Project

Co-operative SocietySo far you have learnt about sole proprietorship, partnership and joint stock company asdifferent forms of business organisation. You must have noticed that besides many differencesamong them in respect of their formation, operation, capital contribution as well asliabilities, 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 organisationswhich undertake business activities with the prime objective of providing service to themembers. Although some amount of profit is essential to survive in the market, their mainintention 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 ObjectivesAfter 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; andassess the suitability of co–operative society form of business organisation.9.2 Meaning of Co-operative SocietyLet 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 thevillage. Somebody may tell him to sell the milk in the nearby town or city. Again he finds itdifficult, as he does not have money to go to the town to sell milk. What should he do? Heis 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. Thelearner told him, you see, you are not the only person facing this problem. There are manyothers in your village and also in the nearby village who face a similar problem. Why don’tyou all sit together and find a solution to your common problem? In the morning you cancollect the surplus milk at a common place and send somebody to the nearby town to sellit. Again in the evening, you can sit together and distribute the money according to yourcontribution of milk. Of course first you have to deduct all the expenses from the saleproceeds.That villager agreed to what the learner said. He told everybody about this new idea andformed a group of milk producers in his village. By selling the milk in the nearby town theywere all able to earn money. After that they did not face any problem of finding a market forthe surplus milk.This process continued for a long time. One day some body suggested that instead of sellingonly 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 inthe 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, isnow 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 comeans ‘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 asociety which is termed as “co-operative society”. It is a voluntary association of personswho work together to promote their economic interest. It works on the principle of self-helpas well as mutual help. The main objective is to provide support to the members. Nobodyjoins a cooperative society to earn profit. People come forward as a group, pool theirindividual resources, utilise them in the best possible manner, and derive some commonbenefit out of it.In the above example, all producers of milk of a village joined hands, collected the surplusmilk at a common place and sold milk and milk products in the market. This was possiblebecause of their joint effort. Individually it would not have been possible either to sell orproduce 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 oftheir daily need and thus, form a co-operative society. Now they can buy goods directlyfrom 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 iseliminated. Do you think it would have been possible on the part of a single consumer tobuy goods directly from the producers? Of course, not.In the same way people can form other types of co-operative societies as well. Let usknow about them.9.3 Types of Co-operative SocietiesAlthough all types of cooperative societies work on the same principle, they differ withregard to the nature of activities they perform. Followings are different types of co-operativesocieties that exist in our country.1. Consumers’ Co-operative Society: These societies are formed to protect the interestof general consumers by making consumer goods available at a reasonable price.They buy goods directly from the producers or manufacturers and thereby eliminatethe middlemen in the process of distribution. Kendriya Bhandar, Apna Bazar andSahkari Bhandar are examples of consumers’ co-operative society.2. Producers’ Co-operative Society: These societies are formed to protect the interestof 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 producersand manufacturers who find it difficult to sell their products individually. The societycollects the products from the individual members and takes the responsibility of sellingthose products in the market. Gujarat Co-operative Milk Marketing Federationthat sells AMUL milk products is an example of marketing co-operative society.4. Co-operative Credit Society: These societies are formed to provide financial supportto the members. The society accepts deposits from members and grants themloans at reasonable rates of interest in times of need. Village Service Co-operativeSociety and Urban Cooperative Banks are examples of co-operative credit society.5. Co-operative Farming Society: These societies are formed by small farmers towork jointly and thereby enjoy the benefits of large-scale farming. Lift-irrigation cooperativesocieties and pani-panchayats are some of the examples of co-operativefarming society.6. Housing Co-operative Society: These societies are formed to provide residentialhouses to members. They purchase land, develop it and construct houses or flats andallot 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 MetropolitanHousing Co-operative Society are examples of housing co-operative society.

9.4 Characteristics of Co-operative SocietyA co-operative society is a special type of business organisation different from other formsof organsation you have learnt earlier. Let us discuss its characteristics.i. Open membership: The membership of a Co-operative Society is open to all thosewho have a common interest. A minimum of ten members are required to form a cooperativesociety. The Co–operative societies Act does not specify the maximumnumber of members for any co-operative society. However, after the formation of thesociety, 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 ashe likes, and leave the society at will.iii. State control: To protect the interest of members, co-operative societies are placedunder state control through registration. While getting registered, a society has to submitdetails about the members and the business it is to undertake. It has to maintainbooks of accounts, which are to be audited by government auditors.iv. Sources of Finance: In a co-operative society capital is contributed by all themembers.However, it can easily raise loans and secure grants from government afterits 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 ofthe board of directors are the elected representatives of the society. Each member hasa single vote, irrespective of the number of shares held. For example, in a village creditsociety the small farmer having one share has equal voting right as that of a landlordhaving 20 shares.iv. Service motive: Co-operatives are not formed to maximise profit like other forms ofbusiness organisation. The main purpose of a Co-operative Society is to provide serviceto its members. For example, in a Consumer Co-operative Store, goods are soldto its members at a reasonable price by retaining a small margin of profit. It alsoprovides better quality goods to its members and the general public.v. Separate Legal Entity: A Co-operative Society is registered under the Co-operativeSocieties Act. After registration a society becomes a separate legal entity, withlimited liability of its members. Death, insolvency or lunacy of a member does notaffect the existence of a society. It can enter into agreements with others and canpurchase or sell properties in its own name. vi. Distribution of Surplus: Every co-operative society in addition to providing servicesto its members, also generates some profit while conducting business. Profits are notearned 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), buton the basis of members’ participation in the business of the society. For example, in aconsumer co-operative store only a small part of the profit is distributed to membersas dividend on their shares; a major part of the profit is paid as purchase bonus tomembers on the basis of goods purchased by each member from the society.vii. Self-help through mutual cooperation: Co-operative Societies thrive on the principleof mutual help. They are the organisations of financially weaker sections of society.Co-operative Societies convert the weakness of members into strength by adoptingthe principle of self-help through mutual co-operation. It is only by working jointlyon the principle of “Each for all and all for each”, the members can fight exploitationand secure a place in society.

