Team Herald
PANJIM: The TJSB Sahakari Bank Ltd., a leading multi-state co-operative bank, has announced the amalgamation of The Citizen Co-operative Bank Ltd, Vasco-da-Gama, following approval from the Reserve Bank of India (RBI). This move strengthens TJSB Bank’s presence in Goa, enhancing financial services for residents and businesses.
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With 143 branches across Maharashtra, Goa, Gujarat, Karnataka, and Madhya Pradesh, TJSB Bank reported a net profit of Rs 216 crore in FY 2024, a 25.42% growth from the previous year. The bank’s total business exceeds Rs 22,463 crore, with Rs 7,875 crore in advances and Rs 14,588 crore in deposits.
Already operating six branches in Goa, TJSB Bank was the first co-operative bank to introduce Dynamic QR Code solutions for the state’s Electricity and PWD (Water) departments. The merger extends its reach across 12 talukas, offering expanded financial products and digital banking services.
TJSB Chairman Sharad Gangal stated, “This merger reinforces our vision of economic growth and financial inclusion. We are committed to enhancing banking services and fostering a strong financial ecosystem for individuals, businesses, and cooperative institutions.”
Managing Director and CEO Nikhil N Arekar added, “This move enables us to provide tailored credit facilities, improved digital banking, and continued support to Goa’s cooperative sector, driving economic progress.”
