Co-operative Society

So far you have learnt about sole proprietorship, partnership and

joint stock company as
different forms of business organisation. You must have noticed
that besides many differences
among them in respect of their formation, operation, capital
contribution as well as
liabilities, one common similarity is that they all engage in
business activities to earn profit.
Without profit it is impossible for them to survive and grow. But
there are certain organisations
which undertake business activities with the prime objective of
providing service to the
members. Although some amount of profit is essential to survive in
the market, their main
intention is not to generate profit and grow. They pool available
resources from the members,
utilise the same in the best possible manner and the benefits are
shared by the members.
Let us know more about them.
9.1 Objectives
After studying this lesson, you will be able to:
explain the meaning of co-operative society;
state the characteristics of a co-operative society;
describe the procedure of formation of a co-operative society;
identify different types of co-operative societies;
discuss the advantages and disadvantages of a co-operative
society; and
assess the suitability of co–operative society form of business
organisation.
9.2 Meaning of Co-operative Society
Let us take one example. Suppose a poor villager has two cows
and gets ten litres of milk.
After consumption by his family everyday he finds a surplus of
five liters of milk. What can
he do with the surplus? He may want to sell the milk but may not
find a customer in the
village. Somebody may tell him to sell the milk in the nearby town
or city. Again he finds it
difficult, as he does not have money to go to the town to sell milk.
What should he do? He
is faced with a problem. Do you have any solution for him?
One day that poor villager met a learner of NIOS who had earlier
read this lesson. The
learner told him, you see, you are not the only person facing this
problem. There are many
others in your village and also in the nearby village who face a
similar problem. Why don’t
you all sit together and find a solution to your common problem?
In the morning you can
collect the surplus milk at a common place and send somebody to
the nearby town to sell
it. Again in the evening, you can sit together and distribute the
money according to your
contribution of milk. Of course first you have to deduct all the
expenses from the sale
proceeds.
That villager agreed to what the learner said. He told everybody
about this new idea and
formed a group of milk producers in his village. By selling the
milk in the nearby town they
were all able to earn money. After that they did not face any
problem of finding a market for
the surplus milk.
This process continued for a long time. One day some body
suggested that instead of selling
only milk why not produce other milk products like ghee, butter,
cheese, milk powder etc.
and sell them in the market at a better price? All of them agreed
and did the same. They
produced quality milk products and found a very good market for
their products not only in
the nearby town but in the entire country.
Just think it over. A poor villager, who was not able to sell five
litres of milk in his village, is
now selling milk and milk products throughout the nation. He is
now enjoying a good life.
How did it happen? Who made it possible? This is the reward of a
joint effort or co–
operation.
The term co-operation is derived from the Latin word co-operari,
where the word co
means ‘with’ and operari means ‘to work’. Thus, co-operation
means working together.
So those who want to work together with some common economic
objective can form a
society which is termed as “co-operative society”. It is a voluntary
association of persons
who work together to promote their economic interest. It works on
the principle of self-help
as well as mutual help. The main objective is to provide support to
the members. Nobody
joins a cooperative society to earn profit. People come forward as a
group, pool their
individual resources, utilise them in the best possible manner, and
derive some common
benefit out of it.
In the above example, all producers of milk of a village joined
hands, collected the surplus
milk at a common place and sold milk and milk products in the
market. This was possible
because of their joint effort. Individually it would not have been
possible either to sell or
produce any milk product in that village. They had formed a co-
operative society for this
purpose.
In a similar way, the consumers of a particular locality can join
hands to provide goods of
their daily need and thus, form a co-operative society. Now they
can buy goods directly
from the producers and sell those to members at a cheaper price.
Why is the price cheaper?
Because they buy goods directly from the producer and thereby the
middlemen’s profit is
eliminated. Do you think it would have been possible on the part of
a single consumer to
buy goods directly from the producers? Of course, not.
In the same way people can form other types of co-operative
societies as well. Let us
know about them.
9.3 Types of Co-operative Societies
Although all types of cooperative societies work on the same
principle, they differ with
regard to the nature of activities they perform. Followings are
different types of co-operative
societies that exist in our country.
1. Consumers’ Co-operative Society: These societies are formed
to protect the interest
of general consumers by making consumer goods available at a
reasonable price.
They buy goods directly from the producers or manufacturers and
thereby eliminate
the middlemen in the process of distribution. Kendriya Bhandar,
Apna Bazar and
Sahkari Bhandar are examples of consumers’ co-operative society.
2. Producers’ Co-operative Society: These societies are formed
to protect the interest
of small producers by making available items of their need for
production like raw
materials, tools and equipments, machinery, etc. Handloom
societies like APPCO,
Bayanika, Haryana Handloom, etc., are examples of producers’ co-
operative society.
3. Co-operative Marketing Society: These societies are formed
by small producers
and manufacturers who find it difficult to sell their products
individually. The society
collects the products from the individual members and takes the
responsibility of selling
those products in the market. Gujarat Co-operative Milk Marketing
Federation
that sells AMUL milk products is an example of marketing co-
operative society.
4. Co-operative Credit Society: These societies are formed to
provide financial support
to the members. The society accepts deposits from members and
grants them
loans at reasonable rates of interest in times of need. Village
Service Co-operative
Society and Urban Cooperative Banks are examples of co-
operative credit society.
5. Co-operative Farming Society: These societies are formed by
small farmers to
work jointly and thereby enjoy the benefits of large-scale farming.
Lift-irrigation cooperative
societies and pani-panchayats are some of the examples of co-
operative
farming society.
6. Housing Co-operative Society: These societies are formed to
provide residential
houses to members. They purchase land, develop it and construct
houses or flats and
allot the same to members. Some societies also provide loans at
low rate of interest to
members to construct their own houses. The Employees’ Housing
Societies and Metropolitan
Housing Co-operative Society are examples of housing co-
operative society.
9.4 Characteristics of Co-operative Society
A co-operative society is a special type of business organisation
different from other forms
of organsation you have learnt earlier. Let us discuss its
characteristics.
i. Open membership: The membership of a Co-operative Society
is open to all those
who have a common interest. A minimum of ten members are
required to form a cooperative
society. The Co–operative societies Act does not specify the
maximum
number of members for any co-operative society. However, after
the formation of the
society, the member may specify the maximum number of
members.
ii. Voluntary Association: Members join the co-operative society
voluntarily, that is,
by choice. A member can join the society as and when he likes,
continue for as long as
he likes, and leave the society at will.
iii. State control: To protect the interest of members, co-operative
societies are placed
under state control through registration. While getting registered, a
society has to submit
details about the members and the business it is to undertake. It has
to maintain
books of accounts, which are to be audited by government
auditors.
iv. Sources of Finance: In a co-operative society capital is
contributed by all the
members.However, it can easily raise loans and secure grants from
government after
its registration.
v. Democratic Management: Co-operative societies are managed
on democratic lines.
The society is managed by a group known as “Board of Directors”.
The members of
the board of directors are the elected representatives of the society.
Each member has
a single vote, irrespective of the number of shares held. For
example, in a village credit
society the small farmer having one share has equal voting right as
that of a landlord
having 20 shares.
iv. Service motive: Co-operatives are not formed to maximise
profit like other forms of
business organisation. The main purpose of a Co-operative Society
is to provide service
to its members. For example, in a Consumer Co-operative Store,
goods are sold
to its members at a reasonable price by retaining a small margin of
profit. It also
provides better quality goods to its members and the general
public.
v. Separate Legal Entity: A Co-operative Society is registered
under the Co-operative
Societies Act. After registration a society becomes a separate legal
entity, with
limited liability of its members. Death, insolvency or lunacy of a
member does not
affect the existence of a society. It can enter into agreements with
others and can
purchase or sell properties in its own name.
vi. Distribution of Surplus: Every co-operative society in
addition to providing services
to its members, also generates some profit while conducting
business. Profits are not
earned at the cost of its members. Profit generated is distributed to
its members not on
the basis of the shares held by the members (like the company
form of business), but
on the basis of members’ participation in the business of the
society. For example, in a
consumer co-operative store only a small part of the profit is
distributed to members
as dividend on their shares; a major part of the profit is paid as
purchase bonus to
members on the basis of goods purchased by each member from
the society.
vii. Self-help through mutual cooperation: Co-operative
Societies thrive on the principle
of mutual help. They are the organisations of financially weaker
sections of society.
Co-operative Societies convert the weakness of members into
strength by adopting
the principle of self-help through mutual co-operation. It is only by
working jointly
on the principle of “Each for all and all for each”, the members can
fight exploitation
and secure a place in society.
9.5 Formation of a Co-operative Society
A Co-operative Society can be formed as per the provisions of the
Co-operative Societies
Act, 1912. At least ten persons having the capacity to enter into a
contract with common
economic objectives, like farming, weaving, consuming, etc. can
form a Co-operative Society.
A joint application along with the bye-laws of the society
containing the details about
the society and its members, has to be submitted to the Registrar of
Co-operative Societies
of the concerned state. After scrutiny of the appliation and the bye–
laws, the registrar issues
a Certificate of Registration.
Requirements for Registration:
1. Application with the signature of all members
2. Bye-laws of the society containing:
(a) Name, address and aims and objectives of the society;
(b) Names, addresses and occupations of members;
(c) Mode of admitting new members;
(d) Share capital and its division. 9.6 Advantages of Co-operative
Society
A Co-operative form of business organisation has the following
advantages:
i. Easy Formation: Formation of a co-operative society is very
easy compared to a
joint stock company. Any ten adults can voluntarily form an
association and get it
registered with the Registrar of Co-operative Societies.
ii. Open Membership: Persons having common interest can form
a co-operative society.
Any competent person can become a member at any time he/she
likes and can
leave the society at will.
iii. Democratic Control: A co-operative society is controlled in a
democratic manner.
The members cast their vote to elect their representatives to form a
committee that
looks after the day-to-day administration. This committee is
accountable to all the
members of the society.
iv. Limited Liability: The liability of members of a co-operative
society is limited to the
extent of capital contributed by them. Unlike sole proprietors and
partners the personal
properties of members of the co-operative societies are free from
any kind of
risk because of business liabilities.
v. Elimination of Middlemen’s Profit: Through co-operatives the
members or consumers
control their own supplies and thus, middlemen’s profit is
eliminated.
vi. State Assistance: Both Central and State governments provide
all kinds of help to
the societies. Such help may be provided in the form of capital
contribution, loans at
low rates of interest, exemption in tax, subsidies in repayment of
loans, etc.
vii. Stable Life: A co-operative society has a fairly stable life and
it continues to exist for
a long period of time. Its existence is not affected by the death,
insolvency, lunacy or
resignation of any of its members.
9.7 Limitations of Co–operative Society
Besides the above advantages, the co-operative form of business
organisation also suffers
from various limitations. Let us learn these limitations.
i. Limited Capital: The amount of capital that a cooperative
society can raise from its
member is very limited because the membership is generally
confined to a particular
section of the society. Again due to low rate of return the members
do not invest
more capital. Government’s assistance is often inadequate for most
of the co-operative
societies.
ii. Problems in Management: Generally it is seen that co-
operative societies do not
function efficiently due to lack of managerial talent. The members
or their elected
representatives are not experienced enough to manage the society.
Again, because of
limited capital they are not able to get the benefits of professional
management.
iii. Lack of Motivation: Every co-operative society is formed to
render service to its
members rather than to earn profit. This does not provide enough
motivation to the
members to put in their best effort and manage the society
efficiently.
iv. Lack of Co-operation: The co-operative societies are formed
with the idea of mutual
co-operation. But it is often seen that there is a lot of friction
between the members
because of personality differences, ego clash, etc. The selfish
attitude of members
may sometimes bring an end to the society.
v. Dependence on Government: The inadequacy of capital and
various other limitations
make cooperative societies dependant on the government for
support and patronage
in terms of grants, loans subsidies, etc. Due to this, the government
sometimes
directly interferes in the management of the society and also audit
their annual
accounts.
Let us now sum up–
Advantages
Easy formation
Open membership
Democratic Control
Limited Liability
Elimination of Middleman’s Profit
State Assistance
Stable Life
Disadvantages
Limited Capital
Problems in Management
Lack of Motivation
Lack of Cooperation
Dependence on Government
9.8 Suitability of Co-operative Societies
You have learnt that the main objective of co-operative form of
business organisation is to
provide service rather than to earn profit. The co-operative society
is the only alternative to
protect the weaker sections of the society and to promote the
economic interest of the
people. In certain situations when it is not possible to achieve the
target by individual effort, collective effort in the form of a co-
operative society is preferred. Housing co-operatives,
Marketing co-operatives, etc., are formed to achieve the common
economic objectives of
the members. Generally co-operative society is suitable for small
and medium size business
operation. However, large scale co-operative societies like IFFCO,
KRIBHCO etc. are
also found in India.
 :::: History :::     

