Two banks merged into Saraswat Bank

Mumbai,June 26: Annsaheb Karale Janata Sahakari Bank and Murugharajendra Sahakari Bank are getting merged in Saraswat Bank the leading co-operative bank in Asia.

The adaptation ceremony of these two banks is to take place at Vishnudas Hall in Sangli on June 30, 2007. This special day of merger of these two banks will be recorded in golden letters in banking history.

While elaborating about this historic event Eknath Thakur, Director of the Bank said, ''Two co-operative banks are getting merged in Saraswat Bank on a single day and this is an amazing trinity. This is the first event of this type in Sangli. Saraswat Bank has already accepted Maratha Mandir and Mandovi Bank in its fold and is now taking over Annsaheb Karale Janata Sahakari Bank and Murugharajendra Sahakari Bank in Sangli. Both these banks have a special place in the history of Sangli. Also, our bank has a game plan to take over 6 to 7 more banks in near future. Now our goal is to secure deposits of at least a million depositors of selected co-operative banks during this year.'' Because of the financial woes of united Western Bank, Sangli Bank and Ganesh Bank of Kurundwad an atmosphere of uncertainty was spreading in the financial sector of western Maharashtra. A large number of depositors had lost their sleep. Many a depositors opted to liquidate their deposits from co-operative banks.

At this stage Saraswat Bank has come forward to give solace to the depositors. The event will be chaired by Maharashtra Finance Minister Jayantrao Patil and Patangrao Kadam, Minister of Co-operatives, Ramraje Nimbalkar, Minister of Water Resources, Anandrao Adsul, MP&leader of Co-operative Banks Union, will grace the occasion as Chief Guest. Also the Chairman of The Saraswat Bank, Kishor Rangnekar, Eknath Thakur, MP&Director of the Bank and the directors, executives&officers of all these three banks will remain present for the occasion.

UNI