Maharashtra-based Kallappanna Awade Ichalkaranji Janata Sahakari (KAIJS) Bank is set to enter the state of Gujarat after receiving approval to expand its area of operations. The bank currently has a strong network of 54 branches across Maharashtra and Karnataka.
The expansion into Gujarat has been approved by the Reserve Bank of India (RBI) as well as the Central Registrar of Cooperative Societies (CRCS), clearing the way for the multi-state cooperative bank to establish its presence in the western state.
Speaking to Indian Cooperative on this development, Bank Chairman Swapnil Awade said, “We have received permission to open branches in Gujarat, and initially we plan to start operations in either Ahmedabad or Surat, as we see strong business potential in these two districts.”
He further explained that while the RBI had granted approval around three months ago, being a multi-state cooperative bank, it was also mandatory to obtain clearance from the CRCS. “We amended our bye-laws accordingly and have now received the necessary approval from the CRCS office as well,” he added.
Highlighting the bank’s growth trajectory, Awade said that KAIJS Bank is expected to cross a business volume of over Rs 5,000 crore by the end of the current financial year, and is aiming to reach Rs 10,000 crore in business within the next five years.
With its expansion into Gujarat, the bank aims to offer modern banking facilities and further strengthen financial inclusion in the region.
