Sarswat Bank in Short

Aspects of Banking and Insurance

Introduction to Banking in India:-

Finance is the life blood of trade, commerce and industry. Now-a-days, bank money acts as the back bone of modern business. Development of any country mainly depends upon the banking system. The term bank is derived from the French word “Banco” which means abench or money exchange table. In olden days, European money lenders or money changers used to display coins of different countries in big heaps on benches or tables for the purpose of lending or exchanging. A bank is a financial institution which deals with the deposits and advances and other related services. It receives money from those who want to save in the form of deposits and lends money to those who need it.

In this modern world, bank has improved a lot in each and every aspects and services given by bank to their customers. Bank performs variety of functions such as primary functions and secondary functions. Under primary functions there are certain functions such as accepting deposits and granting loans to the needed persons. Bank accepts deposits in various forms like as saving deposit, current deposit, fixed deposit, recurring deposit. Bank grants advance in various ways viz overdraft, cash credit, loans, discounting bills.

Bank performs secondary functions such as agency functions and utility functions. Now, under agency functions there are services like transfer of funds, portfolio management, collection of cheques. Utility functions viz drafts, lockers, underwriting projects, etc.Now-a-days bank is developing in the field of insurance also. Bank deals with big project. Bank provides loans on short term basis as well as long term basis.

There are number of banks in India. The different banks like as Saraswat bank, Nav-Jeevan bank, Axis bank, Punjab national bank, Canada bank, HDFC bank, Union bank, State bank of India, and many more. The Reserve bank of India is bankers bank. The various differences in all the banks and RBI are - it prints notes, it does not deal with people; it deals with banks. It frames rules, regulations and policies for all the banks. All banks work under RBI.The nationalized banks initially concentrated on large cultivators and small farmers who were engaged in raising high yielding varieties of food grains. The government has extended the integrated rural development programmers to all development blocks in the country and has asked the commercial banks to finance the IRDP.

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Definitions of bank:-

Oxford dictionary defines a bank as,

“An establishment for custody of money which it pays out on customers order.”

The Indian banking act 1949 defines banking company as,

“A company which transacts like business of banking has in India” & the word banking has been defined as “accepting for the purpose of lending or investments of the deposits of money from the public, repayable on demand or otherwise & withdraw able by cheque, draft, order or otherwise.”

Some common characteristics of banks:-

In this modern world, there must be certain features of bank. Following are the characteristics of bank:-

Dealing in bank Individual firm or company Acceptance of deposits Giving advances Payment & withdrawal Agency & Utility services Profit and service orientation Ever increasing functions Connecting link Banking business Name identity Development role

Functions of bank are:-

Bank performs certain functions such as primary functions and secondary functions.bank gives us various facilities such as accepting deposits, granting loans, drafts, locker facilities, underwriting projects, discounting of bills of exchange cash credit, periodic payments, periodic collections, etc.

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The bank which we have studied is:-

Short view of the bank:-

Type Public companyIndustry Banking financial servicesFounded 1918Headquarters Mumbai, IndiaProducts Investment banking

Commercial banking Retail banking Private banking Asset management Mortgages Credit cards

Revenue Rs. 27,313 crore (2010-11)Net income Rs. 358.19 crore (2010-11)Employees 3338

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Saraswat Bank:-

Saraswat bank is an urban co-operative banking institution based in Maharashtra, India and operating as a co-operative bank since 1918. In 1988, it was conferred with scheduled status by the Reserve Bank of India.

The bank has observed good growth during the 2000s with its total business growing from 40 billion rupees in 2000 to 230 billion rupees in 2010 (approx. 5 billion US$). The bank has been granted a pan-India operation license by the Reserve Bank.

Popular Articles About Saraswat Bank

Saraswat Bank to acquire three cooperative banks. June 13, 2008 MUMBAI: Saraswat Bank said it will acquire three cooperative banks in this financial year taking the total number of its acquisitions to eight. The three banks are The South Indian Cooperative Bank, Amaravati Cooperative Bank and Sirushi Cooperative Bank in Karnataka, Saraswat Bank Director Ekanath K Thakur told reporters. "We hope to complete the acquisition of The South Indian Cooperative Bank by August. The Reserve Bank has been informed about it,"

Saraswat Bank Articles By Date

How Raghunandan Kamath made Natural Ice Cream a 50 crore business January 9, 2012 | Amit

Shanbaug , ET BureauWe were probably the first to mass produce natural ice cream in the traditional way. We also took the lead in experimenting with unconventional flavours like cucumber and turmeric. We were possibly the first to have an international celebrity like cricketer Vivian Richards to endorse the brand on television without being paid for it. That's a lot of firsts for the son of a fruit vendor from Mangalore . It just goes to show how passion and perseverance pay.

