Abhyudaya Co-operative Bank Ltd

Abhyudaya Bank
Company typeCo-Operative
IndustryBanking
Financial services
FoundedJune 1967
HeadquartersMumbai, India
Key people
SITARAM CHIMAJI GHANDAT
(managing director)
ProductsForex & trade
Mortgages
Demat Services
internet banking
RevenueIncrease₹131,452.844 million (US$1.6 billion)(2012–13)[1]
Increase₹912.177 million (US$11 million)(2012–13)[1]
Websitewww.abhyudayabank.co.in

Abhyudaya Co-operative Bank Ltd is an urban multi-state Cooperative banking institution based in Maharashtra, India and operating as a co-operative bank since 1965.[2]

History

In the year 1964 several social workers and activists came together and formed Abhyudaya Co-operative Credit Society Ltd with a relatively small share capital of ₹5,000 (US$60).
Within a short period of time Abhyudaya Co-op, Credit Society got converted into an Urban Co-operative bank.[3]
In June 1965 Abhyudaya Co-operative Bank Ltd was finally established as a full-fledged co-operative Bank.[3]
It was conferred with Scheduled bank status by the Reserve Bank of India in the year 1988.[3]
On 11 January 2007 the Bank was registered as a multi-state co-operative bank by the Central Registrar, New Delhi.[2]

Branches

It has branches in Metropolitan Mumbai, Navi Mumbai, Pune, Thane, Raigad, Nagpur, Nashik, Nanded, Kankavali and Aurangabad in Maharashtra State, Vadodara and Ahmedabad in Gujarat State, Udupi and Mangalore in Karnataka State.

The area of operation of the bank is confined to 3 States

  • Maharashtra
  • Gujarat
  • Karnataka.

The Bank further proposes to extend its area of operation to other States.[3]

Acquisitions

Controversy

RBI imposes Rs 58 lakh penalty on Abhyudaya Co-operative Bank for not following norms.[8][9] Maharashtra based Multi-State Scheduled Bank- Abhyudaya also failed to perform well on several financial parameters in the 2020-21 FY. The profit of the bank has decreased by over 12 crore and the Gross and Net NPA levels have increased.[10]

See also

References

  1. ^ a b "FINANCIAL RESULTS". Abhyudaya Bank. Retrieved 11 September 2013.
  2. ^ a b "Abhyudaya banks on technology". thehindubusinessline. Archived from the original on 12 October 2012. Retrieved 11 October 2012.
  3. ^ a b c d "Success Story of Abhyudaya Bank". Abhyudaya Bank. Archived from the original on 16 October 2012. Retrieved 11 October 2012.
  4. ^ "Abhyudaya Bank takes over Citizens Co-op". economictimess. Archived from the original on 5 March 2016. Retrieved 11 October 2012.
  5. ^ "Another Gujarat bank now has Maharashtra ownership". The Indian Express. Retrieved 11 October 2012.
  6. ^ "Abhyudaya Co-op to acquire A`bad bank". Business Standard. Retrieved 11 October 2012.
  7. ^ "Abhyudaya Co-op to acquire three banks". financialexpress. Retrieved 11 October 2012.
  8. ^ "RBI imposes Rs 58 lakh penalty on Abhyudaya Co-operative Bank for not following norms". Zee Business. 9 May 2022. Retrieved 18 July 2023.
  9. ^ "RBI imposes Rs 58 lakh penalty on Abhyudaya Co-operative Bank for non-compliance". Business Today. 9 May 2022. Retrieved 18 July 2023.
  10. ^ "All not rosy for Abhyudaya Co-op Bank; Profit dips, NPA rises". Indian Cooperative. 4 October 2021. Retrieved 18 July 2023.