit cards to obtain. The major limitation of Debit Card is that currently only some 8000-10000 shops country wide accepts it. Also, a person cant operate it in case the telephone lines are down.

3) Automatic Teller Machine: The introduction of ATMs has given the customers the facility of round the clock banking. The ATMs are used by banks for making the customers dealing easier. ATM card is a device that allows customer who has an ATM card to perform routine banking transaction at any time without interacting with human teller. It provides exchange services. This service helps the customer to withdraw money even when the banks ate closed. This can be done by inserting the card in the ATM and entering the Personal Identification Number and secret Password. ATMs are currently becoming popular in India that enables the customer to withdraw their money 24 hours a day and 365 days. It provides the customers with the ability to withdraw or deposit funds, check account balances, transfer funds and check statement information. The advantages of ATMs are many. It increases existing business and generates new business. It allows the customers.

To transfer money to and from accounts. To view account information. To order cash. To receive cash.

Advantages of ATMs: To the Customers

ATMs provide 24 hrs., 7 days and 365 days a year service. Service is quick and efficient Privacy in transaction Wider flexibility in place and time of withdrawals. The transaction is completely secure you need to key in Personal Identification Number (Unique number for every customer).

To Banks

Alternative to extend banking hours. Crowding at bank counters considerably reduced. Alternative to new branches and to reduce operating expenses. Relieves bank employees to focus an more analytical and innovative work. Increased market penetration.

ATMs can be installed anywhere like Airports, Railway Stations, Petrol Pumps, Big Business arcades, markets, etc. Hence, it gives easy access to the customers, for obtaining cash.

The ATM services provided first by the foreign banks like Citibank, Grind lays bank and now by many private and public sector banks in India like ICICI Bank, HDFC Bank, SBI, UTI Bank etc. The ICICI has launched ATM Services to its customers in all the Metropolitan Cities in India. By the end of 1990 Indian Private Banks and public sector banks have come up with their own ATM Network in the form of SWADHAN. Over the past year upto 44 banks in Mumbai, Vashi and Thane, have became a part of SWADHAN a system of shared payments networks, introduced by the Indian Bank Association (IBA). 4) E-Cheques: The e-cheques consists five primary facts. They are the consumers, the merchant, consumers bank the merchants bank and the e-mint and the clearing process. This cheaqing system uses the network services to issue and process payment that emulates real world chaquing. The payer issue a digital cheaques to the payee ant the entire transactions are done through internet. Electronic version of cheaques are issued, received and processed. A typical electronic cheque transaction takes place in the following manner:

The customer accesses the merchant server and the merchant server presents its goods to the customer. The consumer selects the goods and purchases them by sending an e-cheque to the merchant. The merchant validates the e-cheque with its bank for payment authorisation. The merchant electronically forwards the e-cheque to its bank. The merchants bank forwards the e-cheque to the clearing house for cashing. The clearing house jointly works with the consumers bank clears the cheque and transfers the money to the merchants banks.

The merchants bank updates the merchants account. The consumers bank updates the consumers account with the withdrawal information.

The e-chequing is a great boon to big corporate as well as small retailers. Most major banks accept e-cheques. Thus this system offers secure means of collecting payments, transferring value and managing cash flows. 5) Electronic Funds Transfer (EFT): Many modern banks have computerised their cheque handling process with computer networks and other electronic equipments. These banks are dispensing with the use of paper cheques. The system called electronic fund transfer (EFT) automatically transfers money from one account to another. This system facilitates speedier transfer of funds electronically from any branch to any other branch. In this system the sender and the receiver of funds may be located in different cities and may even bank with different banks. Funds transfer within the same city is also permitted. The scheme has been in operation since February 7, 1996, in India. The other important type of facility in the EFT system is automated clearing houses. These are the computer centers that handle the bills meant for deposits and the bills meant for

payment. In big companies pay is not disbursed by issued cheques or issuing cash. The payment office directs the computer to credit an employees account with the persons pay. 6) Telebanking: Telebanking refers to banking on phone services.. a customer can access information about his/her account through a telephone call and by giving the coded Personal Identification Number (PIN) to the bank. Telebanking is extensively user friendly and effective in nature.

To get a particular work done through the bank, the users may leave his instructions in the form of message with bank.

Facility to stop payment on request. One can easily know about the cheque status. Information on the current interest rates. Information with regard to foreign exchange rates. Request for a DD or pay order. DeMat Account related services. And other similar services.

