Nityanand to be new chairman of ACB

Mumbai, May 24: The board of directors of Urban Co-operative bank, Abhyudya Co-operative Bank Limited, has elected Nityanand Madhav Prabhu as its new chairman. Nityanand, who is also the son of founder of the bank, Madhav Prabhu, will replace Sandeep Gandhat, the bank said.

The bank is planning multi-state expansion across the country, initially in Gujarat and Karnataka, where it has acquired two loss-making small urban co-operative banks, Nityanand told the source. ''With these new acquisitions, the bank will have greater access to customers in the states and the number of branches will grow up to 72 from present 53 branches,'' he said.

When asked about the hike in prime lending rates, Nityanand said that it all depends on the market conditions. ''If the inflation remains high, the bank can opt for raising PLR by 25-50 basis point.''

UNI