With the modest beginning in 1972 in the co-operative field, the

dynamism infused by the Board of Directors, unflinching loyalties
of clientele and devotion of staff has propelled the sound
foundation of The Thane Janata Sahakari Bank Ltd (TJSB)
and has emerged as one of the leading multi state scheduled co-
operative Bank in the country.

TJSB presently is catering to the needs of society through a close

network of 48 Branches and 2 Extension Counters spread all over
the city of Thane, Mumbai, Navi Mumbai, Nasik, Pune & Satara.
All these Branches have made remarkable progress on all fronts in
all these years.

TJSB believes that "customer delight" is the ultimate goal and has
a strong belief that Customers & all Stakeholders wholehearted
support, absolute faith and their patronage has largely been
responsible for its enviable growth. TJSB is committed to provide
banking with speed, comfort and convenience.

TJSB feels proud to acknowledge the growth of large number of

successful industrialists, traders and professionals who have
grown leaps & bound due to timely assistance and support of the
Bank.

TJSB has set before a Visionary Growth Plan focusing all

business strategies solely on creation of Stakeholders value.
 

 Technology Initiatives :

TJSB , a Techno-savvy Bank has implemented successfully the

Core Banking Solution (CBS). This has helped the Bank to
migrate the Branches from being the processing centers to
marketing customer centric outfits. It will also extend the Bank’s
reach to its customers by multiple delivery channels such as
ATM, Internet, Mobile etc. This has brought the Bank on par with
the leading Banks. Bank has network of 49 ATM’s across Thane,
Mumbai, Navi Mumbai, Pune & Nashik.

TJSB is the first Bank in Co-operative sector to install Cheque

Depository Machines at 37 branches, which are operational 24 X
7.

TJSB has put in place Real Time Gross Settlement System

(RTGS) transactions. With Core Banking Solution in place the
Bank is Providing RTGS facility to all its customers.

TJSB has initiated process for strategic alliance with other Banks
for the usage of their delivery channels by which nearly 5000
ATMs will be available to Bank ’s customers across the country.

TJSB is first Bank In the country to introduce Automated Cheque

Issuance Machine which enable Customers to take Personalised
Cheque Book 24 X 7
 

 Business Process Re-engineering :

With the successful implementation of Core Banking Solution

TJSB has initiated  Business Process
Re-engineering by establishing :
 

  Specialized Credit Cell

  Specialized Retail Banking Cell
  Centralized Monitoring Cell
  Centralized Back office Processing Cell
  e-lobby

 Bancassurance :

TJSB is having arrangement with Max New York Life

Insurance Co. Ltd. for Life Insurance products and with The
Oriental Insurance Co. Ltd. for General Insurance. TJSB’s
bancassurance is recognized as one of the most successful
bancassurance in the country.

Business Expansion Plans:

TJSB has recognized the opportunity for its expansion through

the Merger and Takeover of the other Banks. To step forward it
has recently acquired two Pune based Co-operative Banks
namely The Navjeevan Nagrik Sahakari Bank Ltd and The
Sadguru Jungli Maharaj Sahakari Bank Ltd.

Special Mention :

TJSB has been awarded 1 st Prize for the Best Co-Operative

Bank in Maharashtra by “Maharashtra State Urban Bank’s
Federation Ltd.”
for the F.Y.2004-2005.

TJSB has been awarded 1st Prize as “Padmabhushan

Vasantdada Patil Utkarsha Nagri Sahakari Bank” for the
F.Y.2003-2004 from Kokan Region for the second time
consecutively.

