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Urban cooperative bank to float asset reconstruction company

Special Correspondent

This will take care of its non-perfomring assets

PANAJI: The Saraswat Cooperative Bank Limited, one of the leading urban cooperative banks, will soon float an asset reconstruction company as an additional source of income and to take care of its non- performing assets (NPAs) and weaker assets.

Nilesh Bandekar, Assistant General Manager of the bank, told presspersons here during his visit to Goa on Sunday that the bank was yet to work out the modalities of the proposed company.

"We may float the new venture as a subsidiary or may scout for a partner. In both cases, it will be the first such initiative in the cooperative sector," he said.

Mr. Bandekar was in Goa to initiate the bank's latest initiative to mobilise deposits across its branches through its brand ambassador Dilip Prabhavalkar, a Marathi film and stage actor, who shot to prominence recently for his role of Gandhiji in "Lage Raho Munna Bhai."

Mobilisation

Mr. Prabhavalkar will visit all the five branches of the bank in Goa during his tour to mobilise deposits.

The tour will begin on Tuesday at the Vasco branch in south Goa and end on Saturday at Mapusa branch in north Goa.

The bank, which has 105 branches in Maharashtra, Goa, Karnataka, Madhya Pradesh and Goa, achieved a total business of Rs. 15,295 crore by the end of March 31. The bank has made projections to cross Rs. 25,000 crore business between 2006 to 2011.

Speaking about some of the merger proposals from cooperative sector banks, Mr. Bandekar said that negotiations were on to accept proposals from banks such as Annasaheb Karale Bank and Murdha Rajendra Co-operative Bank, both in Sangli district of Maharashtra.

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