Thane Janata Bank to acquire Shree Sadguru Jangli Maharaj Sahakari Bank

The Reserve Bank of India has issued its NOC for the merger of Shree Sadguru Jangli Maharaj Sahakari Bank Ltd, Pune with The Thane Janata Sahakari Bank Ltd.

The Thane Janata Sahakari Bank Ltd (TJSB), one of the leading schedule Indian co-operative bank having business mix of over Rs.2100.00 crores is presently having branch network of 20 branches & 4 extension counters spread over Thane, Mumbai, Navi Mumbai, Pune & Nasik cities.

TJSB has successfully implemented the Core Banking Solution (CBS) and is operational 24/7 through its multiple delivery channels such as ATM, Internet, Mobile, Cheque Depository Machines and Cheque Book dispensing machines. TJSB ’s strategic alliance for the usage 6500 ATMs spread across the country is at the final stage. TJSB is also providing insurance products – general & life through its correspondents.

For the Quarter ending Dec-2006, TJSB earned gross profit of Rs.31.00 crores with a deposits of Rs.1227.00 Crores and advances of Rs.825.00 crores. Gross NPA of the Bank is 6% and Net NPA 0%. Bank’s Capital Adequacy Ratio is 20.25% as against required 10% as per RBI’s Prudential norms.

With the merger, TJSB will be able to expand its branch network by 14 to make total tally of branches to 34 branches & 4 extension counters and estimated business mix for current financial will be Rs.2800.00 crores. TJSB has a target of Business mix of Rs.5000.00 crores by 2009 and to emerge as strong regional bank in state of Maharashtra.

Click here for section on cooperative banks

CLICK FOR MORE FEATURES & STORIES