Saraswat Bank receives licences for 9 more branches

MUMBAI: The Saraswat Co-operative Bank, the biggest cooperative 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 on Tuesday.
    
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. The bank currently has 170 branches spread over five states.
    
The bank which has acquired a few ailing cooperative 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-operatibe Bank which it had acquired over the last couple of years into profit-making ones in a short period.