Zoroastrian Co-op Bank spreads wings to Gujarat

Zoroastrian Co-Operative Bank Limited (ZCBL),which had been looking for an opportunity to start operations in Gujarat,has finally made its foray into the state by taking over Surat-based City Co-Operative Bank (CCB),which has six branches and nearly 45,000 account holders.

Zoroastrian Co-Operative Bank Limited (ZCBL),which had been looking for an opportunity to start operations in Gujarat,has finally made its foray into the state by taking over Surat-based City Co-Operative Bank (CCB),which has six branches and nearly 45,000 account holders.

Offering core banking facility,the branches at Ring Road,Textile Market,Udhna Magdalla,City Light,Rander and Katargam will soon start functioning as full-fledged part of ZCBL. With this,Maharashtra-based ZCBL has achieved the status of Multi-state Scheduled Urban Co-operative Bank.

ZCBL Chief Operating Officer Naushirwan Pagdhiwalla said they zeroed in on CCB after going through a list of 14 weak banks provided by the Reserve Bank of India (RBI).

Story continues below this ad

We have completed all the formalities and we will operate all the six branches with the same staff members. We plan to convert CCB into a profit-making bank…We have to regain the banks lost glory, he said.

We had a dream to expand our banking business in the state and we will definitely go ahead with it. We will also look for weaker banks in different districts of south Gujarat, Pagdhiwalla added.

The bank is expected attract many people from Parsi community as Surat is home to around 4,000 of them.

Stay updated with the latest - Click here to follow us on Instagram