TJSB was recognized amongst top 5 Co-Operative banks in the

country, during centenary celebration of Co-Operative
movement by Kalupur Commercial Co-Operative Bank Ltd.

With its distinctive culture, as the most trusted bank, 

 TJSB has become the Most Preferred Bank too.

:::: Profile :::    

  Professional Board and Pragmatic decision making

    
  Consistent profit and growth for last 38 Years
    
  Equilibrium in Growth and profits
      
  Strong Internal Reserves and CRAR at 14.74%
    
  Balanced Credit Portfolio & focus on Retail /SME Segment
    
  Strong Focus on Recovery and NPA Management
    

  First Co-op Bank to offer Bancassurance Product in

association with Max New York
    
   Anywhere Any Branch Banking facility in all Branches
    

  50 ATM’s installed in Branches at Thane, Mumbai, Pune,

Nashik and Satara
    

  24x 7 Cheque Issuance Machine at e-Lobby at Naupada

Branch
    
  24x 7 Cheque Depository machine at 37 branches
    
  Value Added services for Customers
 :::: CHAIRMAN DESK :::    

  Chairman Desk

Dear Members,
Your Board of Directors have great pleasure in welcoming you to
this Annual General Meeting.

Board of Directors consider it their privilege to be addressing this

august gathering and sharing their views on the banking scenario
and discussing the highlight of your Bank’s performance and
progress during the year.

Before going into the performance highlights of your Bank, we

would like to briefly dwell upon the macro economic environment
under which your Bank is operating.
 

  Macro Economic Scenario

For the third year in a row the Indian economy has grown at 9% surpassing expectations
as well as earlier growth estimate of 8.70% for 2007-08.

The 9% growth follows the all time high growth of 9.60% in 2006-07 and 9.40% in 2005-
06. This marks the longest period of five successive years in Indian economic history that
the country’s GDP has grown at over 8%. The high growth has meant a significant rise in
per capita income which has grown from Rs. 11672 in 2003-04 to Rs. 24321 in year
2007-08. Surprisingly growth was propped up by agricultural and allied sectors
expanding by 4.5% in 2007-08, compared to earlier estimate of 2.60%.

According to Economic Advisory Council to Prime Minister the saving rate and the
investment rate touched 35.60% and 36.30% by end March 2008.

Both manufacturing and electricity showed sharply slower growth of 8.80% as against
12% in the previous year, industry grew 8.50% in 2007-08 against 11% in 2006-07.

Against the background of sound macro economic fundamentals of Indian economy. The
global economic situation, characterised by rising oil prices and a slowdown in US
economy following sub prime lending crisis however, may slow down economic growth
to around 8% (projected) during 2008-09.

According to experts, the tight monetary regime, high inflation, soaring crude prices and
problems in global financial sector will put pressure on growth in the current fiscal year.
International Monetary Fund (IMF) expects GDP growth to slow to 7.8 % in 2008-09.

On a year on year basis, WPI inflation stood at 7.40% as end March 2008 as compared
with 5.90% a year ago. WPI inflation jumped to 11.05 % on 7th June, 2008, highest in
last thirteen years. The increase in inflation is due to rise in basic prices which has
affected common man more.

The average price of the Indian basket of international crude oil increased by 27.6% from
$ 62.4 per barrel during 2006-07 to US $ 79.7 per barrel in 2007-08. The prices of crude
jumped to a high of US $ 135 per barrel in May 2008 and has almost breached the $140
mark. There are predictions that it may touch $200 by December 2008. This has led to
Rs. 2,45,000 crores estimated oil deficit in 2008-09. To offset this prices of petrol, diesel
and gas cylinder were hiked by Rs. 5/- per litre, Rs 3/- per litre and Rs. 50/- per cylinder.

While the increase in oil imports was lower at 26.4 % as compared with 31.2 % of the
previous year, non oil imports recorded a higher growth of 31.8% as compared with
22.60% of the previous year.

The sustained strength of capital inflows during 2007-08 is note worthy as the foreign
exchange reserves increased by US $ 110.50 billion to US $ 309.70 billion by end March,
2008.

While aggregate supply capacities expanded and alleviated domestic macro imbalances in
2007-08 to some extent, available indicators suggest that economic activity in India
currently continues to be mainly consumption driven.

The pick up in inflation during the fourth quarter of 2007-08 emanated from supply side
pressures such as the one off increase in domestic petrol and diesel prices to partially
offset the global crude oil prices increase over the year, continuous hardening of prices of
petroleum products, rising of prices of wheat and oilseeds and the adjustment in steel
prices in March, 2008 due to the surge in international prices
 

  Key Macro Economic indicators ( in percentage)

 

 Particulars 2005/20062006/20072007/2008
 GDP  9.40%  9.60%  
 10 year Bench
Mark  Yield 7.36% 8.10% 8.10%
on G-SEC
 Libor 5.25% 5.50% 2.93%
 Bank Rate 6.00% 6.00% 6.00%
 Inflation 3.96% 5.70% 7.40%

Highlights of RBI’s Annual Policy statement for 2008-09

* GDP growth projected at 8.00% to 8.50%
* The policy endeavor would be to bring down inflation from the current high level of
above 7.00%
   to around 5.50% in 2008-09.
* To ensure a monetary and interest rate environment that accords high priority to price
stability,
   well anchored inflation expectations and orderly conditions in Financial Market, while
conducive to
   continuation of the growth of the momentum.
* Cash Reserve Ratio (CRR) of Scheduled Banks increased to 8.25% with effect from the
fortnight
   beginning 24th May, 2008.
* RBI has been decided to liberalise and rationalise the branch licensing norms for well
managed and
   financially sound Primary (Urban) Cooperative Banks (UCBs).

Performance of the Bank (Financial Year 2007-08 – From One Success to Another):

We will now turn to your Bank’s performance in Financial Year 2007-08. The year was
quite eventful for
the Bank for many reasons. We surged ahead in business performance, achieving record
business growth,
significantly improving asset quality and reducing NPA levels and firmly placing the
Bank on high technology
platform. The aggregate business of the Bank crossed Rs.3300 crore mark as on 31st
March, 2008.

During the Financial Year 2007-08 your Bank has taken over 2 Pune based Co.operative
Banks having
business mix of over Rs. 529.47 crores.
 
  Particulars  31.03.2007  31.03.2008 % Increase
 Paid up Capital 14.48 18.27 26.17
 Reserves 183.69 250.60 36.43
 Deposits 1328.52 2039.17 53.49
 Advances 902.93 1285.46 42.37
 Investments 601.29 883.11 46.87
 Gross Income 139.97 206.74 47.70
 Working Funds 1667.97 2596.01 55.64
 Gross Profit 41.96 52.08 24.12

  Deposits:

Your Bank’s Deposits have grown by Rs. 710.65 crores (an increase of 53.49%) during
the Financial
Year 2007-08 as against growth of Rs.255.46 crores (an increase of 23.81%) during
Financial Year
2006-07. The Cost of Deposit has gone upto 6.29%. The composition of Deposit
Mix is given below.
                                                                                                                           (Rs. in
Crores)

Type of 2005- % 2006-07 % 2007-08 %

Deposits 2006
 Current 88.14 8.21 108.56 8.17 199.44 9.78
 Savings 314.11 29.27 355.35 26.75 541.22 26.54
 Term 670.81 62.51 864.61 65.08 1298.51 63.68
 Total 1073.06 100.00 1328.52 100.00 2039.17 100.00

 
  Advances:

  Your Bank’s Advances have increased by Rs. 382.53 crores (an

increase of 42.37%) during the Financial Year
  2007-08 as against Rs. 222.50 crores (an increase of 32.70%)
during the Financial Year 2006-07.
  The Credit Deposit Ratio stood at 63.04 %. The composition of
Advance Mix is given below.

                                                                                                             
           (Rs. in Crores)

2005- % 2006- % 2007-08 %

Type of Facility 07
2006
 Term Loans 429.70 63.15 587.65 65.08 866.52 67.41
 Cash Credit
/Overdrafts/ Bills  250.73 36.85 315.28 34.92 418.94 32.59
 Purchased/Discounted
 Total 680.43 100.00 902.93 100.001285.46 100.00

  Profitability:

Your Bank has been able to maintain the profitability at a

satisfactory level despite acquisition of two weak
Urban Co-operative Banks. The Profit before provisions and Tax
during the Financial Yeaer 2007-08 was
Rs.52.08 crores as against Rs. 41.96 crores as in the previous year.
Net Profit for the Financial
Year 2007-08 was Rs.24.30 crores as against Rs. 25.18 crores in
the previous year.
 