Following schemes and interests which bank provides:-

Saraswat Bank ups interest on savings accounts to 6.14%

The country's largest urban cooperative Saraswat Bank today announced that it would offer 6% interest on savings deposits which will be payable every quarter and thus effectively paying 6.14% interest on an annual basis.

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The country's largest urban cooperative Saraswat Bank today announced that it would offer 6% interest on savings deposits which will be payable every quarter and thus effectively paying 6.14% interest on an annual basis

"We have decided to offer 6% interest on savings deposits, effective December 1.In fact, since we will be making the payout every quarter, the effective rate will be 6.14% on an annual basis," bank chairman Ekanath Thakur told reporters here.Giving the rationale for effecting the change, Thakur said, "We feel that in today's banking, the depositor is short-changed. And we, being the largest in the segment, wanted to change that and reward our depositors and also set the tone for the rest."It was on October 25, the Reserve Bank had deregulated the yield on savings accounts and let the banks to set the pricing. However, so far only three mainstream banks, that too mid-size ones - Yes Bank, Kotak Bank and IndusInd Bank-- have followed suit.Thakur said, on the day (November 25) the Reserve Bank issued the guidelines deregulating savings bank deposit rates, their asset liability committee met and decided to reprice the SB assets.On the impact of this on his margins, the chairman said it will be about 40-45 basis points. The bank's current net interest margin, which is a key measure of a bank's profitability, stands at 3.78%, he added.But Thakur sounded confident about absorbing the higher outgo by better cost rationalisation and other overhead expenses. On expansion plan, Thakur said, the bank will have 300 branches by the end of this fiscal and 500 by 2014.Currently, the bank, set up in 1918, has 223 branches and 141 ATMs. Thakur said the bank has CASA of 28% with savings deposit accounting for 22% of its deposits while current deposits are 6%.The overall asset of the bank stood at Rs 29,500 crore as of the September quarter out of which deposit stood at Rs 17,000 crore and the rest were advances.

Saraswat Co-operative Bank offers various loans to its customers. Bank takes care of its customers by offering comprehensive loan packages at extremely competitive rates, without any hidden costs. Our personalised service coupled with state of the art technology at absolutely market competitive rates shall make your Banking experience a truly memorable one.

MARKET STRUCTURE

GLOBALIZATION

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Strengthening financial systems has been one of the central issues facing emergingmarkets and developing economies. This is because sound financial systems serve as anImportant channel for achieving economic growth through the mobilization of financialsavings, putting them to productive use and transforming various risks.Many countries adopted a series of financial sector liberalization measures in the late1980s and early 1990sthat included interest rate liberalization, entry deregulations,reduction of reserve requirements and removal of credit allocation. In many cases, thetiming of financial sector liberalization coincided with that of capital accountliberalization. Domestic banks were given access to cheap loans from abroad and allocatedthose resources to domestic production sectors. The Man banking sector can be divided into five distinct sub-sectors:1. Clearing2. Private3. Off- Retail4. Savings5. Trust Over the past 15 years the sector has grown by between 3% and 9% pa but has been indecline since 2002 and faces a further sharp reduction. Banking facilities on the range from basic current and deposit account facilities tocomplex wealth management structures. However, there is no genuinely uniqueness inMan banking products. In a global context, the Man banking sector offers a mainly retail, mass-affluent proposition targeting UK expatriates. Its chief revenue stream is derived from international personal client business referred from UK and International Group offices.

