It’s a Urban Co-Operative Bank.

Saraswat Bank pronunciation (help·info) is an urban co-operative banking institution based

in Maharashtra, India and operating as a co-operative society since 1918.[2]
In 1988, the bank was conferred with "Scheduled" status by 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 beginning of the 21st century has been a giant leap forward for the bank. The bank chose a
path of organic/inorganic growth and its pace of growth accelerated. The bank's total business which
was around Rs.4000 crore in 2000 almost tripled to Rs.15295 crore in 2007.
In the year 2008, the bank launched a branding initiative to reconfirm the thrust of the bank on its
core values, which can be summed up as a "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 has also successfully launched the 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 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 1,00,000 crore over the next few years.
The bank has a network of 281 fully computerized branches as on 31 March 2018 covering six
states viz. Maharashtra, Gujarat, Madhya Pradesh, Karnataka, Goa and Delhi. The bank provides
24-hour service through ATMs at 260 locations.
As of 31 March 2018 the bank's business had surpassed Rs. 58,526 crores.[3] It received The Best
Cooperative Bank Award in 2016.[4]

Mile yahan, Dono Jahan

True to its new tag line, "Mile Yahan Dono Jahan", Saraswat Bank is committed to bridging the gap between
technology and tradition by bringing to its customers the best of both worlds.

Keeping tradition intact and embracing technology, the Bank has matched strides with India's digital revolution by
offering various digital banking services designed to make banking more easy and convenient like mobile banking,
internet banking, international VISA EMV and RuPay chip cards, etc. Simultaneously, through its emphasis on
personalized attention, the Bank has maintained its personal touch with customers. Agility of the small bank with the
ability of the large bank has been Saraswat Bank's enduring heritage new.

Contact Saraswat Bank

Corporate Office
Saraswat Co-operative Bank Limited
Ekanath Thakur Bhawan 953, Appasaheb Marathe Marg, Prabhadevi. Mumbai- 400 025
Tel: [+91] (022) 2400 5555
Email: corporatecenter@saraswatbank.com

Scheduled Banks in India constitute those banks which have been included in the Second
Schedule of Reserve Bank of India(RBI) Act, 1934. RBI in turn includes only those banks in this
schedule which satisfy the criteria laid down vide section 42 (6) (a) of the Act.

A scheduled bank is eligible for loans from the Reserve Bank of India at bank rate. They are also
given membership to clearing houses.

The banks included in this schedule list should fulfil two conditions.
1. The paid capital and collected funds of bank should not be less than Rs. 5 lac.
2.Any activity of the bank will not adversely affect the interests of depositors.

Every Scheduled bank enjoys the following facilitiess.

1. Such bank becomes eligible for debts/loans on bank rate from the RBI
2. Such bank automatically acquire the membership of clearing house.

Banks not under this Schedule are called non-scheduled banks. Scheduled banks are usually
private, foreign and nationalised banks operating in India. However, cooperative banks are
allowed to seek scheduled bank status if they satisfy certain criteria.A scheduled bank is eligible
for loans from the Reserve Bank of India at bank rate. They are also given membership to
clearing houses so that they can participate in check clearing services.

The further classification of scheduled banks is as follows:

Scheduled commercial banks

Nationalised banks
State Bank of India and its associates
Regional Rural Bank (RRBs)
Foreign banks
Other Indian private sector banks
Scheduled cooperative banks
Scheduled State Co-operative Banks
Scheduled Urban Co-operative Banks
Saraswat Bank is an urban co-operative banking institution based in Maharashtra, India and
operating as a co-operative society since 1918. In 1988, the bank was conferred with
"Scheduled" status by Reserve Bank of India. It is the first co-operative bank to provide
merchant banking services. Wikipedia

Customer service: 1800 22 9999

Founder: J.K. Parulkar

Founded: 14 September 1918

Headquarters: Mumbai

Revenue: 3,376.02 crores INR (2017–2018, US$470 million)

Subsidiaries: Saraswat Infotech Pvt. Ltd., MORE

OUR STORY
Early Years
Our amazing journey began in September 1918 with the founding of "The Saraswat Co-operative
Banking Society." The primary objective of the society was to help distressed families with funds for
temporary accommodation, repayment of debt, medical emergencies, etc.

