Saraswat Bank gets licences for nine more branches

The Saraswat Co-operative Bank, the biggest co-operative bank in the country, has received licences for opening nine more branches, the bank said in a press note while unveiling a new logo here today.

While majority of the new branches will be in Mumbai, the bank has received licence to open a branch each in New Delhi, Bangalore and Udupi as well.

Currently, the bank has 170 branches spread over five states.

The bank which has acquired a few ailing co-operative banks said its total business-deposits plus advances-will cross the Rs 20,000 crore mark by the end of December.

The bank said it has turned the loss-making Maratha Mandir Co-operative Bank, the Mandvi Co-op Bank and Nashik Peoples Co-operative Bank which it had acquired over the last couple of years into profit-making ones in a short period.