Saraswat awaits RBI nod for Anyonya Bank merger

Tushar Pawar / Nashik December 03, 2009,

Saraswat Co-operative Bank, the largest multi-state
co-operative bank in the country, is likely to acquire
financially-troubled Anyonya Co-op Bank (ACBL) soon.



The merger of 118-year-old ACBL, which has 10 branches
in Gujarat, is estimated to cost Rs 25 crore to Saraswat Bank.

“We have submitted the merger proposal to the
Reserve Bank of India (RBI) and waiting for its
approval,” Kishore V Rangnekar, vice-chairman,
Saraswat Co-op Bank, told Business Standard.

At present, Saraswat Bank has 190 branches
in Maharashtra, Karnataka, Goa, Madhya Pradesh,
Gujarat and New Delhi. The bank has done a
business of Rs 21,000 crore so far in the
current financial year.

In the last three years, it has acquired
six co-operative banks — Maratha Mandir Co-op Bank,
Mandvi Co-op Bank (Mumbai), Annasaheb Karale Urban Co-op Bank (Sangli),
 Murdha Rajendra Co-operative Bank (Meerat),
South Indian Bank (Mumbai) and Nashik-based
Nashik People’s Co-op Bank.
In the process it has acquired 700,000 depositors.