Saraswat Co-operative Bank Ltd

Saraswat Co-operative Bank Ltd. is an urban co-operative banking institution, having its
Saraswat Co-operative
headquarter 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. Bank Ltd.
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.
Type Multi-State Co-
The bank's total business which was around ₹4,000 crore in the year 2000, has reached to operative Bank
₹63,422 crore in 2020.[5] Industry Financial services

In the year 2008, the bank launched a new logo branding with an objective to reconfirm the thrust of Founded 14 September
the bank on its core values i.e. "sense of belonging". 1918
Headquarters Saraswat Co-
In the last two decades, the bank has witnessed a steady growth in business and also taken several operative Bank Ltd,
strategic business initiatives such as undertaking business process reengineering initiative, merging Ekanath Thakur
seven cooperative banks and then consciously nurturing them. The bank tied up with VISA Bhawan 953,
International for issuance of debit cards. The bank launched RuPay EMV Debit Card in 2013–14. Appasaheb
The bank was the first to achieve this milestone in respect of RuPay EMV card along with the Bank Marathe Marg,
of Baroda. Prabhadevi.
Mumbai- 400 025
In 2011, the bank was granted permission for All India Area of Operation by the Reserve Bank of
Key people Gautam Thakur
India. The bank has an ambitious business expansion plan in place to have a presence in all major
(Chairman)
cities of the country and is well poised to double total business to ₹1 lakh crore over the next few
years. S. K. Sakhalkar
(Vice-chairman)
The bank has a network of 284 fully computerized branches and 311 ATMs (Automated teller Commercial
Products
machine) as on 31 March 2020[5] covering six states viz. Maharashtra, Gujarat, Madhya Pradesh, Banking
Karnataka, Goa and Delhi. In 2018, the bank also introduced their Bank on WhatsApp facility to help Retail Banking
customers receive updates and avail various banking services via the chat platform.[6][7] Private Banking

As per bank's annual report (https://www.saraswatbank.com/Assets/ANNUAL%20REPORT%2020 Revenue ₹37,422.4 million

20_12112020_1131.pdf) for financial year 2020–2021, the bank's business is ₹67,042 crores.[2] It (US$500 million)
(2019-20)[1]
received The Best Cooperative Bank Award in 2016.[8] and ranked second-best bank in India by The
World's Best Banks 2020 survey[9][10] conducted by the Forbes, an American business magazine. Net income ₹2,702.4 million
(US$36 million)
(2020-21)[1]
References Number of 4,242 (as of March
employees 2021) [2]
1. "Annual Report 2019-20" (https://www.saraswatbank.com/Assets/80175_Sarswat%20A
R%202020_High%20Resoultion_Website_07092021_0400.pdf) (PDF). Saraswat Website Official website (htt
Bank. p://www.saraswatb
ank.com)

2. https://www.saraswatbank.com/Assets/80175_Sarswat%20AR%202020_High%20Resoultion_Website_07092021_0400.pdf
3. "India's leading co-operative bank" (http://www.saraswatbank.com/view_section.jsp?lang=0&id=0,3). Saraswat Bank.
Retrieved 20 August 2010.
4. "Saraswat Bank achieves its target of 50,000 Cr" (https://www.freepressjournal.in/business/saraswat-bank-achieves-its-targ
et-of-50000-cr). Free Press Journal. Retrieved 6 April 2021.
5. https://www.saraswatbank.com/Assets/ANNUAL%20REPORT%202020_12112020_1131.pdf
6. "WhatsApp is your new bank! Kotak Mahindra, Saraswat Co-operative Bank move to chat app; Here's all you can do" (http
s://www.zeebiz.com/personal-finance/news-whatsapp-is-your-new-bank-kotak-mahindra-saraswat-co-operative-bank-move
-to-chat-app-heres-all-you-can-do-74922). Zee Business. 8 December 2018. Retrieved 6 April 2021.
7. "Kotak Mahindra, Saraswat Bank Launch Services On WhatsApp" (https://www.moneycontrol.com/news/india/kotak-mahin
dra-saraswat-bank-launch-services-on-whatsapp-3266811.html). Moneycontrol. Retrieved 6 April 2021.
8. "Saraswat Centenary: Who's who at kick-off event" (https://www.indiancooperative.com/banks/saraswat-bank-centenary-wh
os-who-at-kick-off-event/). Indian Cooperative. 15 September 2017. Retrieved 6 April 2021.
9. "The World's Best Banks 2020" (https://www.forbes.com/worlds-best-banks/). Forbes. Retrieved 6 April 2021.
10. "Forbes Survey: Saraswat Bank beats HDFC, SBI to emerge ahead" (https://www.indiancooperative.com/banks/forbes-surv
ey-saraswat-bank-beats-hdfc-sbi-to-emerge-ahead/). Indian Cooperative. 13 June 2020. Retrieved 6 April 2021.
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This page was last edited on 12 January 2022, at 06:14 (UTC).

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