It was on 14th September 1918 that “The Saraswat Co-operative Banking Society” was founded with the idea of helping 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.
The fifties saw the Bank growing from strength to strength with the establishment of five branches within the city of Mumbai and one each at Pune and Belgaum. In the year 1977-78, the Bank’s gross income crossed the Rs.3.00 crore mark for the first time. In 1988 the bank was conferred with “Scheduled” status by the Reserve Bank of India.
The Bank is the first co-operative bank to provide Merchant Banking services. The Bank got a permanent license to deal in foreign exchange in 1978 and presently has correspondent relationships in 45 countries covering 9 currencies with over 125 banks. The bank offers Personal Loans, Home Loans as well as Debit Cards.
Today, the bank has a network of 189 fully computerised branches covering six states viz. Maharashtra, Gujarat, Madhya Pradesh, Karnataka, Goa and Delhi. The Bank is also providing 24- hour service through ATMs at 67 locations.
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