Top Urban Cooperative Banks
Urban Cooperative Banks – शीर्ष शहरी सहकारी बैंक Reserve Bank of India, which is the central bank and the supreme monetary authority, scheduled banks as commercial banks and co-operative banks; the last ones comprise urban co-operative banks and state cooperative banks. In India, there are 54 urban co-operative banks.
What is urban cooperative banks?
Urban cooperative banks usually meet the needs of members pertaining to a certain profession, trade, community or even locality. Co-operative credit societies from urban areas referred to as urban co-operative banks. They called as PCBs (Primary Cooperative Banks) by Reserve Bank of India. These banks confined to the municipal area of a town. The co-operative banks operate on a professional basis, offering a high standard of services for customers.
They offer slightly higher interest rates than Private Banks and foreign banks, and they have lucrative schemes. In India’s financial sector, in the coming years, these co-operative banks will play an important role by catering to the needs of small depositors as well as borrowers, particularly in urban area informal sector. Due to the fact that a Cooperative bank is the financial entity which belongs to its official members and they are in turn owners and also customers, their activity is based on the principles of cooperation, self-help, and mutual help.
Top 10 urban cooperative banks in India
Saraswat Bank, born as Saraswat Cooperative Banking Society on 2018, is the topmost co-operative bank in India.
Cosmos Bank is the second largest co-operative bank in India, with 140 branches.
SVC Bank is the third largest co-operative bank in India, with 193 branches.
Punjab and Maharashtra Bank is another top co-operative bank in India.
Abhyudaya Co-operative Bank is another important co-operative bank in India. It has 111 branches in Maharashtra, Gujarat, and Karnataka.
TJSB Sahakari Bank is another important co-operative bank in India. It has 124 branches in Maharashtra, Goa, Gujarat, and Karnataka.
Bharat Bank, founded in 1978, headquartered in Mumbai, one of the top co-operative banks in India that can serve low and middle-income groups. It offers insurance, foreign exchange, and holiday loan.
Janata Sahakari Bank with over 50 branches located in Maharashtra, Goa, and Karnataka, it is also an important co-operative bank in India.
NKGSB Bank has some 106 branches located in Maharashtra, Goa, Gujarat, Karnataka, and Madhya Pradesh is another top co-operative bank in India.
Apna Sahakari Bank, headquartered in Mumbai was founded in 1868, and is one of the leading co-operative banks over nearly 50 years in India. The company operates over 51 branches, including head office.