Eyes Rs. 15,000 crore business turnover by March 2014.
Abhyudaya Co-operative Bank Ltd (ACBL), one of the major co-operative Banks in the country, is planning to open 20 new branches by the next FY 2010-11.
The Bank has set the business turnover target of Rs. 6,000 crore for the current FY 2009-10 and eyeing Rs. 15,000 crore turn over by the FY 2013-14.
ACBL has just opened its new branch in Nashik. With the opening of Nashik branch, the total number of branches of the bank has reached 80. ACBL’s branches have spread across three states- Maharashtra, Gujarat and Karnataka.
“We are planning to reach our total number of branches to 100, by adding another 20 new branches by the next FY 2010-11, including 2 another new branches in Nashik, one each in Mira Road, Badlapur and Delhi. We will open another six new branches in the current FY 2009-10 and 14 branches in the next FY 2010-11,” said Sitaram Ghandat, Chairman, Abhyuday Co-op Bank Ltd, at a press conference here.
Presently (By Nov 23, 2009), the Bank has deposits of Rs. 3,740 crore, loan and advances of Rs. 2025 crore. The bank has 1.25 lakh members and 12 lakh depositors.