The Founder Members of the society comprised of Mr. J.K. Parulkar as Chairman, Mr. N.B. Thakur
as Vice Chairman, Mr. P.N. Warde as Secretary, and Mr. Shivram Gopal Rajadhyaksha as
Treasurer. This legendary team is remembered for their steadfast ideals, undying faith, clear vision,
relentless optimism, and an exemplary entrepreneurial spirit. Even after decades of our foundation,
the laudable sense of service and duty of our honorable founders continues to inspire the bank and
its shareholders.

In the early years of our history, the bank had to deal with economic consequences of the two world
wars. Subsequently, the bank has been a witness to other historical events such as the
independence struggle of India. Even in the most uncertain economic times, the Founder Members
and successive leaders demonstrated an unshakable faith in the potential of the common man and
encouraged the shareholders to save.

In 1933, the society was converted into a full-fledged Urban Co-operative Bank. By 1942 having built
a strong foundation in terms of membership, resources, assets and profits, the bank was fulfilling all
the core banking needs of its customers.
POST-INDEPENDENCE ERA
Post-independence, during the late 1950’s, the bank witnessed solid growth. By this time, the Bank
had established five branches in Mumbai and one each at Pune and Belgaum. At the time of its 50th
anniversary, the bank had grown substantially in stature with notable progress in its social and
economic objectives.

In the year 1977-78, the bank’s gross income crossed the Rs. 3 crore mark for the first time. In 1978,
the bank got a permanent license to deal in foreign exchange. In the same year, we became the first
co-operative bank to provide Merchant Banking services.
In the year 1988, the bank was awarded with “Scheduled” status by the Reserve Bank of India. In
1992, the Bank celebrated its Platinum Jubilee. From its humble beginnings, by this time, the bank’s
business had crossed Rs. 700 crores.
THE NEW MILLENNIUM
The beginning of 21st century saw the bank take a giant leap in business growth. With a
combination of organic & inorganic growth, the bank witnessed rapid acceleration in its business.
Total business, which was at around Rs. 4,000 crore in 2000 almost tripled to Rs. 15,295 crores in
2007.

In 2008, the bank launched a unique branding initiative to reemphasize on the bank’s thrust on its
core values. The objective of this initiative was to inspire a “sense of belonging” among all its
stakeholders.

In the past two decades, the bank has undertaken several strategic business initiatives, such as
Business Process Reengineering, and merging seven Cooperative banks and nurturing them
continuously. The Bank’s tie-up with VISA International for issuance of debit cards was a landmark
in cooperative banking.

In 2011, the bank was granted permission by the Reserve Bank of India to operate All over India. In
the year 2010, the new corporate office of the Bank became operational at Prabhadevi, Mumbai.
The massive edifice in crystal glass, situated in the heart of India’s financial capital, serves as a
subtle reminder of the bank’s leadership position in the Cooperative sector.
PRESENT DAY
By 31st March 2018, the bank had crossed a milestone of Rs. 58,525.77 crore in total business. As
of 31st March 2018, we had a network of 281 fully-computerized branches and ATMs spread across
six states of India, viz. Maharashtra, Gujarat, Madhya Pradesh, Karnataka, Goa and Delhi. The bank
is having corresponding relationships with over 430 centers, spread over 65 countries covering 9
currencies.
THE WAY FORWARD
As we are approaching our 100th anniversary, the bank continues to fulfill the needs and
expectations of our customers with the same zeal and dedication as in the past.

OUR MISSION
"To emerge as one of the premier and most preferred banks in the country by adopting the highest
standards of professionalism and excellence in all the areas of working."

