Introducing a new kind of organisational structure in the urban co-operative banking sector, Saraswat Co-operative Bank has created two Managing Director (MD) positions following the retirement of Smita Sandhane as MD on March 31, 2022.
India’s biggest urban co-operative bank, which reported about 7 per cent year-on-year growth in total business (deposits plus advances) at Rs. 71,573 crore in FY22, now has an MD spearheading Operations (Arti A Patil) and another in charge of Business (Abhijit V Prabhu).
“…In line with the prevailing RBI (Reserve Bank of India) norms, the Bank approached RBI four months prior to the expiry of the (five-year) term of office of the then MD, for appointment of new Managing Director.
“To enable focused attention to aspects of Business and Operations, a need was felt to appoint two Managing Directors for looking after these verticals,” Saraswat Bank said in its annual report.
The appointment of Patil and Prabhu as MDs is with effect from April 1, 2022. Patil and Prabhu were Chief General Managers, heading the Bank’s Treasury and Retail Banking verticals, respectively, prior to their elevation as MDs.