9.5 Formation of a Co-operative SocietyA Co-operative Society can be formed as per the provisions of the Co-operative SocietiesAct, 1912. At least ten persons having the capacity to enter into a contract with commoneconomic 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 aboutthe society and its members, has to be submitted to the Registrar of Co-operative Societiesof the concerned state. After scrutiny of the appliation and the bye–laws, the registrar issuesa Certificate of Registration.Requirements for Registration:1. Application with the signature of all members2. 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 SocietyA Co-operative form of business organisation has the following advantages:i. Easy Formation: Formation of a co-operative society is very easy compared to ajoint stock company. Any ten adults can voluntarily form an association and get itregistered 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 canleave 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 thatlooks after the day-to-day administration. This committee is accountable to all themembers of the society.iv. Limited Liability: The liability of members of a co-operative society is limited to theextent of capital contributed by them. Unlike sole proprietors and partners the personalproperties of members of the co-operative societies are free from any kind ofrisk because of business liabilities.v. Elimination of Middlemen’s Profit: Through co-operatives the members or consumerscontrol their own supplies and thus, middlemen’s profit is eliminated.vi. State Assistance: Both Central and State governments provide all kinds of help tothe societies. Such help may be provided in the form of capital contribution, loans atlow 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 fora long period of time. Its existence is not affected by the death, insolvency, lunacy orresignation of any of its members.9.7 Limitations of Co–operative SocietyBesides the above advantages, the co-operative form of business organisation also suffersfrom 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 particularsection of the society. Again due to low rate of return the members do not investmore capital. Government’s assistance is often inadequate for most of the co-operativesocieties.ii. Problems in Management: Generally it is seen that co-operative societies do notfunction efficiently due to lack of managerial talent. The members or their electedrepresentatives are not experienced enough to manage the society. Again, because oflimited 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 itsmembers rather than to earn profit. This does not provide enough motivation to themembers 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 mutualco-operation. But it is often seen that there is a lot of friction between the membersbecause of personality differences, ego clash, etc. The selfish attitude of membersmay sometimes bring an end to the society.v. Dependence on Government: The inadequacy of capital and various other limitationsmake cooperative societies dependant on the government for support and patronagein terms of grants, loans subsidies, etc. Due to this, the government sometimes

directly interferes in the management of the society and also audit their annualaccounts.Let us now sum up–AdvantagesEasy formationOpen membershipDemocratic ControlLimited LiabilityElimination of Middleman’s ProfitState AssistanceStable LifeDisadvantagesLimited CapitalProblems in ManagementLack of MotivationLack of CooperationDependence on Government9.8 Suitability of Co-operative SocietiesYou have learnt that the main objective of co-operative form of business organisation is toprovide service rather than to earn profit. The co-operative society is the only alternative toprotect the weaker sections of the society and to promote the economic interest of thepeople. 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 ofthe members. Generally co-operative society is suitable for small and medium size businessoperation. However, large scale co-operative societies like IFFCO, KRIBHCO etc. arealso 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 on G-SEC

7.36% 8.10% 8.10%

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 Deposits

2005-2006

% 2006-07 % 2007-08 %

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 1328.52100.00 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)

Type of Facility 2005-2006

%2006-

07% 2007-08 %

Term Loans 429.70 63.15 587.65 65.08 866.52 67.41 Cash Credit /Overdrafts/ Bills Purchased/Discounted

250.73 36.85 315.28 34.92 418.94 32.59

Total 680.43 100.00 902.93 100.001285.46100.00

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 & provisions

25.63 41.96 52.08

Profit after tax and provisions

23.99 25.18 24.30

Appropriations :

We recommend following appropriations out of profit.

ProfitsThe 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. No.

