Country?s largest co-operative lender, Saraswat Bank, on Tuesday said it has received 70 merger applications from different co-operative banks across the country for possible mergers.
?We have received merger proposals from 70 smaller co-operative banks, of which we are considering two to three banks at this point of time,? said Eknath K. Thakur, chairman, Saraswat Bank.
Last year, Saraswat Bank had acquired Kolhapur Maratha Co-operative Bank and South Indian Co-operative Bank. The bank had also acquired Maratha Mandir Co-operative Bank, Mandvi Co-operative bank, Nashik People?s Co-operative bank, Annasaheb Karale Janata Sahakari Bank and Murgharajendra Sahakari Bank.
Saraswat Bank?s net profit has risen 19.30% to Rs 241.29 crore during financial year 2008-09, as against Rs 202.26 crore, same time last year.
Deposits increased from RS 11,430.82 crore as on 31 March 2009 to Rs 12,918.85 crore while advances rose from Rs 7,448.31 crore to Rs 8,110.41 crore in financial year 2008-09, depicting a rise of 13.02% and 8.89% respectively.