                                                                                                               (Rs. in Crores)

Particulars 2005-06 2006-07 2007-08

 Profit before tax &
25.63 41.96 52.08
provisions
 Profit after tax and
23.99 25.18 24.30
provisions

  Appropriations :

  We recommend following appropriations out of profit.

  Profits
The Gross Profit of the Bank stood at Rs.25.63 Crores despite
meagre trading profit in G-SEC transactions.
Operating profit was higher as a result of which your Bank has
been able to post net profit of RS.23.99 Crores.

 Deposits
During the year the deposits grew by 14.30 % over the previous
year. Your Bank took a conscious decision to
put greater emphasis on mobilizing more low cost deposits.
Consequently the share of low cost deposits increased
to 37.48% from 34.28% last year, which in turn reduced cost of
deposits from 5.87% to 5.81% in the Financial
Year 2005-2006.

 Sr.
Particulars Amount (Rs)
No.
 1    Reserve Fund 15,60,80,000.00
 2    Dividend to Shareholders – 15% 2,35,00,000.00
 3    Charitable Fund – 1% 24,30,000.00
 4    Members Welfare Fund 10,00,000.00
 5    Investment Fluctuation Reserve 6,00,00,000.00
 6    Balance for next year 8618.47
     TOTAL 24,30,18,618.47
 

Dividend :

Your Bank has maintained a consistent track record as regards

payment of dividend. Your Board of Directors
are pleased to recommend dividend @ 15% pro-rata for the
Financial Year 2007-08.

Expansion :

On 25th Jan, 2008, your Bank upgraded its Extension Counter at

Ghodbunder Road, Thane into fullfledged Branch by offering
additional space for lockers, at the hands of Bank’s Brand
Ambassador, Shri. Sachin Pilgaonkar and Mrs. Supriya Pilgaonkar.
Shri. Chandrashekhar Tilak, an eminent economist was the Guest
of Honour for the occasion. The Branch has crossed Deposits of
Rs.50.00 crore mark within the span of 4 years.

On 10th Feb, 2008, your Bank upgraded the Extension Counter at

Gangapur Road, Nashik into fullfledged Branch also at the hands
of Bank’s Brand Ambassador, Shri. Sachin Pilgaonkar.

Your Bank has received permission from Reserve Bank of India

for opening 4 new branches at Ambad (Nashik), Pokharan Road,
New Panvel and Bhiwandi.
Your Bank has opened its 41st Branch at Ambad at the hands
of Shri Sachin Pilgaonkar and Sou Supriya Pilgaonkar on 13th
June, 2008.

Your Bank has opened its 42nd Branch at Pokhran Road at

the hands of Sou Minal Mohadikar, Chairperson of
Maharashtra Chamber of Commerce, Industries and
Agriculture, Shri Sanjay Kelkar, MLA on 5th July, 2008.

Expanding Horizons :

Your Bank intends to expand its horizons beyond the State of

Maharashtra and have pan India presence in years to come. It is the
need of hour that Banks reach out to customers in different states.

To open new branches in other states your Bank has plans to go for
multistate registration. In this direction your Bank has already
received NOC from The Reserve Bank of India, Registrar and
Commission for Co.operation Maharashtra State and also from
Karnataka State.

For registration under Multi State Co.operative Act Bye Laws need
to be amended.

Your Bank seeks wholehearted support for proposed enbloc bye

laws amendments.

Mergers / Acquisitions :

During the year, Reserve Bank of India and Registrar of Co-

operative Societies, Maharashtra State, Pune cleared the merger of
Navjeevan Nagri Sahakari Bank Ltd. (NNSB), Pune and Shree
Sadguru Jangli Maharaj Sahakari Bank Ltd. (SSJMSB),
Chinchwad with your Bank. These acquisitions have added 17
Branches in your Bank’s fold. Your Bank has made a study of
potential business growth of these 17 Branch locations. Your Bank
has identified 6 Branches of erstwhile NNSB & SSJMSB, which
are not viable and need to be relocated. Your Bank has submitted
proposal to relocate 6 Branches, 3 in Pune and 1 each in
Aurangabad, Kolhapur and Satara to Reserve Bank of India which
is under active consideration. Your Bank is actively focusing on
putting the Branches of these acquired Banks on a growth path
with a view to ensuring their turnaround within a reasonable
period.

Following table shows the number relating to Deposits, Advances,

Total Business, Number of Branches, Number of Employees,
Gross NPAs and the net burden that fell upon us as on date of
merger.
 
 Name of the   Number
Business  Number of
Bank  Deposits  Advances of Loss
Mix Employees
Branches
 Navjeevan Nagri
Sahakari 
 12.78  5.41  18.19 3 26 3.06
 Bank Ltd.
(NNSB)
 Shree Sadguru
Jangli 
 Maharaj
326.94 184.28 511.22 14 238 33.41
Sahakari Bank
Ltd.
 (SSJMSB)
  TOTAL 339.72 189.69 529.41 17 264 36.47

  NPA Management:

Your Bank, after acquiring two Pune Based weak Co-operative

Banks gave special thrust on recovery of NPA which has given
good results. Your Bank adopted various strategies including issue
of notices to defaulting borrowers under the “SARFAESI ACT”,
sale of security assets arriving at negotiated settlement and use of
Debt Recovery Tribunal. The Gross NPA of the Bank increased to
6.67% as against 4.52 % in the previous year. Your Bank has been
able to maintain Net NPA at zero.
 
                                                                                                             
   
  (Rs. in Crores)

2005- % 2006-07 % 2007-08 %

Particulars
2006
 Gross NPA 48.01 7.06 40.82 4.52 85.76 6.67
 Net NPA Nil Nil Nil Nil Nil Nil Nil
 Total
680.43   902.93   1285.46  
Advances

Forex Business:
During the year under report, your Bank has done forex business for Rs. 330.12 crores
through its various correspondents. Under the money changing activity, bank has done
the business of around Rs. 200 lacs by purchase and sale of foreign exchange in the form
of currency and Amex travelers’ cheques. In the near future bank is expected to get
Authorized Category I license from RBI, wherein bank will be able to provide the forex
services on its own.

Bancassurance :
Bank is having a tie up with Max New York life Insurance
Company Ltd and The Oriental Insurance Company for Life, non
life Insurance business respectively. Under both the heads bank is
doing good amount of business and has earned the income by way
of commission up to Rs. 93.46 lacs during the period under report.
The Oriental Insurance Company has opened its Extension counter
at Sevadham office which is a unique feature under the Corporate
Agency arrangement. This will definitely help the Bank to offer
speedy and accurate service to its clients
 Risk Management:
Your Bank recognizes that managing the risk is fundamental to the
business of Banking. Accordingly, the approach of your Bank is
pro-active.

The Investment & Credit policies of your Bank have spelt out
various risks embedded in these business lines and also the
mitigating measures for the same. Risk Management being a
continuous process, these laid down policies are tested from time
to time.

Your Bank has set up Risk & Planning Cell which has put in place
requisite risk management systems which are reviewed
periodically in the light of guidelines received from Reserve Bank
of India from time to time.
 
 Investment:
Your Bank continues to have investment policy in place which is
reviewed continuously in accordance with the guidelines issued by
the Reserve Bank of India from time to time. Your Bank has taken the Negotiated
Dealing System (NDS), NDS Call & NDS Order Matching, NDS Primary Auction
Software and CBLO Software to place and settle all deals on the Electronic System.

Your Bank already has in place the system of internal audit of investment and treasury
transactions on quarterly basis as per the RBI Guidelines.

Your Bank has maintained adequate CRR & SLR as stipulated RBI during Financial
Year 2007-08. Similarly, your Bank has also maintained non SLR investment within the
prescribed limit set by RBI.