5) Mobile Banking: A new revolution in the realm of e-banking is the emergence of mobile banking. On-line banking is now moving to the mobile world, giving everybody with a mobile phone access to real-time banking services, regardless of their location. But there is much more to mobile banking from just on-lie banking. It provides a new way to pick up information and interact with the banks to carry out the relevant banking business. The potential of mobile banking is limitless and is expected to be a big success. Booking and paying for travel and even tickets is also expected to be a growth area. According to this system, customer can access account details on mobile using the Short Messaging System (SMS) technology6 where select data is pushed to the mobile device. The wireless application protocol (WAP) technology, which will allow user to surf the net on their mobiles to access anything and everything. This is a very flexible way of transacting banking business. Already ICICI and HDFC banks have tied up cellular service provides such as Airtel, Orange, Sky Cell, etc. in Delhi and Mumbai to offer these mobile banking services to their customers. 6) Internet Banking: Internet banking involves use of internet for delivery of banking products and services. With internet banking is now no longer confirmed to the branches where one has to approach the branch in person, to withdraw cash or deposits a cheque or request a statement of accounts. In internet banking, any inquiry or transaction is processed online without any reference to the branch (anywhere banking) at any time. The Internet Banking now is more of a normal rather than an exception due to the fact that it is the cheapest way of providing banking services. As indicated by McKinsey Quarterly research, presently traditional

banking costs the banks, more than a dollar per person, ATM banking costs 27 cents and internet banking costs below 4 cents approximately. ICICI bank was the first one to offer Internet Banking in India. Benefits of Internet Banking:

Reduce the transaction costs of offering several banking services and diminishes the need for longer numbers of expensive brick and mortar branches and staff.

Increase convenience for customers, since they can conduct many banking transaction 24 hours a day. Increase customer loyalty. Improve customer access. Attract new customers. Easy online application for all accounts, including personal loans and mortgages

Financial Transaction on the Internet:

Electronic Cash: Companies are developing electronic replicas of all existing payment system: cash, cheque, credit cards and coins.

Automatic Payments: Utility companies, loans payments, and other businesses use on automatic payment system with bills paid through direct withdrawal from a bank account.

Direct Deposits: Earnings (or Government payments) automatically deposited into bank accounts, saving time, effort and money.

Stored Value Cards: Prepaid cards for telephone service, transit fares, highway tolls, laundry service, library fees and school lunches.

Point of Sale transactions: Acceptance of ATM/Cheque at retail stores and restaurants for payment of goods and services. This system has made functioning of the stock Market very smooth and efficient.

Cyber Banking: It refers to banking through online services. Banks with web site Cyber branches allowed customers to check balances, pay bills, transfer funds, and apply for loans on the Internet.

9) Demat: Demat is short for de-materialisation of shares. In short, Demat is a process where at the customers request the physical stock is converted into electronic entries in the depository system. In January 1998 SEBI (Securities and Exchange Board of India) initiated DEMAT ACCOUNTANCY System to regulate and to improve stock investing. As on date, to trade on shares it has become compulsory to have a share demat account and all trades take place through demat. How to Operate DEMAT ACCOUNT? One needs to open a Demat Account with any of the branches of the bank. After opening an account with any bank, by filling the demat request form one can handover the securities. The rest will be taken care by the bank

and the customer will receive credit of shares as soon as it is confirmed by the Company/Register and Transfer Agent. There is no physical movement of share certification any more. Any buying or selling of shares is done via electronic transfers.

If the investor wants to sell his shares, he has to place an order with his broker and give a Delivery Instruction to his DP (Depository Participant). The DP will debit hi s account with the number of shares sold by him.

If one wants to buy shares, he has to inform his broker about his Depository Account Number so that the shares bought by him are credited in to his account.

Payment for the electronic shares bought or sold is to be made in the same way as in the case of physical securities.

