SARASWAT COOPERATIVE BANK LIMITED
The Bank has a very humble but inspiring start. On September 14, 1918, "The Saraswat Co-operative Banking Society" was founded. Mr. J.K. Parulkar became its first president, Mr. N.B. Thakur, the first Vice-President, Mr. P.N. Warde, the first Secretary and Mr. Shivram Gopal Rajadhyaksha, the first Treasurer. These were people with deep and lasting ideals, faith, vision, optimism and entrepreneurial skills. These men dedicated to the Society had a commendable sense of service and duty absorbed in them. Even today, our honorable founders inspire a feeling of fear and respect in the Bank and among shareholders.
The Society was initially created to help families in danger. Its purpose was to provide temporary accommodation to its members in circumstances such as weddings of dependent members of the family, repayment of debt and medical treatment expenses, etc. The Society became a true Urban Cooperative Bank in 1933.
The Bank has the unique distinction of witnessing history. The Bank, originally founded in 1918, ie near the Russian Revolution, also witnessed a society and a Bank - World War I, World War II, India's Freedom Movement and the glorious chapter of The post-independence India. During this catastrophic cavalcade of history, the Bank as a financial institution and its members could not, of course, not be affected by the economic consequences of major events. The two wars in particular brought in their wake paucities of all kinds and realities and were placed in their members in anguish as a strong bulwark of strength. The founding members and last-minute administrations of the Bank continued to demonstrate their unwavering faith in the fate of the common man and the cooperative movement and encouraged shareholders to save despite all odds.
Thanks to these sustained and sustained efforts made more than 25 years after its creation, the Bank had acquired a solid foundation in terms of composition, resources, assets and benefits. In 1942, the Bank was meeting all the banking needs of its clients.
In 1988, the Bank was conferred with the status "Scheduled" by the Reserve Bank of India. The Bank is the first cooperative bank to provide Merchant Banking services. The Bank obtained a permanent license to trade in foreign currency in 1978. Currently the Bank has a correspondence in 45 countries covering 9 currencies with more than 125 banks. In 1992, the Bank completed 75 years. Platinum Jubilee Celebrations was inaugurated on September 14, 1992 and the Bank also crossed the business level of Rs. 700 crores.