Saraswat Bank eyes Rs100,000-crore turnover in 2020

Mumbai: As a first step towards achieving a Rs100,000 crore turnover in 2020, Saraswat Bank has announced achieving a Rs10,000-crore turnover.

Addressing the staff and officers of the bank, Eknath Thakur, director of Saraswat Bank and member of Parliament said the next target would be to achieve a Rs25,000-crore turnover by 2011. "By 2020 we must strive to achieve our goal of Rs100,000 crore," he said.

The management of Saraswat Co-operative Bank has made an agreement with the Officers' Union and Employees' Union for annual increment of Rs6.5 crore for next five years, which was signed on April 26, 2006, in Mumbai.

To commemorate the achieving the target Rs10,000-crore turnover target during fiscal 2005-06 all the 1801 employees will be presented with a 10gm gold coin.

Thakur said that by 2020 India would have evolved in to a developed country. "Keeping this in mind we have painted this collective dream of being a leading banking institution in the country," he said.

During the fiscal 2005-06 Saraswat Bank increased its total business by 31 per cent to take it to Rs10,500 crore. Net profit recorded a jump of 40 per cent to reach Rs101 crore.