Parsik bank History




In October, 1985 Late. Gopinath Shivram Patil (, LLB) - The founder of Gopinath Patil Parsik Janata Sahakari Bank Ltd. & consumer co-operative society had initiated a proposal to Forest Department, Pune, to sought permission for a Green Initiative project. Forest Department allotted a hill, called Parsik Hill, which is situated nearby Kalwa Village and the well known Parsik Railway Tunnel. Forest Department permitted for the plantation on the Parsik Hill in 1990. For last 20 years the work of plantation and other related activities like minor irrigation, forest conservation are going on. Under the guidance of Board of Directors, employees of GP Parsik Bank have been regularly performing various activities to run this project effectively. Due to their hard work and consistency, the land admeasuring 70 hectare came under plantation. Once a barren hill is now covered with fifty to fifty five thousand trees, which is a huge success. At the request of CIDCO LTD. in the year 1993, Parsik Bank has undertaken the development of garden on 14 acres of land situated near Belapur in Navi Mumbai area. The said garden was also named as Parsik Hill Garden. The employees and members of Board has given their total commitment for the development of garden. Parsik Bank in the year 1998-99 has planted nearly 1200 plants in Kalwa Vitawa region under scheme called Clean Thane Green Thane, which was initiated by Thane Muncipal Corporation. It also included decoration of one traffic island and building a bus stop. Other activities Educational help Medical help Building of shed for funeral & other religious activities Sports Financial assistance to social organizations Bank has maintained a fund called Member Welfare Fund. Every year a considerable amount is contributed to this fund out of net profit earned by the bank



In the year 1971 the Government of Maharashtra acquired all agricultural land of 68 villages of Thane-Belapur belt in Thane district of Maharashtra, for the purpose of setting up a new city i.e. New Bombay. Acquisition of land for New Bombay project means compulsorily depriving several thousands of people of their means of livelihood. Though Government was paying them money as compensation, but they were parted away from their land ,the only means of livelihood for them. To equip the project affected persons and their family members with strength and ability, to survive with new urban means of livelihood, it was necessary to provide them financial assistance. With a view to provide financial assistance, generate employment and means of livelihood, Late Shri.Gopinathdada Shivram Patil alongwith a group of youngsters of Kalwa village took the initiative of formation of Urban Co-operative Bank. This group of youngsters were successfully running a Consumer Co-operative Society by name Kalwa Consumer Co - operative Society. This group of youngsters, on their study-tour to Western Maharashtra, for study of cooperation, was fascinated by network and growth of cooperative societies and the role played by Urban Cooperative Banks in the development of that region. After the study tour, Late Shri.Gopinathdada Shivram Patil alongwith a group of youngsters called a meeting of residents from Kalwa and nearby villages and took the first step for the formation of the bank in December 1971 by collecting Share Money. Collection of share money was the most difficult task at that time. In a village where there were no banking facilities available, these youngsters started collecting Rs. 50/- as contribution towards share capital by going door to door. In the year 1971 Rs.50/- was also a substantial amount and it took lot of efforts and hardship to collect the required numbers of members. The registration of Parsik Janata Sahakari Bank Ltd. was approved by Co -operative Department in the month of April, 1972, with registration number TNA/BNK/160 dated 24th April, 1972. The first branch office at Kalwa Naka was opened on 21st May, 1972.The bank was named as Parsik because active jurisdiction of bank was the west side area of Parsik Hill, which has range from Kalwa to Belapur (the famous Parsik Railway Tunnel is situated in the same range). Parsik also means Parshwanath (Lord Shiva), whose temple was existed on the hill as per history. Bank achieved status of Scheduled Bank on 30th January, 1998. As an impact of the Trust shown in Late Shri. Gopinathdada Shivram Patil, an amount of Rs.1 lac was collected within 3 months. For the first three to four years, Bank was trying to maintain its existing Deposit but with consistent efforts of Late Shri. Gopinathdada Shivram Patil and his team, Bank accelerated its pace of growth in the forthcoming years. The Consistent and Dedicated efforts of Late Shri. Gopinathdada Shivram Patil and his team brought dignity to the Bank in the form of Padmabhushan Vasantdada Patil Puraskar continuously for 1995-96, 199697, 1997-98 which was awarded by Maharashtra State Co-operative Banks Association in the Mumbai Division. As a token of acknowledgment for Generosity, Consistency, Dedication and Sacrifice made for the growth of Co-operation by Late Shri. Gopinathdada Shivram Patil, Thane

Municipal Corporation awarded him with the most coveted THANE BHUSAN PURASKAR which is another feather in the Banks Reputation. Bank has been catering the needs of the society through its well-equipped 42 Branches spread in Thane, Mumbai, Navi Mumbai, Pune, Nashik, & Ichalkaranji (Kolhapur). It has been permitted to extend its area of operation throughout the state of Maharashtra. Bank is gradually progressing on the path of Consistency and Dedication with Ethics, Principles and Discipline developed by Late Shri Gopinath Shivram Patil for achieving the ultimate goal of Customer Satisfaction. Bank equipped with CBS, NEFT/RTGS is in process for providing Net Banking, Mobile Banking, Debit Card. Bank is gearing itself with increasing number of Branches throughout Maharashtra in the near future.