INDIAN BANKING MARKET

Indian banks have compared favorably on growth, asset quality and profitability with ther regional banks over the last few years. The banking index has grown at a compoundedannual rate of over 51 per cent since April 2001 as compared to a 27 per cent growth in themarket index for the same period. Policy makers have made some notable changes in policy and regulation to help strengthen the sector. These changes include strengthening prudential norms, enhancing the payments system and integrating regulations betweencommercial and co-operative banks. However, the cost of intermediation remains high and bank penetration is limited to only a few customer segments and geographies. While bank lending has been a significant driver of GDP growth and employment, periodic instancesof threatened the stability of the system Structural weaknesses such as fragmented industrystructure, restrictions on capital availability and deployment, lack of institutional supportinfrastructure, restrictive labour laws, weak corporate governance and ineffectiveregulations beyond Scheduled Commercial Banks (SCBs), unless addressed, couldseriously weaken the health of the sector. Further, the inability of bank managements(withsome notable exceptions) to improve capital allocation, increase the productivity of their service platforms and improve the performance ethic in their organisations could seriouslyaffect future performance.The second unique feature of India¶s banking sector is that the Reserve Bank of India has permitted commercial banks to engage in diverse activities such as securitiesrelatedtransactions, foreign exchange transactions and leasing activities.

Different services provided by bank :

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RTGS/NEFT

Cash Pick Up

Nomination of Deposits

Death Claim Settlement

Standing Instructions

Lockers

Various deposit schemes :-

Saraswat Bank provides information of it's various Investment & Insurance products which customers can avail of with the bank.

I. Savings DepositA Savings Account for everyone to inculcate the habit of saving and avoid thrift. Bank offers you a host of convenient features and banking channels to transact through. Personalized service coupled with technology enabled products is the hallmark of our service. We offer you a saving account with host of products like SMS Banking, Mobile Banking and allow you to operate your account in the confines of your home /office through internet . Bank offers you a VISA debit card. All the services are offered to you with very simple terms and conditions and minimal charges. The salient features of the saving account are given as under

Bank conveniently with facilities like Net Banking and mobile banking- Check your Account Balance. Take advantage of Easy Pay, an instant solution to all your frequent utility bill payments

Never overspend. Shop using your international Visa Debit Card depending on the balance in your saving account

Wide ATM coverage and get connected to ATM across the world through VISA Debit Card

Free Personalized Cheque Book with name printed on each cheque leaf for enhanced security.

Avail of facilities like Safe Deposit Locker .

Free Passbook facility available at home branch for account holders (individuals).

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II. Fixed Deposit Schemes Term Deposit - Interest Payout Schemes Interest – Monthly, Quarterly, Half Yearly

Eligibility Individual Minor by guardian, Organizations, Co-op. Societies

FeaturesTDS applicable Form 15H/15G required to be submitted for exemption of TDS. Nominal member of the bank will also be exempted from TDS. If you are exempt from paying tax, you need to present Form 15H when you open a Fixed Deposit and subsequently at the begin

PenaltyIn case of payment before maturity Interest upto 15 days will be NilAbove 15 days : 1% less than applicable rate of Interest for the actual period for which deposit is kept with the Bank.

III. Current Deposit Fasten your pace with a current account which offers you out of the world service experience by combining personalized service with many appropriately priced features. Our customer friendly staff will not leave any stone unturned to make your experience a memorable one. Internet Banking, SMS Banking all will allow you to Bank from the comfortable confines of your home and office. All our branches are on Core Banking which allows you free transfer of funds from one account to another at any branch. We also have a tie up with VISA and offer a VISA debit card.

Bank conveniently with facilities like free Net Banking and SMS Banking - Check your account balance.

Never overspend. Shop using your international Visa Debit Card depending on the balance in your saving account.

Wide ATM usage and get access to ATM’s all over the world through our VISA tie-up.

Avail of Safe Deposit Locker facilities(subject to availability) .

Free monthly statement.

Avail Personalized chequebook for enhanced security at nominal prices .

Take advantage of Easy Pay. An instant solution to all your frequent utility bill payments.

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Free Cash Deposit/withdrawal from any branch of Saraswat Bankup to Rs 25000. Free transfer to any account in any branch of Saraswat Bank through Any Branch Banking.

