Abhyudaya Co-op opens 4 new branches in Maharashtra

Abhyudaya Co-operative Bank Ltd (ACBL), one of the major co-operative banks in the country, on Friday opened its four new branches in Maharashtra, which include two in Nashik, one each at Nanded and at Dabhade-Talegaon in Pune district.

The bank is planning to open another 7 new branches in the current FY 2011-12. The bank, which achieved a business of Rs 8,714 crores in FY 2010-11, has set the business turn over target of Rs 11,000 crores for the current FY 2011-12.

With the opening of these new four branches, the total number of branches of the bank has reached 105. ACBL’s branches have spread across three states- Maharashtra, Gujarat and Karnataka.

"As part of our expansion plans, we are planning to open another 7 new branches by March 2012. We have set the business turn over target of Rs 11,000 crores for the current FY 2011-12," said a senior bank official.

The bank has 1.38 lakh members and more than 14 lakh depositors. By March 31, 2011, the deposits of the bank were Rs 5,260.63 crores and loans and advances of Rs 3,453.61 Crores.