Saraswat Bank, the No.1 Co-operative Bank in India, has soared above its peers to achieve its ambitious target of Rs. 50,000 Crores as on 31st March 2016 in keeping with its Dr. Adarkar Mission III, a series of business goals named in honour of the Bank’s legendary (late) Chairman, Dr. S.P. Adarkar.
The Bank has a network of 267 fully computerized branches as on 31st March, 2015 covering six states viz. Maharashtra, Gujarat, Madhya Pradesh, Karnataka, Goa and Delhi. The Bank is providing 24-hour service through ATMs at 219 locations. As on 31st March, 2015 the Bank’s business had surpassed Rs. 44000 Crores.
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, reach a business level of Rs.50000 Crores by 2016 and Rs.100000 crores by 2021.
The success has not been easy it is the result of setting ambitions goals, Strategies and dedicated service to the consumers. Being India’s largest urban cooperative bank acquired seven UCBs which had a total of 87 branches. It invested Rs 270 crore from its reserves to make their net worth positive. Their business has quadrupled since the acquisition. Most large UCBs had expanded through acquisitions in recent years. Indeed, they had no alternative. After the Madhavpura scam, RBI did not issue licences for new branches till 2009, so inorganic growth was their only option.
By 2020 the bank is targeting a business of Rs 1 trillion and 1,000 branches. 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 and this quality has been carried forward till date and has become the mantra of success for this bank.
