Former Union Minister Suresh Prabhu will inaugurate the 150th branch of Maharashtra’s leading TJSB Sahakari Bank in Sawantwadi today, i.e., Tuesday.
The branch inauguration coincides with the official merger of the 78-year-old Sawantwadi Urban Co-operative Bank with TJSB Sahakari Bank, following approval from the Reserve Bank of India.
The RBI last week sanctioned the amalgamation under sub-section (4) of Section 44A, read with Section 56 of the Banking Regulation Act, 1949. All nine branches of the Sawantwadi Urban Co-operative Bank, spread across the Konkan region, will now operate under the TJSB Sahakari Bank banner from today onwards.
This merger not only signifies a strategic expansion of TJSB’s footprint in coastal Maharashtra but also marks the revival of Sawantwadi Urban Co-operative Bank, which had been under All-Inclusive Directions (AID) by the RBI since 2022.
Suresh Prabhu, who represented the Rajapur Lok Sabha constituency for four consecutive terms, which includes Sawantwadi Taluka, shared his sentiments on the social media platform X (formerly Twitter) saying, “This moment is even more special as I have been part of the cooperative movement for decades—first as the youngest Chairman of the largest urban cooperative bank, and later serving on the boards of cooperative institutions at the village, district, state, national, and international levels”.
“My heartfelt congratulations to the entire TJSB family for this milestone achievement. A true reflection of trust, service, and community empowerment”, he added.
Speaking to Indian Cooperative, Sharad Gangal, Chairman of TJSB Sahakari Bank, remarked, “This is the fourth merger in the history of our bank. We are proud to welcome the legacy of Sawantwadi Urban Co-operative Bank into our fold. The bank served the people of Sindhudurg district for nearly eight decades but has struggled in recent years.”
Gangal emphasized that the merger would protect depositors’ interests, offer modern banking facilities, digital infrastructure, and a broader range of services.
On the staffing front, he reassured, “We will absorb every employee of Sawantwadi Urban Cooperative Bank. There will be no job losses. Instead, they will benefit from a professional work environment and opportunities for growth within TJSB.”
Once operating with a business mix of Rs 150–200 crore, Sawantwadi Urban Co-operative Bank’s scale diminished to Rs 20 crore after RBI-imposed restrictions. The merger is expected to revitalize its operations under the stronger umbrella of TJSB.
Headquartered in Thane, TJSB Sahakari Bank stands as one of India’s most robust multi-state cooperative banks, boasting a business mix exceeding Rs 22,000 crore. As of March 31, 2025, the bank reported a gross profit of Rs 252 crore and a net profit of Rs 185 crore.
This merger is in line with the RBI’s broader vision of strengthening the cooperative banking ecosystem by encouraging the consolidation of weaker banks with financially sound institutions. It ensures depositor safety, better governance, and operational efficiency.
With the successful integration of Sawantwadi Urban Co-operative Bank, TJSB continues to reinforce its position as a pillar of stability and progress in India’s cooperative banking landscape.
