Goa

Cooperative Bank ,Thane Janata Sahakari Expands its Reach

Special correspondent
Daijiworld Media Network- Panaji
 
Panaji, May 11:
Thane Janata Sahakari Bank(TJSB), a cooperative bank, has decided to expand its pan-India presence during the current financial year by opening more branches in Goa, Karnataka and Gujarat, informed a press release here recently.

Vidyadhar Vaishampayan, Thane Janata Sahakari Bank(TJSB), chairman announced the expansion plan for the current financial year which includes opening of three branches in Gujarat, one in Karnataka and two in Goa. The bank intends to tap the financial market in Gujarat’s Ahmadabad, Surat and Baroda cities besides making its presence in Karnataka’s capital city of Bangaluru. Vishampayan said that two branches in Goa at Ponda and Margao in addition to its branch in Mapusa are also on the card.

The Reserve Bank of India has already given permission for the bank to open 20 branches during the current financial year raising the number of their outlets from existing 63 to 83 during Financial Year 2012-13. The bank had laid its footstep in Goa and Karnataka six months back and since then have been receiving good response from the customers, bank’s chief executive officer Satish Utekar claimed.

He informed in a press release that the bank has a mix business of Rs 15 crore with 70:30 deposit-credit ratio in the state. TSJB aims at targeting small and medium entrepreneurs (SME) through its presence in Goa’s Ponda and Margao cities, which are hub of commercial activity. Overall, Utekar said, the bank has grown by 28 per cent during last fiscal reporting a total turn over of Rs 7,000 crores.

The bank also plans to have cash acceptance machines (CAM) in its branches in Thane (Maharashtra) for the convenience of the traders, who have to go back home in unsafe environment after their daily business closes every night. Utekar explained that the CAM will have the facility to accept the money on the spot and credit it to the account overnight.

“Once our experiment is successful in Thane, we will replicate it to the branches where traders are more,” bank’s chairman Vaishampayan said responding to a question.

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