CRAR :
Notwithstanding the robust growth in the advances and enhanced risk weights assigned to
select loan segments, your Bank’s Capital to Risk Weighted Assets Ratio (CRAR) as on
March, 31st 2008 stood at 14.63%, way above 9% bench mark.

Human Resources Key Competitive Advantage:

The Bank strongly believes that in a service industry like Banking,

it is only through people and their contributions that the objective
of continuous innovation in product offering to various customer
groups can be achieved.
Continuing its emphasis on development of Human Resources, the
Bank has focused on training employees through its well equipped
training infrastructure. The training modules cover areas like Credit
Management, Forex, Bancassurance, NPA Management and Information Technology.
During the year, training was imparted to 414 employees for around 4512 man hours. .

The pay scale of the employees of the Bank which as per earlier Memorandum expired
on 31st May, 2007, has been revised during the year for a further period of 5 years,
whereby compensation packages of employees in various cadres have been revised to be
comparable with the industry standard. The Bank has maintained cordial and healthy
industrial relations with the employees.
 

Customer Grievance Redressal :

Good customer service has always been a top priority of the Bank.
The Bank maintains constant interaction with its clients through
customer meets which facilitates the Bank to evaluate, improve
and widen the range of services to the customers. The Bank holds
such meets regularly.

It is an enduring tradition of your Bank to offer highest level of

customer services. Your Bank is geared to meet intensifying
competition and rising customer expectations.
 
 Corporate Governance:
Your Bank’s Commitment to strong values and business ethics, coupled with article of
faith to augment shareholders’ value, is at the core of its Corporate Governance Policy.
The Bank believes that good governance is not just role driven but involves voluntary
adoption of international best practices. This is done in the Bank through ensuring
compliance of all statutory & regulatory requirements, transparency in the corporate
disclosure, high quality of accounting practices and adhering to the best level of business
ethics.
 

Membership:
The total membership of the Bank as on 31st March, 2008 stood 28975 at as against
26424 of the last year.

Award & Accolades conferred on the Bank:

Your Bank received Special Jury Award in recognition of its

outstanding achievement in Banking Technology for the year
2007 instituted by the Indian Banks’ Association.

Your Bank received Late Padmabhushan Vasantdada Patil Best

Co-operative Bank – Certificate of Merit for Best Bank in
Konkan Region for the year 2006-07 instituted by the
Maharashtra State Co-operative Bank’s Association Ltd.

Your Bank also received first award as Best Bank instituted by the
Maharashtra Urban Co-operative Bank’s Federation Ltd.
 

Way Ahead:

With the increasing level of globalization of the Indian Banking

Industry, evolution of Universal Banks and bundling of Financial
Services, competition in the industry will only intensify further.
The Banking Industry would need to harness its potential and
ability to raise the standard of banking services. At the same time,
the financial strategy of individual Banks is the first line of defense
against financial risks. Strong capital positions in balance sheet
place Bank in a better position to deal with and absorb economic
shocks.

The Indian Banking Sector will become intensely customer centric,

dominated by few global mega banks and densely populated by
smaller players catering to niche market.

In coming years, the customers will be open to the new products

and demand flexibility in the way services are provided to them.
The Banks will have to use variety of means to reach out to the
customers in a convenient way and cost effective manner. To face
the intense competition, the Bank will have to move towards
greater cost efficiency. As interest rates directionally changed its
course, reduction of operating cost and focus on non funded
sources of income will play a significant role in the Bank’s
financial statement in the post 2009.

Technology and product innovation would have to contribute

lower transaction costs and increased fee income.
On special occasion of World’s Women’s Day on 08th March
2008, Bank has launched a new scheme “Swayamsidhha” for
Mahila Bachat Gat to encourage the saving habits in the women
and for easy accessibility of borrowed funds to women
entrepreneurs.
 

  Social Commitments:

The Bank has donated Rs.25.18 lacs being 1% of net profit to 65

institutions at the auspicious hands of Shri. Arun Karmarkar, an
eminent journalist and Shri. V. K. Kelkar, Hon. Ex-Chairman of
the Bank.

  Obituary :

Board of Directors deeply mourn the sad demise of Late Shri. D.

V. Ambeskar and Late, Shri. Lukumal C. Ganwani, Ex Board
Members.

We also mourn the sad demise of Late Hon. Shri. Baba Amte an
eminent Social Worker, Shri. Prakash Paranjape, Hon. M. P.,
Thane Constituency, Late Shri. Pramodji Navalkar, Member of
Legislative Council, Late Shri. Madhavrao Paralkar, an eminent
Social Worker.
We also mourn the death of Shri. Sushil Dhuru and Shri. Raju
Rudraksha, staff members of the Bank.

We also mourn the death of members of your Bank, customers and

well wishers who passed away during the year under report.
 

  Acknowledgements :

Your Bank’s excellence in several performance parameters stems

from the unstinted guidance, support and co-operation of members
of Board and also ex members of the Board.

The Employees of any institution are the backbone of the

organisation. Your Bank has a very committed staff and they
deserve to be a complimented for their contributions.

The Bank enjoys immense trust and confidence of its customers

which has grown with time and without whose continued support
these result would not have been possible. Board of Director take
this opportunity of thanking them profusely and requesting for
their continued support.

The Board is also thankful to the Reserve Bank of India,

Commissioner of Co-operation and Registrar of Cooperative
Societies, M.S. State for their support and guidance.

We would also like to thank the team of Auditors for their co-
operation.
 

On behalf of Board of Directors

Sincerely yours,
 
(V.A.Vaishampayan)
CHAIRMAN
 :::: Awards & Achievements:::    
 
Best Bank In Maharashtra
 
The Indian Bank
Association (IBA) have
accolade TJSB with the
TECHNOLOGY BANK
OF THE YEAR award in
the
Co-operative Banks
category for FY 2009.
IBA has first felicitated
TJSB with Special Jury
Award for
"Acknowledging
Outstanding Achievements
in Banking Technology" in
the Year 2007.
 

Awarded by The Maharashtra

Urban Co-operative Bank's
Federation for 'Best Urban
Co-operative Bank'
in Maharashtra amongst the
urban Co-operative banks
having Deposits over Rs. 500
crores.

 
 Awarded by The Maharashtra Urban Co-operative
Bank's
Federation for 'Best Urban Co-operative Bank'
in Maharashtra For The Year 2004-05 amongst the
urban Co-operative banks having Deposits over
Rs. 500 crores.
TJSB has been awarded 1st Prize for the Best Co-Operative Banks
in Maharashtra by "Maharashtra State Urban Bank's
Federation Ltd." for the F.Y.2004-2005.

TJSB has been awarded 1st Prize as "Padmabhushan

Vasantdada Patil Utkarsha Nagari Sahakari Bank" for the
F.Y.2003-2004 from Kokan Region for the second time
consecutively.

TJSB was recognized amongst top 5 Co-Operative banks in the

country, during centenary celebration of Co-Operative movement
by Kalupur Commerical Co-Operative Bank Ltd.
 
 "Banking Frontiers has
conferred
5 awards to TJSB on
28/07/2008 as
1.Best M&A (Merger and
Acquisition)
2. Innovation in CBS ,
3. Innovation in
Marketing 
4. Innovation in Self
Service 
5. Innovation in Branch
Up-gradation.
    in the category of big Co-
operative
    banks having business
mix
    more than 500 crores. "
 
The Thane Janata
Sahakari Bank has won
the award by 'Banking
Frontiers' for e-security
implementation and
best website in the
category of big co-
opeartive banks having
business mix of more
than 500 crores.     
 ::: INTEREST RATES::: 

Interest Rates on Domestic Term Deposits

( w.e.f. 7th December 2009 )

Senior Citizens
(p.a.) Duration
Revised Revised for Revised for Revised for
for deposit upto deposit above deposit upto
deposit Rs. 25 lacs Rs. 25 lacs Rs. 15 lacs
above
Rs. 25
lacsGene
ral
(p.a.)Co-
operativ 3.50% 3.50% 3.50% 3.50% 3.50% 3.50%
e
Societies
/ banks /
trusts
(p.a.)
 46 days
to 180 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
days
 181 days
to 12 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%
months
 Above 6.50% 6.50% 6.50% 6.00% 7.00% 7.25%
12
months
to
  24
months
 Above
24
months
7.00% 6.75% 7.00% 7.50%
to
 36
months
 Above
36
months
7.25% 7.25% 8.00%
to
 60
months
 Above
60
months
7.00% 7.00% 8.00%
to
 120
months

