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| Company type | Multi-State Co-operative Bank |
|---|---|
| Industry | Financial services |
| Founded | 14 September 1918; 107 years ago (1918-09-14) |
| Headquarters | Saraswat Co-operative Bank Ltd, Ekanath Thakur Bhawan 953, Appasaheb Marathe Marg, Prabhadevi. Mumbai- 400 025 |
Key people |
|
| Products | Commercial Banking Retail Banking Private Banking Insurance |
| Revenue |  ₹3,552.58crore (US$420 million) (2022-23)[1] |
| ₹355.49 crore (US$42 million) (2022-23)[1] | |
| Total equity | ₹3,023.75 crore (US$360 million) (2022-23)[1] |
Number of employees | 4,650 (as of March 2023)[1] |
| Website | saraswatbank.com,https://saraswat.bank.in |
Saraswat Co-operative Bank Ltd. is an urban co-operative banking institution, having its headquarters inMumbai,Maharashtra,India and operating as a co-operative society since 1918.[2] The Founding Members of the society were J.K. Parulkar as chairman, N.B. Thakur as vice-chairman, P.N. Warde as Secretary, and Shivram Gopal Rajadhyaksha as Treasurer.[3]
In 1988, the bank was conferred with theScheduled status by theReserve Bank of India. It is the first co-operative bank to provide merchant banking services. It received a permanent license to deal inforeign exchange in 1979. Presently, it has a correspondent relationship in 58 countries covering nine currencies with over 162 banks.
The bank's total business was approximately₹4,000 crore in the year 2000, and had reached₹63,422 crore in 2020.[4]
In the last two decades, the bank has witnessed a steady growth in business and has undertaken several strategic business initiatives, such asbusiness process reengineering, and merging and nurturing seven cooperative banks. The bank has relations withVISA International for the issuance of debit cards. It launchedRuPay EMV Debit Card in 2013–14. The bank was the first to achieve this milestone in respect of RuPay EMV cards along with theBank of Baroda.[citation needed]
In 2011, the bank was granted permission for All India Area of Operation by theReserve Bank of India.
The bank has a network of over 300 fully computerised branches and 350 ATMs (Automated teller machine) as on 31 March 2025[4] covering eight states viz.Maharashtra,Gujarat,Madhya Pradesh,Karnataka,Goa,Haryana,Uttar Pradesh andDelhi.
From the annual report for financial year 2024–2025, the bank's business is₹91,814 crores.[5][6] It was ranked second-best bank in India by The World's Best Banks 2020 survey[7][8] conducted by theForbes, an Americanbusinessmagazine.
