The name "Master of mergers" is very commonly used in the banking arena for our Resp. Founder Chairman Shri Gokul Bakshi, who made an initiative to effect the first merger in history of co-operative banking. Thereafter, year after year, total 6 weak & sick banks were taken into merger by prime bank, by retaining the old staff of those banks, turning them all into profit centers which came as a result of change in management. Inspite of resistance from various segments within & outside our bank, Mr. Bakshi’s vision & intent were crystal clear that these mergers “HAVE” to be made in interest of small clients, employees & depositors.
Keeping in the mind same philosophy, seventh merger is under final stage of consideration at RBI Mumbai. The philosophy of co-operative movement was to establish a union of similar minded people, starting an institution which is more of service oriented & less of profiteering in nature & it is supposed to cater to the needs of small & common people. All banks taken into merger held deposits of small & medium class people. These mergers were made, absorbing losses of such banks, only in order to relieve the savings of small people, thus, saving a huge amount of DICGC, which would have gone by way of claims.
The nature of such mergers was sentimental, social & emotional as the the strong feeling of "MAGIC BEGINS WHERE LOGIC ENDS" prevailed.