The Hindu Business Line : Thane bank acquisition

Thane Janata Sahakari Bank (TJSB) has acquired three branches of the Pune-based Navjeevan Nagari Sahakari Bank Ltd and has also received RBI approval for the merger of 17 branches of the Shree Sadguru Jangli Maharaj Sahakari Bank Ltd. Following the acquisitions, TJSB will undertake cumulative losses amounting to Rs 38-crore, including Rs 36 crore to SSJMS Bank’s account, Mr R.G. Karve, CEO of the Thane bank, said. Amongst its other initiatives this year are acquirin g a foreign exchange licence, setting up of a second disaster site at Pune, and joining the National Financial Switch for ATM sharing. It has also set up the country’s first automated cheque-book issuing facility at Navapada. “This is the first such centre at a front end office, and customers can get their cheque books within 56 seconds,” Mr Karve said. —

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