In a significant development for the cooperative banking sector, the Reserve Bank of India (RBI) has taken on record the Financially Sound and Well Managed (FSWM) status of Gujarat-based Junagadh Commercial Cooperative Bank.
The communication, issued by the RBI last week, confirmed that in line with guidelines dated December 1, 2022, the bank’s FSWM status has been acknowledged based on its financial position as of March 31, 2025.
The recognition places the bank among well-governed and financially robust cooperative institutions, enabling it to pursue greater growth opportunities while enhancing credibility among depositors and stakeholders.
The RBI has also advised the bank to review compliance with FSWM norms annually, following board-level audits and financial inspections. This process will remain under supervisory review.
Marking this as a milestone, the bank reaffirmed its strong financial health and governance standards. As of March 31, 2025, the bank operates a network of 16 branches, commands a business mix of over Rs 616 crore, and reported a net profit of Rs 4.50 crore.