Date:09/02/2006 URL: http://www.thehindubusinessline.com/2006/02/09/stories/2006020901941900.htm

Back Acquisitions add lustre to Shamrao Vithal's centenary year

Priya Nair

IN its centenary year, Shamrao Vithal Co-operative Bank has crossed another milestone.

It acquired two urban co-operative banks - Saptashrungi Co-operative Bank with two branches in Nashik and Samasta Nagar Co-operative Bank with four branches in Mumbai.

The other firsts pioneered by this multi state scheduled bank, which was set up in 1906 include introduction of recurring deposits in 1928, getting scheduled status (a status conferred to just 10 co-operative banks in the country) in 1988 and introduction of computerisation in 1983.

The bank is now positioning itself to meet the rapidly changing environment in the banking sector.

"Our biggest priority is to develop confidence in our customers. This can be done only if co-operative banks are more transparent and in constant communication with their customers," said Mr Suresh Hemaddy, Chairman, Shamrao Vithal Co-operative Bank.

With 38 branches, 10 extension counters, 33 ATMs across Maharashtra, Goa and Karnataka, Shamrao Vithal would definitely qualify as one of the bigger UCBs. The bank offers new age banking services such as SMS banking, tele-banking and quick transfer facility to any of its branches.