The largest urban cooperative bank of the country, Saraswat Cooperative Bank is treading fast on its path towards becoming a private bank.
The bank's idea of conversion in stature is guided by its need and urge to grow its business beyond the scope offered under the cooperative banks' umbrella.
Sources say that the bank has been informed by regulator Reserve Bank of India that its growth plans regarding balance sheet figures cannot be all enveloped in the cooperative structure.
Saraswat Bank although already has features which go far ahead that those offered by a normal cooperative bank. It has core banking system enabled across its branches, offers Visa cards as well as internet banking services.