by NR Indran / INT

Mumbai : Abhyudaya Co-operative Bank, a Multi-State Scheduled Bank, inaugurates 100th branch on the eve its’ 47th foundation day at Marve Link Road Kandivali (W) today. Abhyudaya bank is present in Maharastra, Gujurat and Karnataka.

Keeping in line with the vision for this financial year, Abhyudaya bank plans to add 15 more branches to its existing network of branches thereby achieving the target of 111 branches along with a business mix of Rs. 11, 300 crs . The bank already has 99 branches.

With a total business mix of Rs 9000 crores, the bank has clocked a net profit of Rs 77.96 crores for the year 2010-2011. It has member strength of 1.38 lakhs and over 14.07 lakh depositors. Abhyudaya bank has a CRAR of 16.07% as against the minimum requirement of 9 % according to RBI’s ( Reserve bank of India) guidelines. Abhyudaya bank has been awarded class “A” rating by the statutory auditor.

In the last financial year, Abhyudaya bank’s Total Deposits have increased from Rs.4171 cr to Rs.5261 cr. with a growth rate of 26% y.o.y Basis; Advances increased from Rs.2565 cr to Rs.3453 cr. with a rise of 34% y.o.y basis. This being highest among other co-operative banks.

Successful implementation of Core Banking solutions (CBS) allows its consumers the facility to withdraw money without any extra charge. The bank has collaborated with 57 other banks across the country, providing pan India accessibility to its consumers from more than 75,000 ATM’s through BANCS & NFS networks in India. Among other services the Bank offers Tele banking, Mobile banking and Internet banking services.

Speaking on the occasion, Mr. Sitaram Ghandat (MLA) Chairman, Abhyudaya Co-operative Bank Ltd says, “ It is a momentous occasion for us today as we inaugurate our 100th branch on the eve of our 47th foundation day. We are growing constantly with an aim to increase our market share in the coming years and fulfill our stakeholder’s expectations.

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