09 May 2016 Current Affairs: Saraswat Bank, country's largest urban co-operative bank which recently crossed a total business of Rs 50,000 crore, has announced donation of Rs 1 crore towards drought relief in Maharashtra.Caused by the two deficient years of the monsoon rainfalls, the drought has been a major problem resulting into shortage of water availability across the country including Maharashtra.
Gautam E Thakur, Vice Chairman of the bank handed over the cheque of Rs 50,00,000 to Chief Minister of Maharashtra, Devendra Fadnavis. Also, Kishore Rangnekar Director handed over another cheque of Rs 50,00,000 to Nana Patekar, Founder, NAAM Foundation.
Saraswat Bank : Saraswat Bank is an urban co-operative banking institution based in Maharashtra, India and operating as a co-operative bank since 1918.In 1988, the Bank was conferred with "Scheduled" status by Reserve Bank of India. The Bank is the first co-operative bank to provide Merchant Banking services. The Bank got a permanent license to deal in foreign exchange in 1978. Presently the Bank is having correspondent relationship in 45 countries covering 9 currencies with over 125 banks. In 1992, the Bank completed 75 years. Platinum Jubilee Celebrations were inaugurated on 14 September 1992 and the Bank also crossed the business level of Rs. 700 Crores. It has 267 branches nationwide.