India’s largest urban cooperative bank Saraswat Bank’s board members have been re-elected unopposed, based on their good performance in last fiscal.
The bank did business mix worth Rs 50,000 crore by 31st March, 2016.
After the accomplishment, the urban cooperative bank (UCB) looks forward to the next tranche of Rs 1,00,000 crore of business mix by 31st March, 2021.
Shareholders are so much hooked on the bank’s performance that they have reposed their complete faith in the present board by re-electing it, a bank source said. .
The AGM is slated for 6th August in which results would be declared , said S.K. Saraswat, the Saraswat Bank’s chairman. Soon after the AGM elections for the Chairman and Vice-Chairman Sakhalkar and Gautam Thakur will reoccupy their respective positions.
Despite other nominations, they were withdrawn by 22 July, the last day of withdrawal.
As a cooperative organization getting the better of all other banks in turnover, Saraswat Bank boasts a voter list of 1, 82,000 cooperators. It has 15 directors of them. All of them have been elected unopposed.
Saraswat Bank is the first co-operative bank in the country to have received all-India permission from the RBI to open branches, It has operations in Maharashtra, Goa, Gujarat, Delhi, Madhya Pradesh and Karnataka.
The bank’s new board consists — S.K. Sakhalkar, G.E. Thakur, Padmashri Madhu Mangesh Karnik, S.N. Sawaikar, P.N. Joshi, K.V. Rangnekar, A.A. Pandit, H.M. Rathi, S.V. Saudagar, A. P. Samant, S.S. Shirodkar, N.G. Pai, A.G. Ambeskar, S.M. Lotlikar, S.S. Bhandare, K.D. Umrootkar, S.K.Banerji.