Mumbai: Nashik Peoples Co-Operative Bank, which had recorded a total loss of Rs. 40 crore was acquired by Saraswat Bank, the largest co-operative bank in the country. The total branch network of Saraswat Bank all over India has now reached a figure of 141. This figure is all set to climb up to 153 once the 12 extension counters of the bank are converted into full fledged branches.

Formed on 14th September 1918, The Saraswat Co-operative Banking Society had a very humble but inspiring beginning. Saraswat Bank is the first co-operative bank in India to provide Merchant Banking Services. In 1978 the bank acquired permanent license deal in foreign exchange. The bank was conferred with 'Scheduled' status by the Reserve Bank of India (RBI) in 1988.

Saraswat Bank is on an acquisition spree and has acquired around five banks in the past two years and two-three more are lined up for the next four years. N.B. Thakur a senior official of the bank said, "we have a target to acquire 10 lakh more customers by 2011. For this, the bank will have to acquire a few more banks and we are in talks with 2-3 troubled banks." Thakur also denied any rumors regarding the conversion of the bank into a private sector entity and told that the bank will maintain its co-operative status until it reaches the size of a private sector bank.

Saraswat Bank  provides various deposit and personal loan schemes for individual customers in addition to products for Small & Medium Enterprises (SMEs), traders and professionals. The bank has imbibed modern technological initiatives and provides SMS banking, Easy Pay services and ATM services to its customers.