Essential for small & Medium Enterprises (SMEs)

For a business on the growth phase with a wide range of opportunities to explore, timely availability of credit is essential to scale new heights. At Saraswat Bank we see ourselves as partners to Clients business enabling them to focus on their business needs.

a. Working CapitalWe are a Bank with a team of technically qualified competent customer driven relationship managers possessing wide industry experience in various segments Our Bank has taken lot of efforts to understand customers & empathizing with their needs. We can offer you working capital finance by way of cash credit or loans suitably structured to your need and risk profile in consortium or as a lead banker. Our working capital solutions are based on financial , quantitative & qualitative evaluation of your business through our technically qualified experts.

b. Import FinanceBank is providing import finance to its valuable customers by providing letter of credit facility for its customers to purchase their raw materials . These are generally provided for 90 to 180 days .Our Bank provides term finance/term loans for business expansion, upgradation of existing facilities etc to ease the pressures on margins of the company.The Bank is providing structured term loans to meet your short term as well as long term funding requirements . We offer specific solution so as to match repayment with your cash flows to repay the debt thereby enhancing your profitability

c. Export -Credit:If you are a eligible exporter Sarswat Bank offers you Pre Shipment Credit facilities and Post Shipment Credit Facilities

d. Pre-Shipment-Credit-facilities:We offer Pre-shipment credit by way of Packing Credit enabling you to finance purchase/import of raw materials, processing and packing of the goods meant for exports

Post shipment Credit facilities Post shipment credit facility is offered to an exporter to finance export sales receivables after the date of shipment of goods till the date of realization of export proceeds .

We offer our client a choice of the following services :

1) Negotiation /Payment /Acceptance of documents under letter of credit.2) Purchase/ discount of export document under letter of credit.

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3) Advance against export bills sent on collection basis.4) Advance against exports on consignment basis.5) Advance against undrawn balance on exports.

e. Bill DiscountingWe are offering facility which are customized to suit your requirement for short term finance from the date of sale to date of receipt of payment thereof. Our processes are simple, allowing you to establish single window contact with competent dedicated personnel at any of our branches as per your convenience.

f. Bank GuaranteesBank issues various types of guarantees - performance, financial, for its customers. Our guarantees are well accepted by all government agencies including Customs, Excise, Insurance Companies, Shipping Companies and all major corporates.

Different types of loansa) Property Loan

Saraswat Bank offers loan faciltiy for acquiring another asset / property based on the following conditions:- Eligibility :

Salaried employees with minimum net salary of Rs. 10000 pm (Income of spouse may be added) Professionals, self - employed and others who are income tax assessee having net annual taxable income of Rs. 150000/- for atleast 3 years continuously. Firms / companies having net annual taxable income of Rs. 1.50 Lakhs per annum and in operation for last 3 years making cash profit for last 3 years. Limit-of-LoanMinimum-Rs.2-lakhsMaximum - Rs. 50 Lakhs

Security Equitable Mortgage of Residential, commercial or industrial property.

Guarantor:Need not be obtained however in case of firms, companies, guarantee of partners, directors to be obtained. Share-Holding 2.5% of the loan amount, Maximum 2500 shares, Guarantors as nominal members. Documents-Required Others:1)I.T.Returns.

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2) For salaried employees income proof such as Form No.16 along with salary certificate from employer3)Original Title Deeds of the property offered for mortgage.4) Other documents as per Vastu Siddhi Loan Scheme

b) Rental Loans

Maximum amount or 65 % of the total net rent (i.e. rent after taxes such as property tax, TDS) to be received whichever is lower.

Margin : 35 %

Repayment Period: 5 years maximum or till the remaining period of the lease – which is earlier.

Security: Equitable mortgage of the property given on rent or any other acceptable property of value of 35% more than the loan amount, subject to valuation certificate from Bank’s approved valuer.

Processing Fees. - .0.5 % of the loan amount.

Guarantors : In case the borrower is a partnership firm or a limited company, personal guarantee of the partners/directors .

Foreign Exchange MarketRUPEE-DOLLAR MOVEMENT & FORWARD PREMIA

CurrencyOpen High Low Close

USD/INR 55.61 56.08 54.94 55.50

6 – Month Forward Premia (%) 5.59 5.74 5.33 5.74

1 – Year Forward Premia (%) 4.86 5.19 4.78 5.18

Overview:

The rupee was unable to sustain gains during the fortnight and retreated to lows near 56 against the US currency as underlying risk appetite was still generally fragile. Underlying confidence in the fundamentals remained relatively weak with a higher than expected 7.55% inflation reading dampening expectations of a more aggressive Reserve Bank of India stance in cutting interest

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rates. There were also reports that the latest trade data was weaker than expected with an annual 4% decline in exports in the year to May. Standard & Poor’s also warned that India could lose its investment grade rating. Given increased doubts surrounding the domestic economy, the rupee will find it difficult to secure more than limited gains even if risk conditions improve

