Capital-to-risk assets ratio maintained consistently: Saraswat Co-operative Bank

Says it adheres to stringent financial standards and has never faced regulatory scrutiny for financial irregularities in its loan recovery process

A mid-day report on co-operative banks (Scam Storm in Co-operative Banks, Feb 20) had mentioned that Saraswat Cooperative Bank, while not involved in a major scam, had faced regulatory scrutiny for financial irregularities in loan recovery and capital adequacy breaches in 2019, following which RBI had enforced restructuring and governance improvements to ensure compliance with regulatory norms. 

The bank has clarified that the scrutiny did not pertain to its capital inadequacy and that it has consistently maintained a Capital to Risk Assets Ratio above regulatory norms. Enphasising that it adheres to stringent financial standards and is committed to regulatory compliance, the bank further clarified that it has never faced regulatory scrutiny for financial irregularities in its loan recovery process. 

The error is regretted. - mid-day

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