Particulars Amount (Rs)

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 Bank Deposits Advances

Business Mix

Number of

Branches

Number of Employees

Loss

Navjeevan Nagri Sahakari Bank Ltd. (NNSB)

12.78 5.41 18.19 3 26 3.06

Shree Sadguru Jangli Maharaj Sahakari Bank Ltd. (SSJMSB)

326.94 184.28 511.22 14 238 33.41

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)

Particulars2005-2006

% 2006-07 % 2007-08 %

Gross NPA 48.01 7.06 40.82 4.52 85.76 6.67 Net NPA Nil Nil Nil Nil Nil Nil Nil Total Advances

680.43 902.93 1285.46

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 felicitatedTJSB 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 for

deposit above Rs. 25

lacsGeneral

(p.a.)Co-operativ

e Societies / banks /

trusts (p.a.)

Revised for deposit upto Rs. 25 lacs

Revised for deposit above

Rs. 25 lacs


3.50% 3.50% 3.50% 3.50% 3.50% 3.50%

46 days to 180 days

5.00% 5.00% 5.00% 5.00% 5.00% 5.00%

181 days to 12 months

6.00% 6.00% 6.00% 6.00% 6.00% 6.00%

Above 12 months to

6.50% 6.50% 6.50% 6.00% 7.00% 7.25%

24 months

Above 24 months to 36 months

7.00% 6.75% 7.00% 7.50%


7.25% 7.25% 8.00%


7.00% 7.00% 8.00%

"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

Maximum Amount of Deposit

Rs.1,00,000/- (Rs. One Lac 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.

Minimum Amount of Deposit

Rs.5,000/- & in multiples of Rs.1,000/-

Pledging of Deposit

The deposit under the scheme cannot be pledged to secure loan or security to any funding / non funding credit facility or for any other purpose.

Premature Withdrawal

Not Allowed for this scheme

Additional Interest Rate for Senior Citizen

Applicable.

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 Sugarb. Renal Profile, Creatininec. Lipid profile, Triglyceride, Cholesterol, HDL/LDL/VLDLd. Urine routinee. Stool routinef. Chest X-rayg. 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 ageb. 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 ShareholderEligibility : - 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

5 Financial Assistance for Medical Treatment / Tests / Operations:

Benefits : a. Amount upto Rs 5000/- for Angiographyb. Amount upto Rs 10,000/- for Angioplasty, Cardiac Bypass Surgery, Cancer Treatment, Kidney Transplant, Brain Surgery, etcEligibility : - 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

6 Financial Assistance in case of Accidental 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 Death2. Intake of intoxicating liquor or drugs at the time of death3. 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 world4. Direct or indirect death due to venereal disease or insanity5. Death arising or resulting from any breach of law with criminal intent6. Death due to radiation or contamination by radio activity from any nuclear fuel / nuclear waste / nuclear fission7. Death due to reasons directly or indirectly connected with war / revolution / civil war / rebellion, etc8. Death due to directly or indirectly caused by or contributed to by or arising from nuclear weapons / materials9. 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 )

Duration Senior Citizens (p.a.)


Revised for deposit

above 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%


7.00%

7.25% Above 24 months to 36 months

7.50%


8.00%

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


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

Minimum Amount The deposit under the scheme

of Deposit

cannot be pledged to secure loan or security to any funding / non funding credit facility or for any other purpose.


Applicable

Benefits Higher Yield + Tax Benefit

QUARTERLY INTEREST DEPOSIT SCHEME

Features of Scheme

Period of Deposit Minimum 1 year and maximum 10 years

Interest Payment Quarterly Interest By Payorder / Cash / Credit to Account


No Limit


Rs 1000/-

Pledging of Deposit Allowed


Allowed with penalty of 1% in interest rate


Applicable

Eligible Depositors All depositors

MONTHLY INTEREST DEPOSIT SCHEME

Features of Scheme


Interest Payment Quarterly Interest By Payorder / Cash / Credit to Account


No Limit


Rs 1000/-





Applicable


CASH CERTIFICATE DEPOSIT SCHEME

Features of Scheme


Interest Payment Quarterly Compounded

Interest payable on maturity


No Limit


Rs 1000/-





Applicable


RECURRING DEPOSIT SCHEME

Features of Scheme


Interest Payment Quarterly Compounding Interest payable on maturity

Maximum Amount of Instalment

No Limit

Minimum Amount of Instalment

Rs 100/- per month





Applicable


SHORT TERM DEPOSIT SCHEME

Features of Scheme

Period of Deposit Minimum 7 days and maximum 365 days

Interest Payment Quarterly Interest payable on maturity

Maximum Amount of Instalment

No Limit

Minimum Amount of Instalment

Rs 1000/- per month





Applicable


:: 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

1 SBAL Balance Inquiry

SBAL <A/C no>

e.g. SBAL SB 345

2 LST3 Last 3 Transactions

LST3 <A/C no>

e.g. LST3 SB 180

3 FCHQ Fate of Cheque

FCHQ <Chq no> SB <A/c no>

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.

http://www.thanejanata.co.in/Change%20in%20Mobile%20number%20for%20SMS.pdf

::: 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.

http://www.thanejanata.co.in/neft.htm

http://www.thanejanata.co.in/neft.htm

http://www.thanejanata.co.in/ifsc.htm

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.