Bringing pride to the cooperative movement in general and UCBs in particular, the largest Urban Cooperative Bank of India Saraswat Bank has ranked second best bank in the country by Forbes survey. Singapore headquartered DBS bank is number one.
It’s a celebration time for the cooperative sector because Mumbai headquartered UCB has beaten every big banking player in the Indian market. The private lender, HDFC Bank was ranked at third in the list whereas India’s largest Public Sector Bank, SBI did not even make it to top 10 of the list and was ranked 11th.
Jubilant with the news Saraswat Bank Chairman Gautam Thakur said to Indian Cooperative, “This was possible due to the trust and confidence of our customers and shareholders and the dedication and efforts of employees at all levels”.
“I am particularly happy that a Cooperative Bank like Saraswat Bank is at the top of the list of Forbes, of the best banks based in India. It speaks volumes about the competitiveness of the Cooperative Sector”, the young and dynamic chairman, known for his reticence said.
After HDFC Bank, another private lender ICICI Bank, Standard Chartered and Kotak Mahindra had managed to gain the fourth, fifth and Sixth spot respectively. On the other hand, the country’s second largest public sector 
Reacting to the news, a few co-operators in Delhi said “despite so much of our contributions the central and state governments still fail to encourage the cooperative sector in an optimum manner.” Even customers have more faith in cooperative banks instead of private and nationalized banks, a point we have been saying for so long, they added.
Forbes has partnered with market research firm Statista to produce the list of the World’s Best Banks to measure the best bank in 23 countries.
Interestingly, the survey ignored any financial performance like the balance sheets and P&L statements in favour of a customer’s opinion and balance sheets in favour of a customer’s opinion. The survey compiled data from around 40,000 customers around the globe for their opinions on their current and former banking relationships.
Banks were rated on general satisfaction and key attributes like trust, fees, digital services and financial advice.
Saraswat Bank today is the largest Urban Co-operative Bank in India and is spread across six states – Maharashtra, Goa, Gujarat, Delhi, Madhya Pradesh and Karnataka. With a total business of Rs.61,000 crore plus, 280 plus branches, and 266 ATMs, the Bank is committed to taking its legacy ahead with outstanding banking services.
Saraswat Bank was established in 1918.
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