Federal takes over 32 branches of Ganesh bank
It is good times again for the beleaguered depositors of the erstwhile Ganesh Bank of Kurundawad (GBK), thanks to the bank’s merger with Federal Bank. Over one-and-a-half lakh depositors can now enjoy a number of customer-centric products of the Kerala-based Federal Bank.
Federal Bank recently took over over 32 branches of the 85-year-old GBK spread across Maharashtra and Karnataka with deposits of Rs 250 crore and loans of Rs 105 crore.
GBK’s loss of Rs 7.5 crore triggered the merger process and even after RBI’s order for the merger, the matter was pending in the Supreme Court. The depositors were agitating for a quick merger and had even sent pleas to the apex court to expedite the merger.
Federal Bank has a large network of branches throughout the country, including branches in all state capitals and most of its branches in cities have ATM facilities.
With its customer-centric products, Federal Bank has been giving a good challenge to nationalised and cooperative banks, especially in southern Maharashtra and north Karnataka.
P G Geevarghese, senior manager, Federal Bank, disclosed that the bank, with deposits of about Rs 18,000 crore, has vital lending experience in the rural sector, among small and medium industries and among small-scale professionals, including those in trading and other commercial activities.
The banking experience and qualified staff would certainly succeed in providing funds and services to the needy consumers through the newly-acquired branches in Maharashtra and Karnataka, which have high potential for growth in both agricultural and industrial sectors, said Geevarghese.
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