In a significant move to broaden its footprint, Maharashtra based KAIJS Bank has announced plans to expand its area of operations to Gujarat, the textile hub of India.
Speaking at the 63rd Annual General Meeting held at Shrimant N.B. Ghorpade Natyagruh in Ichalkaranji, Bank Chairman Swapnil Awade revealed that a comprehensive proposal has been submitted to the Reserve Bank of India (RBI) seeking approval for the same.
Highlighting the bank’s strong exposure in the textile sector, Awade stated that the expansion into Gujarat is a natural progression for the bank. “Once we receive RBI’s nod, we are ready to open branches in and around Gujarat,” he added.
A major highlight of the year was the successful amalgamation of Jawahar Sahakari Bank Ltd., Hupari into KAIJS Bank, with RBI’s permission. All branches of the merged entity have now been integrated and are functioning under the KAIJS Bank umbrella. With this development, the bank now operates 54 branches across Maharashtra and Karnataka.
Chairman Awade also announced a 10% dividend to members and projected the bank’s business to cross Rs 5,500 crore in the current financial year. “Our journey has been guided by the visionary leadership of Sahkar Maharshi Shri Kallappanna Awade and the technology-driven approach advocated by MLA Prakash Awade,” he said.
MLA Prakash Awade, in his address, praised the bank for its consistent support to local businesses in and around Ichalkaranji. He urged the bank officials to proactively implement Central and State Government schemes and ensure they reach the masses.
The meeting agenda was read by CEO Sanjay Shirgave and was unanimously approved by shareholders. Vice Chairman CA Sanjaykumar Anigol extended the vote of thanks, acknowledging the support of members, customers, depositors, borrowers, and staff.
The AGM witnessed the presence of all board directors and prominent dignitaries from various sectors, marking a successful year of growth and consolidation for KAIJS Bank.