Apna Bank makes big strides

Apna Sahakari Bank Ltd., popularly known as ‘Apna Bank’ was established on the auspicious day of Gudi Padwa on March 29, 1968.

It started its operations from the Apna Bazar, Naigaum, Dadar in Mumbai. The bank was established at the behest of labour leaders and leading social workers from Naigaum which is predominantly a mill worker’s residential locality.

The primary objective of the bank was to provide much-needed financial assistance to the mill workers at a reasonable interest rate. Apna Bank earned recognition in a very short span of time and opened its branches in working class residential localities of Mumbai. Apna Bank revolutionised co-operative banking sector by starting its first ever ‘Night Bank’ service at its Naigaon-Dadar branch.

The bank introduced the “Teller Payment System” way back in 1990 considering the prompt customer service and quick cash payments. The bank introduced “Kumar Bachat Yojana” for school-going children to inculcate the habit of savings at an early stage of life and also educate them about banking services.

Due to intense competition in the banking industry, the bank is continuously upgrading its quality of customer service. Nowadays, every bank is striving to provide better and hi-tech services to its customers and Apna Bank is no exception to this situation. In order to provide prompt and better customer services, the bank has computerised all its branches.

The bank has successfully implemented 100 per cent Core Banking Solution (CBS) which has facilitated connecting all its 46 branches and ATMs.

The bank has alliance with more than 7,000 ATM’s all over India to withdraw the amount free of charges. Apna Bank has set up a modern data centre at its corporate office. It is well equipped with all the requirements of an ideal data centre. The bank is providing SMS Alert service to customers.The bank has entered into insurance business by obtaining corporate agency of Life Insurance Corporation of India and tie-up arrangement with Bajaj Allianz for its general insurance products.

Awards & accolades

Apna bank is providing forex services such as issuing import and Inland Letter of Credit, packing credit, post-shipment credit, issuing demand drafts in foreign currency, issuing foreign currency notes, etc, with necessary agency arrangement with renowned banks.

Recently, Apna Bank was honoured with second prize for the Best co-operative Bank by Brihan Mumbai Co-operative Banks Association for 2008 and the bank has received the First Prize for the Best Co-operative Bank in Mumbai by Greater Mumbai Urban Co-operative Banks’ Association.

The bank was also awarded Padmabhushan Vasantdada Patil Trophy for Best Urban Co-operative Bank, instituted by the Maharashtra State Co-operative Bank’s Association, and also honoured by Maharashtra Kala Niketan with “Maharashtra Gaurav Award.”

In recognition of its excellent customer services and overall progress, for the first time in the history of banking, the RBI and the Maharashtra Government have consented merging of Care Co-op. Bank Ltd. In a Non Scheduled Co-operative Bank – Apna Sahakari Bank Ltd. After that another co-operative bank from Western Maharashtra region, The Ashta Urban Co-op. Bank having nine branches, has merged into Apna Bank. Recently, one of the oldest co-op bank from Kolhapur region known as Shree Balbhim Co-op Bank Ltd having 10 branches is also merged into Apna Bank. Apart from this the bank has opened seven more branches during this financial year.

Apna Bank having 46 branches and ATM centres at all over Maharashtra as on March 31, has received multi-State permission from the Reserve Bank of India to open the branches at Gujarat, Goa and Karnataka. The bank has been allowed to provide direct RTGS/ NEFT Services by Reserve Bank of India.

For the year ended March 31, the bank has achieved deposits of Rs 1,571.62 crore (a growth of 22.39 per cent); Loans and Advances Rs 1,049.79 crore (33.34 per cent); Share Capital Rs 59.71 crore (25.48 per cent); Reserve Fund Rs 233.30 crore; Owned Fund Rs 293.01 crore; Investments Rs 641.73 crore ; Income Rs 171.88 crore (25.94 per cent); Gross Profit Rs 31.08 crore (7.78 per cent); Net Profit Rs 17.09 crore; CRAR 16.83 per cent, Net NPA 0 per cent.

The bank’s net worth as on March 31, 2012 is Rs 152.81 crore. Right now the bank has crossed the milestone of Rs 2,675-crore business mix under the vision set out by its Chairman, Mr Dattaram A. Chalke.

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