Abhyudaya Bank receives multi-state bank status

Mumbai, Dec 6 (UNI) The Abhyudaya Co-operative Bank Limited (Scheduled Bank) here has received multi-state status following the approval from Karnataka Government to open its branches in the state.

Addressing a special general meeting of the shareholders here yesterday, Bank chairman Sandeep Ghandhat said in reply to the proposals sent by the bank to three states - Gujarat, Goa and Karnataka - to open branches there, it received clearance from the Karnataka government to launch the bank in the state.

''The bank is pursuing with Goa and Gujarat governments in this regard and we are hopeful that we will get the clearance in near future,'' added Mr Ghandhat.

The meeting was held to approve conversion of the bank into a multi-state co-operative bank under the provision of the Multi-state Cooperative Societies Act 2002, which was approved unanimously.

The Shareholders had earlier passed the resolution pertaining to en-bloc amendments to the by-laws in compliance with the provision of the Multi-state Co-operative Societies Act 2002, after suggesting certain modifications in the proposed by-laws.

The chairman assured the shareholders that all the suggestions made by the members including representation of union representatives on the board would be modified.

UNI ST GB AG1428