MAJOR CROSS CURRENCIES

CurrencyOpen High Low Close

EUR/USD 1.2431 1.2664 1.2384 1.2636

USD/YEN 78.07 79.78 77.96 78.69

GBP/USD 1.5369 1.5726 1.5320 1.5715

3-Month LIBOR (%) 0.4678 0.4678 0.4678 0.4678

Overview :

The dollar drifted lower for the fortnight as a whole not helped by relatively weak data releases with losses curbed by an underlying lack of Euro-zone confidence. Risk conditions gradually stabilised which lessened defensive demand for the US currency. US jobless claims were slightly higher than expected at 386,000 in the latest week from a revised 380,000 previously which suggested little underlying improvement in the labour market. There was also a 0.3% decline in headline consumer prices for May, although there was a core 0.2% increase in prices.

SERVICES AND PRODUCT OFFERED BY SARASWAT BANK

It is our earnest Endeavour to offer suite of new and competitive financial products and services. We have for this purpose tied up with various insurance companies. The details of tie-up and products offered are given below:

Life insurance:

We are the Corporate Agents for the distribution of Life Insurance products, of M/S HDFCS standard Life Insurance Co Ltd. Under this tie up arrangement, we offer following life insurance products:

Protection Plans:

Protection Plans help to shield your family from uncertainties in life due to financial losses in

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terms of loss of income that may dawn upon them in case of your untimely demise or critical illness. Protection Plans go a long way in ensuring your family financial independence in the event of your unfortunate demise or critical illness. They are all the more important if you are the chief wage earner in your family. No matter how much you have saved or invested over the years, sudden eventualities, such as death or critical illness, always tend to affect your family financially apart from the huge emotional loss.

Children Plans:

Children Plans help to save, so that you can fulfill your child’s dreams and aspirations. These plans go a long way in securing your child’s future by financing the key milestones in their lives even if you are no longer around to oversee them. Children’s Plans help you save steadily over the long term so that you can secure your child’s future needs, be it higher education, marriage or anything else. A small sum invested by you regularly can help you build a decent corpus over a period of time and go a long way in providing your child a secured financial future alongwith.

Retirement Plans:

Retirement Plans provide you with financial security so that when your professional income starts to ebb, you can still live with pride without compromising on your living standards. By providing you a tool to accumulate and invest your savings, these plans give you a lump sum on retirement, which is then used to get regular income through an annuity plan. Given the high cost of living and rising inflation, employer pensions alone are not sufficient. Pension planning has therefore become critical in today's world.

Savings and Investment Plans:

You have always given your family the very best. And there is no reason why theyshouldnt get the very best in the future too. As a judicious family man, your priority is to secure the well-being of those who depend on you. Not just for today, but also in the long term. More importantly, you have to ensure that your family’s future expenses are taken care, even if something unfortunate were to happen to you. Our Savings & Investment Plans provide you the assurance of lump sum funds for you and your family’s future expenses. While providing an excellent savings tool for your short term and long term financial goals, these plans also assure your family a certain sum by way of an insurance .

Health Plans:

Health plans give you the financial security to meet health related contingencies. Due to changing lifestyles, health issues have acquired completely new dimensions becoming more

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complex in nature. It becomes imperative then to have a health plan in place, which will ensure that no matter how critical your illness is, it does not impact your financial independence.

Easy pay:

Here is one more exciting facility the Bank has offered to relieve its customers, our esteemed client, from spending your valuable time standing in a queue for routine utility bill payments. All you have to do is to walk into any of our branch and register yourself under : Easy Pay “scheme for all your recurring utility bill payments such as Telephone, Electricity Bills, Cellular Phone Bills, Insurance Premium & many more. Once you are registered all your future bills will be paid automatically through the bank account with us.