About Us
Marching parallel to the evolving timeline of India, Saraswat Bank enters into its 100th year of
service to the people. After setting sail in the year 1918, soon after the Russian revolution, the Bank
has witnessed important world events like the First World War, Second World War, India’s freedom
struggle and the glorious post independence era. Standing the test of time, it has grown to be a
pioneer in the urban co-operative banking sector in India, offering unparalleled financial services.

Towering above its competitors and growing soundly for a century, Saraswat Bank today is spread
across six states – Maharashtra, Goa, Gujarat, Delhi, Madhya Pradesh and Karnataka. With a total
business of Rs.58,000 crore plus, 280 plus branches, and 260 ATMs, the Bank is committed to
taking its legacy ahead with outstanding service.

Key Milestones
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.

1918

The Bank has a very humble but a very inspiring beginning. On 14th September 1918, "The
Saraswat Co-operative Banking Society" was founded. Mr. J.K. Parulkar became its first Chairman, Mr. N.B.
Thakur, the first Vice-Chairman, Mr. P.N. Warde, the first Secretary and Mr. Shivram Gopal
Rajadhyaksha, the first Treasurer. These were people with deep and abiding ideals, faith, vision,
optimism and entrepreneurial skills. These dedicated men in charge of the Society had a
commendable sense of service and duty imbibed in them. Even today, our honorable founders
inspire a sense of awe and respect in the Bank and amongst the shareholders.

1933
The Society was initially set up to help families in distress. Its objective was to provide
temporary accommodation to its members in eventualities such as weddings of dependent members
of the family, repayment of debt and expenses of medical treatment etc. The Society was converted
into a full-fledged Urban Co-operative Bank in the year 1933.

1942
Thanks to these sustained and assiduous efforts over 25 years after its inception, the Bank had
gained a strong foundation in terms of its membership, resources, assets and profits. By 1942, the
Bank was fulfilling all the banking needs of its customers.

1977
During the late fifties, the Bank grew from strength to strength. The Bank had established five
branches within the city of Mumbai and one each at Pune and
Belgaum. In its 50th year, the Bank chose a bee motif to symbolise the Bank's emblem - a fitting and
appropriate characteristic of a Bank that believed in hard work, a search for all that is good, a team
spirit to achieve its objectives and selfless service to its members and customers. The Bank had
grown in stature, progressed in its social and economic objectives and produced an image of what
an ideal bank should be. Resultantly, in the year 1977-78, the Bank's gross income crossed the
Rs.3.00 crore mark for the first time.

1988
In 1988, the Bank was conferred with "Scheduled" status by Reserve Bank of India. The
Bank is the first co-operative bank to provide Merchant Banking services. The Bank got a permanent
license to deal in foreign exchange in 1978. Presently the Bank is having correspondent relationship
in 45 countries covering 9 currencies with over 125 banks. In 1992, the Bank completed 75 years.
Platinum Jubilee Celebrations were inaugurated on 14th September, 1992 and the Bank also
crossed the business level of Rs. 700 Crores.

2000
The beginning of the 21st century has been a giant leap forward for the Bank. The Bank chose a
path of organic/inorganic growth and our pace of growth accelerated .The Bank's total business
which was around Rs.4000 Crore in 2000 almost tripled to
Rs.15295 Crore in 2007.

2008
In the year 2008, the Bank launched a Branding Initiative . The purpose of such an exercise was to
reconfirm the thrust of the Bank on its core values, which can be summed up as a "Sense of
Belonging". The name of the Bank should always inspire a Sense of Belonging in all its stakeholders
and the Bank continues to fulfill the changing needs and expectations of the customer with
unflinching gusto and aplomb.

2011
The Bank was granted permission for All India Area of Operation by Reserve Bank Of India.

2016
The Bank has crossed the milestone of Rs.50000 crore by 31st March 2016 with a network of 283
fully computerized branches as on 31st March, 2016 covering six states viz. Maharashtra, Gujarat,
Madhya Pradesh, Karnataka, Goa and Delhi.