                         
"Bank has introduced new Deposit Scheme "KAR-
BACHAT"
which is eligible for deduction u/s 80C of Income Tax
Act, 1961.
 Features of Scheme are as under:
 Period of Deposit     Five Years
 Rate of Interest        @ 7.25% p.a.
 Eligible Depositors  Single Individual / Joint Deposit
Not more than two 
  individuals as  Joint Holders) /
HUF
 Interest Payment        Quarterly
 Rs.1,00,000/- (Rs. One Lac
Only). Any individual as a

 Maximum Amount  single  depositor or bearing first

of Deposit name in the joint
 deposit can invest total  amount not
exceeding  
 Rs.1,00,000/- under this scheme.
 Minimum Amount of  Rs.5,000/- & in multiples of
Deposit Rs.1,000/-
 The deposit under the
scheme cannot be pledged to
 secure loan or security to any
 Pledging of Deposit
funding / non funding
 credit facility or for any other
purpose.
 Premature
 Not Allowed for this scheme
Withdrawal
 Additional Interest
 Rate for Senior  Applicable.
Citizen
Interest Rates on NRE Term Deposits ( w.e.f. 1st
January 2010 )
 Duration   NRE Interest Rate (p.a.)
 1 year to less than 2 years   2.73 %
 2 years to less than 3 years   3.14 %
 3 years   3.78 %
 
 :::: Shareholder Scheme::: 

Well being of the Shareholders is always focus area for The Thane
Janata Sahakari Bank Limited. For benefit of the Shareholders
following Medical\ Financial  Assistance Schemes are available.

 1    ‘Sabhasad Kalyan Nidhi’

Benefits     :   

a.   MRI / CTSCAN                                 Rs. 5,000/- or actual

whichever is less

b.   Cataract Operation                           Rs. 10,000/- or actual

whichever is less

c.   Panchkarma                                     Rs. 5,000/- or actual

whichever is less

d.   Hospitalisation for 5 or more days      Rs. 5,000/- or actual

whichever is less

Eligibility    :

a.   While applying shareholder should have completed 60yrs of his

age and  minimum 5 years of  membership.

b.   Shareholder should not be a defaulter as borrower / guarantor

while applying for the said scheme.
 2    Free Medical Check-up

Benefits    : Free-of-Cost Medical Checkup facility once in two

years (existing tie-up is with Thane Healthcare Hospital)
Eligibility   : - While applying shareholder should have completed
minimum 5 years of membership & should have completed 50
years of his age.
                 -  Shareholder should not be a defaulter as borrower /
guarantor while applying for the said scheme.

Tests Covered  : 
a.   Blood, C.B.C,  E.S.R., Blood Sugar
b.   Renal Profile, Creatinine
c.   Lipid profile, Triglyceride, Cholesterol, HDL/LDL/VLDL
d.   Urine routine
e.   Stool routine
f.    Chest X-ray
g.   E.C.G.
h.   Pap smear (for ladies)
i.    Consultation physician, Gynaecology (for ladies),
Opthalmology , Dental, Surgical / ENT (any one)
 

 3    ‘Sadichha Bhet’

Benefits    :      
a.   Gift of Rs. 5000/- to shareholder on completion of 70 years of
age
b.   Gift of Rs. 2500/- on wedding occasion of Shareholder or of
one of his children

Eligibility:   -    While applying shareholder should have

completed minimum 5 years of membership
                 -   Shareholder should not be a defaulter as borrower /
guarantor while applying for the said scheme
 

 4    ‘Shraddha Nidhi’

Benefits     :    Amount of Rs. 2500/- to nominee on unfortunate

death of Shareholder
Eligibility    :   - While applying shareholder should have
completed minimum 5 years of membership
                    - Shareholder should not be a defaulter as borrower /
guarantor while applying for the said scheme
 

 Financial Assistance for Medical Treatment /

 5   Tests / Operations:

Benefits    :       
a. Amount upto Rs 5000/-  for Angiography
b. Amount upto Rs 10,000/- for Angioplasty, Cardiac
Bypass Surgery, Cancer Treatment, Kidney Transplant, Brain  
    Surgery, etc
Eligibility   :   - While applying shareholder should have
completed minimum 5 years of membership
                  - Shareholder should not be a defaulter as borrower /
guarantor while applying for the said scheme
 

 Financial Assistance in case of Accidental

 6   death of Shareholder :

Benefits     :   Financial assistance of Rs 25000/- to the nominee of

deceased shareholder in case of
                   accidental death of shareholder
 
Eligibility    :   - Shareholder should have completed minimum 5
years of  membership as on date of his / her death
                    - Shareholder should not be a defaulter as borrower /
guarantor as on date of his / her death

Exceptional Death Cases:

1.      Suicidal Death
2.      Intake of intoxicating liquor or drugs at the time of death
3.      Whilst engaged in aviation or ballooning or travelling in
aircraft other than as a passenger in any duly
         licensed type of aircraft anywhere in the world
4.      Direct or indirect death due to venereal disease or insanity
5.      Death arising or resulting from any breach of law with
criminal intent
6.      Death due to radiation or contamination by radio activity
from any nuclear fuel /
         nuclear waste / nuclear fission
7.      Death due to reasons directly or indirectly connected with
war / revolution / civil war / rebellion, etc
8.      Death due to directly or indirectly caused by or contributed to
by or arising from nuclear
         weapons / materials
9.      Death directly or  indirectly caused by contributed to or
aggravated or prolonged by child birth
         or pregnancy or in consequence thereof

Contact Details  -   The Thane Janata Sahakari Bank Limited

                               Share Department
                               Deendayal Bhavan, Jambhali Naka, Thane
West – 400 601
                               Tel No. – 2534 11 11, 2541 23 78
 ::  Senior Citizen Schemes  :::

All Persons of  age of 60  years and above will be treated as
Senior Citizen and can get the benefits applicable for Sr.
Citizens decided by the Bank from time to time. For proof of
age valid certificate thereof viz. Voters Identity card or
Passport or Birth Certificate or School leaving certificate
should be submitted. The senior citizen can open Fixed Deposit
Account jointly with other person below the age of 60 years but
the first name should be of senior citizen. The scheme is
applicable for fresh deposit or renewal of deposit.
 

 • Bank gives following benefit  to Senior Citizens

  
 · Additional Rate of Interest on Term Deposit in select
categories Present rate of Interest for Term Deposits  for Sr.
Citizens w.e.f. 8th September 2009

Interest Rates on Domestic Term Deposits

( w.e.f. 7th December 2009 )
Senior Citizens (p.a.)
 Duration Revised for
Revised for deposit
deposit above
upto Rs. 25 lacs
Rs. 25 lacs
 7 days to 45 days 3.50% 3.50%
 46 days to 180 days 5.00% 5.00%
 181 days to 12 months 6.00% 6.00%
 Above 12 months to 24
7.00%
months
 Above 24 months to 36
7.50%
months 7.25%
 Above 36 months to 60
8.00%
months
 More Than 60 months 8.00%

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 ::: FOREX :::     

 FOREIGN EXCHANGE SERVICES

 • Currency Changing
 
We change all the convertible currencies in exchange of Indian Rupees for our
clients. Also we issue the foreign currency for the persons going on business tour or
leisure trips, individually or in group.
 

 • Traveller's Cheque

We issue Travellers cheques of American Express Bank for

USD, EURO, GBP which can be availed by the persons going
abroad for busines, leisure trips. We also exchange all
travellers cheques for the customers against rupees.
 

 • Remittences
 

 • POST - SHIPMENT

 
We handle the documents on collection for our exporters and credit the proceeds on
realisation.
We negotiate the documents through our correspondents against specific sanction of
limits.
We grant advance against the export bills sent on collection at a concessional rate of
interest.
We handle the inward remittances received as advance payments for exports.
 
