The leadership tenure of Dinesh Oswal as Chairman of Pune’s Rajgurunagar Co-operative Bank has proven to be remarkably successful. In a major achievement, the bank has not only come out of the Reserve Bank of India’s Supervisory Action Framework (SAF), but has also been classified as a Financially Sound and Well-Managed Bank (FSWM) by the RBI.
With this recognition, the bank has taken strategic steps toward expansion. It has submitted a proposal for internet banking services and is also planning to apply for scheduled bank status in the near future.
During its recent board meeting, the directors passed a resolution officially confirming that the bank meets the RBI’s FSWM criteria. The classification was based on compliance with revised guidelines set for urban cooperative banks under the FSWM framework.
Speaking to Indian Cooperative, Chairman Dinesh Oswal shared that the FSWM recognition opens up several new opportunities for the bank. These include expanding operations beyond Maharashtra, opening new branches with ease (subject to RBI rules), starting safe deposit lockers and extension counters that can later become full branches, launching offsite ATMs, relocating existing branches as needed, and providing doorstep banking services to customers.
Oswal also highlighted that Rajgurunagar Co-operative Bank is the first urban co-operative bank from North Pune district to apply for Internet banking services, another first for the institution.
Currently, the bank boasts a business volume of Rs 2,952 crore and is on track to surpass the Rs 3,000 crore mark shortly. It has achieved a Capital to Risk-weighted Assets Ratio (CRAR) of 22%, and notably, it has maintained zero net NPA for the second consecutive year, a strong indicator of financial health.
In terms of physical expansion, the bank recently inaugurated its 18th branch at Bhamboli, with two additional branches planned in the coming year. The bank has also taken major steps toward customer welfare, offering accidental insurance of Rs 4 lakh for its members and voluntary loan insurance for its borrowers.
On the digital front, Rajgurunagar Co-operative Bank processes approximately 50,000 digital transactions daily, reflecting its leadership in adopting financial technology.
Acknowledging its consistent and excellent performance, the bank was recently awarded the third prize in the Rs 1,000 to Rs 2,500 crore deposit category by the Maharashtra State Co-operative Banks’ Federation, Oswal concluded.