MACRO ANALYSIS

Current trends and technologies

Technology plays a very important role in banks internal control mechanisms as well as services offered by them. It has in fact given new dimensions to the banks as well as services that they cater to and the banks are enthusiastically adopting new technological innovations for devising new products and services. The latest developments in terms of technology in computer and telecommunication have encouraged the bankers to change the concept of branch banking to anywhere banking. Use of ATMs and Internet banking has allowed µanytime, anywhere banking¶ facilities. Automatic voice recorders now answer simple queries; currency accounting machinesmake the jobs easier for the employees and ensure faster service to the customers. Creditcard facility has encouraged an era of cashless society. Today MasterCard and Visa

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cardare the two most popular cards used world over.The banks have now started issuing smartcards or debit cards to be used for making payments. These are also known as electronic purses. With increasing popularity of tele- banking and e-banking, banking has become a 24*7 activity. And a system like ElectronicClearing Service has made receiving dividends and interest easier and safer by making bulk transfers from one account to many accounts (or vice-versa) possible. Mobile banking too is growing rapidly and banks are using SMS as major tool of promotion, giving great utility to their customers. With such changes in technology, banks today have left behind their traditional role of accepting deposits and lending money and focus on providing premium services to their customers to retain their brand name and reputation in the market.

1) Internet banking :

Internet banking: Also referred to as E-banking, internet banking is changing the banking industry and is having the major effects on banking relationships. Almost every bank has a website today and provides for delivery of its products & services electronically. In true Internet banking, any inquiry or transaction is processed online without any reference to the branch at any time. Providing Internet banking is increasingly becoming a "need to have" than a "nice to have" service, and it is soon to become a norm from an exception due to the fact that it is the cheapest way of providing banking services. Using e-banking a customer can view account balances & statements, transfer funds between accounts, create FDs Online, request a DD, pay bills, order a cheque book,request stop payment on a cheque, apply for and access credit cards, apply for loans and most importantly gets easy access to complete information about various products and offers.

2) Phone Banking :

It use an automated phone answering system with phone keypad response or voice recognition capability. This feature is known as Interactive Voice Response System (IVR). With the obvious exception of cash withdrawals and deposits, it offers virtually all the features of an automated teller machine: account balance information and list of latest transactions, electronic bill payments, funds transfers between a customer's accounts, etc. Some banks engage call centers to provide 24*7 services to their customers, via toll-free numbers. Others connect their customers to phone bankers, but in this case, the service is only available for particular hours for which phone bankers are available. Some make use of both i.e. toll-free numbers for some services, and phone bankers for the ones that require professional assistance. Telephone banking representatives are usually trained to do what was traditionally available only at the branch: loan applications, investment purchases and redemptions, cheque book orders, debit card replacements, change of address, etc.

3) Mobile Banking :

ICICI was the first bank in India to introduce complete mobile banking services in the year 2007. Since then, conducting banking operations using the mobile phone has been fast catching up in the country. It works through a set of text messages (SMS). With SMS a customer can perform a wide range of query-based transactions from his/her mobile phone, like funds transfer (within and outside the bank),enquiry services (Balance enquiry/ Mini statement), request

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services (cheque book request), bill payment (utility bills, credit cardsSaraswat Bank has introduced Mobile Banking. Customers can now initiate the following transactions at their end by using SMS banking long code “9223810000"a)Account balance enquiryType SMS like “SBAL ” & send it to 9223810000. Sample – “SBAL SBPUB 10” b)Last three transactions Type SMS like “LST3 ” & send it to 9223810000. Sample – “LST3 SBPUB 10”

MICRO-ANALYSISSARASWAT CO-OPERATIVE BANK Ltd.

The symbol takes off from our earlier logo and visualizes a hexagon. It is an attempt to appeal to younger and new customers without alienating the existing ones. The logo represents two caring hands in the shape of a hexagon. The upper hand is of golden yellow color. Yellow is the color of warmth, sunshine, cheer and happiness. Gold of wealth, prosperity and ever increasing value. They are the colors of the Sun and symbolize life, youth and harmony. The lower hand is burgundy red, the color of excitement, strength and passion. It symbolizes aggressiveness and in the Indian context, Soubhagya.

COMPANYHISTORY:

"The Saraswat Co-operative Banking Society" was founded on 14th September 1918. Mr.J.K. Parulkar became its first Chairman, Mr. N.B. Thakur, the first Vice-Chairman, Mr.P.N. Warded, the first Secretary and Mr. Shiva Gopal Rajadhyaksha, the first Treasurer.These were the people with deep and abiding ideals, faith, vision, optimism andentrepreneurial skills.The Society was initially set up to help families in distress. Its primary objective was to provide temporary

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accommodation to its members in eventualities such as weddings of dependent members of the family, repayment of debt and expenses of medical treatmentetc. The Society was converted into a full-fledged Urban Co-operative Bank in the year 1933. The Bank, which was originally founded in 1918. Russian Revolution, also witnessed as a Society and as Bank-the First World War, the Second World War, India's freedom Movement and the glorious chapter of post-independence India. It got a permanent license to deal in foreign exchange in 1978. Presently the Bank is having correspondent relationship in 45 countries. The Beginning of the 21st Century has been giant leap forward for the Bank. Bank chose a path of organic/inorganic growth and pace of growth accelerated .Bank's total business which was around Rs 4000 Core in 2000which almost tripled to Rs 15295 Core in 2007. The Business of the Bank as on 31stMarch 2009 had crossed Rs 21000 Crore’s.

