Saraswat awaits RBI nod for Anyonya Bank merger

Saraswat Co-operative Bank, the largest multistate co-operative bank in the country, is likely to acquire financially-troubled Anyonya Co-op Bank (ACBL) soon.

The merger of 118-yearold ACBL, which has 10 branches in Gujarat, is estimated to cost Rs 25 crore to Saraswat Bank.

At present, Saraswat Bank has 190 branches in Maharashtra, Karnataka, Goa, Madhya Pradesh, Gujarat and New Delhi. The bank has done a business of Rs 21,000 crore so far in the current financial year.

In the last three years, it has acquired six co-operative banks — Maratha Mandir Coop Bank, Mandvi Co-op Bank (Mumbai), Annasaheb Karale Urban Co-op Bank (Sangli), Murdha Rajendra Co-operative Bank (Meerat), South Indian Bank (Mumbai) and Nashik-based Nashik People's Co-op Bank. In the process it has acquired 700,000 depositors.