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Mumbai, July 17

The Saraswat Co-operative Bank has set itself a target of opening 250-300 branches to stand up to competition from other banking majors. The bank aims at business worth Rs 25,000 by March 31, 2011, its Chairman, Mr K.V. Rangnekar, told shareholders at the recently concluded annual general meeting of the bank.

In a bid to achieve a pan-Indian presence, the bank has decided to open branches in Delhi and Bangalore in two months. It also plans to set up a few branches in select towns of Maharashtra and Karnataka, he said.

Regarding the merger of Mumbai’s South Indian Co-operative bank, Baroda’s Anonya Sahakari Bank Ltd, and Karnataka’s Chetna Sahakara Bank Niyamit, he said the matter was under the board’s consideration. The bank has also submitted a proposal of taking over the management of Pune-based Suvarna Sahakari Bank and Rupee Co-operative Bank. The bank with a total business of Rs 18,879 crore recorded a net profit of Rs 202.26 crore in the last fiscal–

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