CURRENT POSITION OF THE COMPANY:

Fig.: Growth of the bank at glance

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ATM facilities

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VISA Debit Card

To add to your convenience , your Bank has tied up with VISA for issuing Debit Card. VISA has a long-standing name in the banking industry in India as well as abroad. Visa is a reliable, international brand. Debit Card is basically a convenience card which can be used at a POS for making purchases at Merchant Establishments. This card can also be used as an ATM card for withdrawing cash at all the ATMs bearing VISA logo in India and aboard.

Debit Cards

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This card can be used as an ATM card for withdrawing cash at the following ATMs:Debit card can be used at Domestic as well as International ATMs, POS machines bearing the Visa logo at merchant establishment and for Purchases/Ticket Booking through Internet that use a secured e-Commerce Payment Gateway.Debit card can be used up to the balance available in the account of cardholder. The maximum amount for transaction (Point of Sale + Online + ATM) is maintained at Rs 25000/- per day.

Benefits

a. Facilitates electronic transactions and saves the customer from carrying cash

b. Provides access to merchant establishments, eCommerce transactions and ATM access.

c. Extensive usage across a number of establishments as VISA is widely recognized in all leading departmental stores, ecommerce sites and retail outlets all over the world.

Registration

The form for Registration can be downloaded from the "forms" section in the website or visit nearest branch

Charges :

CHARGES HEAD CHARGEAnnual Fee Rs 99/- p.a. plus taxes

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Additional Card Rs 99/- per card plus taxes.Replacement Of a Damaged Debit Card

NO CHARGE

Replacement Of A Lost Debit Card

Rs 99/- per card plus taxes.

Pin Replacement Rs 25/-SARASWAT BANK ATMs Cash Withdrawal / Balance Enquiry

FREE

Other banks ATM for Savings A/c a)Cash Withdrawal/Balance Enquiry

Free for the first five* transactions in a calendar month. From 6th transaction onwards cash withdrawal will be charged at Rs 20/- per transaction(inclusive of service tax) & balance enquiry will be charged at Rs 10/- per transaction(inclusive of service tax)*Includes both financial (cash withdrawal) & non-financial (balance enquiry) transactions.

Other banks ATM for Current A/c holders and Overdraft A/c holdersa) Cash Withdrawalb) Balance Enquiry

Charges of Rs 20/-(inclusive of tax) per cash withdrawal for every transaction. Free.

ATM Cash Withdrawal(Outside India)

Rs 120/- per transaction.

ATM Balance Enquiry(Outside India)

Rs 15/- per enquiry.

Sales Slip Retrieval / Charge Back Processing Fee

Rs 225/-

Combined per day limit for ATM Cash Withdrawal / POS Transaction / Online Transaction

Rs 25,000/-

For usage at Merchant Establishments (POS)

No charges

For Internet Payments No chargesFor usage at Petrol Pumps Surcharge @ 2.50% of transaction amount or Rs 10/-

(whichever is higher)For usage at Railway Stations or booking train tickets through Internet

Surcharge @ 2.50% of transaction amount or Rs 10/- (whichever is higher)

CONCLUSION

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The market is seeing Discontinuous growth driven by new products and services that include opportunities in credit cards, consumer finance and wealth management on the retail side, and in fee-based income and investment banking on the wholesale banking side.

Given the demographic shifts resulting from changes in age profile and household income, consumers will increasingly demand enhanced institutional capabilities and service levels from banks.

With the growth in the Indian economy expected to be strong for quite some time-especially in its services sector-the demand for banking services, especially retail banking, mortgages and investment services are expected to be on rise.

Reserve Bank of India (RBI) has approved a proposal from the government to amend the Banking Regulation Act to permit banks to trade in commodities and commodity derivatives

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