 • RUPEE EXPORT CREDIT
 

 • IMPORT SERVICES

• Import Payments \ Outward Remittances:

• Import Letter of Credit:
• Bank Guarantee: Bank Guarantee facility to our clients
guaranteeing their
  performance / financial obligations
• Co-acceptance facilities:
 :: Savings Deposit Account  ::
 
 

Savings Account at The Thane Janata Sahakari Bank comes

with  banquette of  facilities & services at  no extra  charge to
the Customers. Eligible person/s and eligible organizations or
agencies as approved  can open Savings Account with the Bank.
Savings Account can be opened with Rs.1000/- and minimum
balance to be kept in the Account is  Rs.1000/- only. Amount
can be withdrawn from Savings Account by  way of cheques or
withdrawal slips. Interest is paid half yearly on Savings
Account  at 3.5 % p.a. as per the directives fixed by Reserve
Bank of India
 · Eligibility – Savings Account can be opened in the name of Individuals Singly or
Jointly or by minors of the age 10 years or above or under natural / legal
Guardianship or by an illiterate or blind person.   Documents Required – Duly filled
in Account Opening Form with valid residential proof, PAN Number, 1 photograph
and introduction by existing account holder  of the Bank

 · Minimum Balance – Account holder is required to maintain minimum balance of

Rs.1000/ in the account.
 

  • Facilities Offered

  o  30 Cheque Leaves in a Year

  o  ATM Card Facility with withdrawal Limit of Rs.15,000/=
  o  Any Branch Banking Facility through out all Branches of
the Bank for operations in Savings / Term Deposit Accounts.
  o  SMS banking facility for Balance Inquiry, Statement
Details, Transaction Alerts
  o  24x7 Cheque Issuance Machine facility for getting
personalized cheques at any time.
  o  Statement of Account at monthly intervals by e-mail
  o  24x7 Cheque Deposit Facility with acknowledgement for
Cheque deposited
  o  Nomination Facility

  o  Internet Banking
 ::: Current Account :::

Current Accounts can be opened by Businessmen /

Proprietorship / Partnership Firms / Public or Private companies
requiring to do multiple or numerous business transactions.
Customer can deposit or withdraw the amount as many times
required. Minimum Balance to be maintained is Rs.2000/- in the
account.

  ·   Eligibility – Current Account can be opened

      by Businessmen /Proprietorship / Partnership Firms
      /Public or Private companies to be operated by Authorized
Signatories.
  ·   Documents Required – Duly filled in Account Opening Form
with valid
      residential proof, PAN Number, Registration Certificate,
Partnership
      Deed, Memorandum of Association as the case may be.
  ·   Facilities Offered

 o  ATM Card Facility with withdrawal Limit of Rs.20,000/=

     for Proprietary Accounts
 o  Any Branch Banking Facility through out all Branches of the
     Bank for operations in Current Accounts.
 o  SMS banking facility for Balance Inquiry, Statement Details,
     Transaction Alerts
 o  24x7 Cheque Issuance Machine facility for getting
personalized
     cheques at any time.
 o  Statement of Account at monthly intervals by e-mail
 o  24x 7 Cheque Deposit Facility with acknowledgement for
     cheques deposited
 o  Internet Banking
 :::: DEPOSIT SCHEME :::    

 "KAR-BACHAT" (Tax Savings Deposit Scheme)

Bank has introduced new Deposit Scheme "Kar-Bachat"
which is eligible for deduction u/s 80C of Income Tax Act, 1961

Features of Scheme 

 Period of Deposit  Five Years

 Rate of Interest  7.25% p.a.

 Eligible Depositors  Single Individual / Joint

Deposit (Not More than two
individuals
 as Joint Holders) / HUF

 Maximum Amount  Rs.1,00,000/- (Rs.One Lacs

of Deposit Only) Any Individual as a single

 depositor or bearing first 

name in the joint deposit can
invest
 total amount not exceeding
Rs.1,00,000/- under this
scheme
  The deposit under the scheme
cannot be pledged to secure
 Minimum Amount
 loan or security to any funding
of Deposit
/ non funding credit facility
 or for any other purpose.

 Additional Interest
Rate for Senior  Applicable
Citizen

 Benefits  Higher Yield + Tax Benefit

QUARTERLY INTEREST DEPOSIT SCHEME

Features of Scheme 
 Minimum 1 year and
 Period of Deposit
maximum 10 years
 Quarterly Interest By Payorder
 Interest Payment
/ Cash / Credit to Account
 Maximum Amount
 No Limit
of Deposit
 Minimum Amount
 Rs 1000/-
of Deposit
 Pledging of Deposit  Allowed
 Premature  Allowed with penalty of 1% in
Withdrawal interest rate
 Additional Interest
Rate for Senior  Applicable
Citizen
 Eligible Depositors  All depositors

MONTHLY INTEREST DEPOSIT SCHEME

Features of Scheme
 Minimum 1 year and
 Period of Deposit
maximum 10 years
 Quarterly Interest By Payorder
 Interest Payment
/ Cash / Credit to Account
 Maximum Amount
 No Limit
of Deposit
 Minimum Amount
 Rs 1000/-
of Deposit
 Pledging of Deposit  Allowed
 Premature  Allowed with penalty of 1% in
Withdrawal interest rate
 Additional Interest
Rate for Senior  Applicable
Citizen
 Eligible Depositors  All depositors

CASH CERTIFICATE DEPOSIT SCHEME

Features of Scheme

 Minimum 1 year and

 Period of Deposit
maximum 10 years

 Interest Payment  Quarterly Compounded

 Interest payable on maturity

 Maximum Amount
 No Limit
of Deposit

 Minimum Amount
 Rs 1000/-
of Deposit

 Pledging of Deposit  Allowed

 Premature  Allowed with penalty of 1% in

Withdrawal interest rate

 Additional Interest
Rate for Senior  Applicable
Citizen

 Eligible Depositors  All depositors

RECURRING DEPOSIT SCHEME

Features of Scheme
 Minimum 1 year and
 Period of Deposit
maximum 10 years
 Quarterly Compounding
 Interest Payment
Interest payable on maturity
 Maximum Amount
 No Limit
of Instalment
 Minimum Amount  Rs 100/- per month
of Instalment
Pledging of Deposit  Allowed
Premature  Allowed with penalty of 1% in
Withdrawal interest rate
Additional Interest
Rate for Senior  Applicable
Citizen
Eligible Depositors  All depositors

SHORT TERM DEPOSIT SCHEME

Features of Scheme
 Minimum 7 days and
 Period of Deposit
maximum 365 days
 Quarterly Interest payable on
 Interest Payment
maturity
 Maximum Amount
 No Limit
of Instalment
 Minimum Amount
 Rs 1000/- per month
of Instalment
 Pledging of Deposit  Allowed
 Premature  Allowed with penalty of 1% in
Withdrawal interest rate
 Additional Interest
Rate for Senior  Applicable 
Citizen
 Eligible Depositors  All depositors
 
 :: Savings Deposit Account  ::
 
 

Savings Account at The Thane Janata Sahakari Bank comes

with  banquette of  facilities & services at  no extra  charge to
the Customers. Eligible person/s and eligible organizations or
agencies as approved  can open Savings Account with the Bank.
Savings Account can be opened with Rs.1000/- and minimum
balance to be kept in the Account is  Rs.1000/- only. Amount
can be withdrawn from Savings Account by  way of cheques or
withdrawal slips. Interest is paid half yearly on Savings
Account  at 3.5 % p.a. as per the directives fixed by Reserve
Bank of India
 · Eligibility – Savings Account can be opened in the name of Individuals Singly or
Jointly or by minors of the age 10 years or above or under natural / legal
Guardianship or by an illiterate or blind person.   Documents Required – Duly filled
in Account Opening Form with valid residential proof, PAN Number, 1 photograph
and introduction by existing account holder  of the Bank

 · Minimum Balance – Account holder is required to maintain minimum balance of

Rs.1000/ in the account.
 

