Nasik: Saraswat Cooperative Bank is on an expansion spree and it plans to open five new branches during the next year. The largest cooperative bank in the country with a multi-state presence, Saraswat Co-operative Bank had earlier applied to Reserve Bank of India (RBI) for opening up of three new branches.

RBI gave its nod for extending of the bank's branch network and three new branches will be opened in Delhi, Bangalore and Udupi. Riding on its success and recent mergers, the bank has asked permission from RBI to open two more branches in Maharashtra, one in Lokhandwala Complex in Mumbai and another in Kudal, Sindhudurga.

The bank has witnessed a steady growth in its business during the last two decades and currently has a network of 127 fully computerized branches. The bank has a multi-state presence and its branches are located in five states viz. Gujarat, Madhya Pradesh, Maharashtra, Karnataka and Goa. Saraswat Cooperative Bank also has a network of 41 ATMs spread across these five states.

Nashik People's Cooperative Bank, which had 14 branches was acquired by Saraswat Cooperative Bank in December 2007. With this acquisition the branch network of the bank is expected to reach a figure of 141. Saraswat Cooperative Bank has been a bit aggressive on the acquisition front in the past few years. It had earlier acquired Murdha Rajendra Cooperative Bank, Mandvi Coop Bank, Maratha Mandir Coop Bank and  Annasaheb Karale Urban Coop Bank.