Maharashtra’s leading Kallappanna Awade Ichalkaranji Janata Sahakari (Kaijs) Bank officially integrated the operations of Jawahar Sahakari Bank Ltd., Hupri, on Monday. The Reserve Bank of India (RBI) had sanctioned the Scheme of Amalgamation earlier.
Reacting to the development, Kaijs Bank Chairman Swapnil Prakash Awade expressed satisfaction with the RBI’s decision. He stated, “We are happy that the RBI has approved the amalgamation of Jawahar Sahakari Bank with our bank. We are committed to absorbing all employees of Jawahar Bank and ensuring a smooth transition.”
Despite the merger, Jawahar Sahakari Bank has been a profit-making institution with a strong financial position. The bank operates six branches in Kolhapur, which has now integrated into Kaijs Bank’s expanding network. With this merger, Kaijs Bank’s total branch count reaches to 52, and its business mix is projected to exceed Rs 4,800 crore by the end of the current financial year.
Kaijs Bank has a strong history of mergers aimed at expanding its reach and strengthening financial services.
In 1994, the bank merged with Deccan Co-op Bank to establish its presence in Pune, where it now operates five successful branches. In 2011, the bank expanded to Karnataka by merging with Navakalyan Co-op Bank, adding six more branches in the state.
The merger ensures that Jawahar Bank’s customers will gain access to all banking services offered by Kaijs Bank, including Mobile Banking, Internet Banking, and Digital Financial Services.
All depositors, loan holders, and account holders of Jawahar Sahakari Bank will automatically become part of the Kaijs Bank family. Customers are assured that all banking operations will continue seamlessly at their respective branches, which will now operate under the Kaijs Bank name.
This marks the third major merger in Kaijs Bank’s 62-year history, reinforcing its reputation as a people-centric financial institution. Looking ahead, the bank plans to further expand its presence in Karnataka, with two new branches set to open in Harugeri and Athani.
This expansion will increase its total network to 54 branches across Maharashtra and Karnataka.
With a strong commitment to financial inclusion, advanced banking services, and community welfare, Kaijs Bank continues its remarkable growth journey, benefiting customers and stakeholders alike.
