Saraswat Bank has been granted a pan-India operation license by the Reserve Bank, making it the first co-operative bank in the country to be accorded this permission, it said today. The bank's chairman, Eknath Thakur, said, "The 93-year-old bank will be concentrating first on opening branches in the southern Indian states of Kerala, Andhra Pradesh and Tamil Nadu, to be followed up by national capital region and northern states." By end-FY16, Thakur said, the bank is targetting to expand its network to five hundred branches from the present 216, with the uncovered region getting increased attention. Thakur said that the bank's total business mix has crossed Rs 28,000 crore today, to make it the undisputed leader amongst cooperative banks in the country. It overtook the Maharashtra State Cooperative Bank which had a business mix of Rs 27,800 crore before its board was dissolved last month, Thakur said.
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