  • Facilities Offered

  o  30 Cheque Leaves in a Year

  o  ATM Card Facility with withdrawal Limit of Rs.15,000/=
  o  Any Branch Banking Facility through out all Branches of
the Bank for operations in Savings / Term Deposit Accounts.
  o  SMS banking facility for Balance Inquiry, Statement
Details, Transaction Alerts
  o  24x7 Cheque Issuance Machine facility for getting
personalized cheques at any time.
  o  Statement of Account at monthly intervals by e-mail
  o  24x7 Cheque Deposit Facility with acknowledgement for
Cheque deposited
  o  Nomination Facility

  o  Internet Banking

 
 :::  Any Branch Banking   :::

The Thane Janata Sahakari Bank has successfully

implemented the "Core Banking Solution" (CBS)
developed by M/s Infrasoft Technologies Ltd. The
Bank state of art Data Center equipped to offer
24x7 services to all the customers of the Bank.
Implementation of Core Banking Solution has
helped us to migrate the Branches from being the
processing centers to marketing customer's centric
outfits. All our Branches are offering secured Any
Branch Banking Services which are online across all
the Branches of the Bank.

 
Services Offered are
 

 Any Where Cash Deposit

Customers of the Bank can deposit the cash at any

branches of the Bank and the amount will get
credited instantly to Customers Account irrespective
of the Branch where account is opened.
 

 Any Where Cash Withdrawal

 
Customers of the Bank can withdraw the cash from
any of the branches of the bank by presenting the
cheque across the counter. Facility is opened to all
the Customers of the Bank. Similarly Funds can be
transferred from one branch to another branch of
the bank by giving the necessary instructions &
cheque for the amount to be transferred.
 

Any Where Balance Passbook / Statement

Printing

All the Customers of the Bank can get the pass

book printed or Statement at any of the Branches
of the bank.
 

 Any Where Balance  Term Deposit Receipt

Open  / Closure / Receipt Print

Customers of the Bank can open Term Deposit

Receipts at any of the Branches from the Branch
where Customer has the account. Similarly the
Term Deposit Receipt opened at other Branches can
be closed or renewed at maturity instantly.
:::  SMS Banking  :::  

SMS Banking brings the Banking at your fingertips.

Bank has introduced the SMS Banking Facility for its
customers.

Under SMS Banking following facilities are offered to

the Customers.

 • Latest Balance in the Account

 • Details of the last 3 transaction OF the Account

 • Cheque Return Alert

• Transaction Alert
• Term Deposit Maturity Alert

SMS Formats for Transactions

SMS Banking Number - 9870888210

  SBAL <A/C no>
 1  SBAL  Balance Inquiry
  e.g. SBAL SB
345
  LST3 <A/C no>
 Last 3
 2  LST3
Transactions   e.g. LST3 SB
180
  FCHQ <Chq no>
SB <A/c no>
 3  FCHQ  Fate of Cheque
  e.g. FCHQ
123456 SB 345
 

SMS Banking facility is available for all the Customers

of the Bank. Contact the Branch for registration and
activation of the facility. 

If you change your cell phone number please fill up the

form & send it to the respective branch with proof.

Download Change in Mobile Number for SMS Form

  

:::  Statement by E-mail  :::

The Thane Janata Sahakari Bank Ltd. has always taken

pride in offering new innovative services to its
customers.

Customer having valid e-mail id can get the monthly

statement of account on mail. Customers desirous of
availing the facility should register their name with the
branch by giving the valid e-mail id.
 
 :::  24x7 Automated Cheque Issuance Facility   :::

THE THNAE JANATA SAHAKARI BANK LTD. has

always taken pride to offer best of its services to
its Customers. Bank is offering a unique and first
of such kind of service in the banking industry
“24x7 Automated Cheque Issuance Facility”.

This service is made available to all the Customers

of the bank having Savings Account with self or
either or survivor instructions and Proprietary
Current Accounts in any of the Branches of THE
THANE JANATA SAHAKARI BANK LTD.

Cheque Book Dispenser Machine is a self service

Touch Screen Kiosk and after entering your
“Customer Id” and your “PIN”, it will display all of
your Savings \ Current accounts in any branch of 
THE THANE JANATA SAHAKARI BANK LTD.
Customer has to select the required Account(s)
displayed on the screen and Cheque Book
Dispenser machine will dispense  personalized
Cheque book of 15 Leaves to the Customer in a
minute.

You can avail the services at your own convenient

time. The services of Cheque Book Dispenser
machine will be available at Naupada Branch e-
lobby for 24 hours a day and 365 days a year. For
registration get in touch with the Manager of the
Branch to activate the facility for your account.
lockers

::: Safe Deposit Lockers ::::     

Thane Janata Sahakri Bank offers Safe Deposit Lockers facility

to its Customers at selected Branches. The facility is made
available throughout business timings of the Branch.

• List of the Branches offering Safe Deposit Locker Facility

 
  * Main Branch  * Main Branch Ext. Counter  * Naupada
Branch  * Wagle Estate Branch 
  * Rabodi K’ Villa Branch   * Thane (East) Branch  * Vartak
Nagar  * Panchpakhadi Branch
  * Khopat Branch  * Shreenagar Branch   * Kalwa Branch   *
Dombivli (East) Branch
  * Vashi Branch  * Nashik Branch  * Goregaon East Branch  
* Borivali West Branch 
  * Mulund West Branch  * Ghatkopar East  Branch   * Vile
Parle (East)  Branch  * Pune Branch
 
• Locker Faclility is available at all Branches of the Bank
except Airoli Branch
 

 Lockers Type Lockers Size

 Type "A" 4.50" X 6.00"
  Type "B" 6.00" X 7.50"
 Type "C" 4.50" X 13.00"
Type "D" 7.00" X 9.50"
 Type "E" 6.00" X 16.00"
 Type "F" 10.50" X 13.00"
 Type "G" 7.00" X 20.00"
  Type " H" 12.50" X 15.50"
 Type " H1" 7.50" X 12.50"
 Type " 2B1" 15.50" X 19.50"
 Type " L" 15.50" X 19.50"

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 :::: RTGS for Funds Transfer :::     

 RTGS for Customer Transaction / Remittances–

The Real Time Gross Settlement (RTGS) System aims to do what

e-mail did for the post card. Instead of sending instructions for
payments through cheques, with Real Time Gross Settlement
System banks can route payments through on-line messages to
RBI’s RTGS Payment Gateway.

As electronic messages move instantaneously the transactions can

be concluded immediately unlike in the case of cheque clearing. In
RTGS environment the payer has to inform his bank to debit his
account and credit the payee’s account with an equivalent amount.
With RTGS, money would move faster and transactions would be
settled in a matter of minutes and the payee would have funds in
his account within a maximum time-frame of two hours of the
settlement.

RTGS is an electronic payment system of Reserve Bank of India

which provides online settlement between participating Banks
continuously throughout the day. Using RTGS Customers of the
Bank can make payment to the beneficiary’s account in another
Bank.

RTGS facilitate the funds transfer across the Banks and Branches.
At present 95 Banks and 1435 Branches are under RTGS system.
Under RTGS system Inter Bank transactions and Customer
Transactions has been enabled by the Reserve Bank of India.

Customer Transaction can be outward or inward remittances i.e.

Funds can be transferred by or received by the Customer under
RTGS system. The unique feature of the system is unlike other
clearing system in RTGS Funds can be transferred or received Just
In Time i.e. within 2 hours of instructions so given that to at cost
less than draft charges.

For sending the funds through the RTGS all you have to do is fill
& sign the Funds Transfer Instruction Form ( available at Branches
) along with all the necessary details, such as Name of the
beneficiary, Name of the Bank and Branch, A/c No. and IFSC
Code of the beneficiary’s Bank.

For receipt of the funds you need to give the IFSC Code of our
Bank & Branch to the remitter of the funds.

After the instructions are received in prescribed form, duly signed

in we will remit the funds through RTGS and within 2 hours funds
will be credited to beneficiary’s account.

   IFSC FOR RTGS  IFSC & MICR Code FOR  

NEFT

::  Foreign Exchange Business  :::     

To deal with import-export credit

needs of the customers, the bank has
made special arrangements with the
   nationalized / private and foreign
banks.
All branches are allowed to accept
NRE deposits.

Full- fledged money-changing facility

is available at 11 branches namely
Main, Naupada, Wagle Estate, Rabodi,
Vashi, Mulund, Ghatkopar, Pune,
Nasik, Vileparle & Dombivli where
customers can encash their foreign
currency & travelers cheques.

Also businessmen traveling for

business tours and families traveling
for leisure tours will get foreign
exchange in the form of American
express traveler’s cheques, as per the
RBI Rules.