Saraswat Cooperative Bank Ltd.

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 was 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.

2018

Bank completed its 100 years.

2020

Forbes 2020 global survey ranks Saraswat Bank the World’s Best Bank and the 2nd Best bank in India.

Key Milestones

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