The recently designated Scheduled Multi-State Veerashaiv Co-operative Bank celebrated its new milestone with a grand felicitation ceremony in Kolhapur on Saturday, where RBI Director Satish Marathe hailed urban cooperative banks (UCBs) as key contributors to India’s economic development.
Addressing the gathering, Marathe said securing Scheduled Bank status is a significant achievement, particularly at a time when only a limited number of cooperative banks enjoy the distinction.
He noted that despite global disruptions such as the Covid-19 pandemic and geopolitical conflicts, India’s economy has remained resilient, with rising investments, exports and strong performance across agriculture, manufacturing and services.
He observed that western Maharashtra, especially Kolhapur, has witnessed growing exports, creating ample opportunities for Veerashaiv Co-operative Bank to expand its operations. Marathe expressed confidence that urban cooperative banks can continue to make a lasting contribution to inclusive and sustainable national development.
Bank Chairman Satish Ghali recalled the institution’s journey since its establishment on February 4, 1942, stating that it has now grown to 31 branches across three states. The event also honoured former and current directors for their contribution to the bank’s growth and achievement of Scheduled Bank status.