The recently launched Swastika Bonanza Scheme by the leading urban cooperative bank of the country– Saraswat Bank has been received well by the people, say the bank’s sources. The UCB stands out as a bank that reduces interest on loans as well as other benefits to its customers.
Slashing rates on a host of loan products such as housing loan, car loan, Gold loan or loan against properties, etc the Saraswat Bank has also offered a discount on processing fee, up to 100% finance and free NETC FASTag under the Swastika Bonanza Scheme.
It bears recall that the UCB has had a business mix of Rs 63,422.13 crore and earned a net profit of Rs 250.79 as on 31st March 2020. The bank earned a gross profit of Rs 651.69 crore in 2019-20 FY.
Amidst the prevailing economic scenario, the business of the bank has increased from Rs 61,812.36 crore as on 31st March 2019 to Rs 63,422.13 crore as on 31st March 2020.
The deposits increased from Rs 36,014.87 crore to Rs 38,083.49 crore in 2019-20 financial year whereas advances reflected a marginal decline from Rs 25,797.49 crore to Rs 25,338.64 crore as on 31st March 2020, according to the financial report.