In a press conference held on Tuesday in Mumbai, Saraswat Co-operative Bank Chairman Gautam Thakur announced that India’s largest Urban Co-operative Bank has voluntarily approached the Reserve Bank of India (RBI) for the amalgamation of New India Co-operative Bank Ltd. (NICBL) with itself, subject to approval by the shareholders of both banks.
The merger will mark a significant step toward strengthening urban cooperative banks through consolidation. It is expected to enhance Saraswat Bank’s customer base, expand its branch network, and improve operational capabilities. Post-merger, Saraswat Bank will assume all assets and liabilities of NICBL, with full protection assured to depositors.
Saraswat Co-operative Bank Ltd., with a legacy of over a hundred years, is the largest Urban Co-operative Bank in India. Built on the pillars of trust, integrity, and service, the Bank had, as of 31st March 2025, a network of 312 branches and 303 ATMs across eight states—Maharashtra, Goa, Gujarat, Karnataka, Madhya Pradesh, Delhi, Haryana, and Uttar Pradesh.
It reported a Total Business of Rs 91,814 crore, comprising Rs 55,481 crore in deposits and Rs 36,333 crore in advances, along with a Net Profit of Rs 518.25 crore. The Bank continues to maintain excellent asset quality, with Gross NPAs at 2.25% and Net NPAs at zero for the third consecutive year. Its Capital to Risk-weighted Assets Ratio (CRAR) stands at 17.43%.
New India Co-operative Bank Ltd., as of 31st March 2025, reported deposits of Rs 2,397.85 crore and advances of Rs 1,162.67 crore, resulting in a total business volume of Rs 3,560.52 crore. The Bank, however, recorded a negative net worth of Rs 102.74 crore for FY 2024–25 as per audited accounts. NICBL operates 27 branches—17 in Mumbai, 6 in Thane and Palghar, 2 in Surat, and one each in Pune and Navi Mumbai.
Saraswat Bank has a strong track record of successfully taking over and reviving financially weak co-operative banks. Over the years, it has acquired institutions such as Maratha Mandir Co-operative Bank, Mandvi Co-operative Bank, Annasaheb Karale Janata Sahakari Bank Ltd., Murgharajendra Sahakari Bank Ltd., Nashik Peoples Co-operative Bank Ltd., South Indian Co-operative Bank Ltd., and Kolhapur Maratha Sahakari Bank Ltd.
Through these takeovers, it has safeguarded the interests of more than eight lakh depositors and scaled the combined business of the acquired banks from Rs 1,900 crore at the time of takeover to Rs 9,200 crore within five years.
By stepping forward to assist the depositors of NICBL, Saraswat Bank is once again demonstrating its firm commitment to the cooperative movement and the principle of financial inclusion. The Bank looks forward to welcoming NICBL’s depositors into its fold and continuing its mission of responsible and inclusive banking.
Excellent Legacy of Sarswat Bank.
Proud to be Share Holder.
Staff and Officers are very Cooperative.
Saraswati Bank has dine yeoman service to all those who were in financial difficulties.