Saraswat Co-Operative Bank Limited is an urban co-operative banking institution, headquartered in Mumbai, Maharashtra, India, and has been operating as a co-operative society since 1918. Society’s founding member J. K. Parulkar as chairman, N.B. Thakur as Vice President, P.N. Warde as secretary, and Shivram Gopal Rajadhyaksha as treasurer.
In 1988, the bank was included in Scheduled Status by the Reserve Bank of India. It is the first co-operative bank to provide merchant banking services. The bank received a permanent license to deal in foreign exchange in 1979. The bank has a correspondent relationship in 58 countries, covering nine currencies, with over 162 banks.
Over the past two decades, the bank has witnessed steady growth in business and has also taken several strategic business initiatives such as undertaking business process reengineering initiatives, merging and consciously nurturing seven co-operative banks. The Bank has tied up with Visa International for issuing Debit Cards. The bank launched the RuPay EMV Debit Card in 2013-14. The bank was the first to achieve this milestone with Bank of Baroda with respect to the RuPay EMV card.
In 2011, the bank was granted a pan-India zone of operation by the Reserve Bank of India. The bank has an ambitious business expansion plan to have a presence in all major cities of the country and is set to double the total business to ₹1 lakh crore in the next few years. As on 31st March 2020, the Bank has a network of 284 fully computerized branches and 311 ATMs (Automated Teller Machines) covering six states. Maharashtra, Gujarat, Madhya Pradesh, Karnataka, Goa and Delhi. In 2018, the bank also launched its Bank on WhatsApp feature to help customers get updates and avail various banking services through the chat platform.
As per the annual report of the bank for the financial year 2019-2020, the business of the bank is ₹63,422 crore. It received the Best Co-Operative Bank Award in 2016. and ranked the second best bank in India by The World’s Best Banks 2020 survey conducted by Forbes, an American business magazine.