Shamrao Vithal Co-operative Bank

The Shamrao Vithal Co-op. Bank Ltd. (SVC Bank) known as SVC Cooperative Bank Limited, is a scheduled bank in India that was established in 1906, being registered as a Co-operative Credit Society on 27 December 1906.[1]

SVC Cooperative Bank Limited
TypeCo-operative Bank
IndustryBanking
Financial services
Founded1906
FounderLate Shamrao vital Kaikini (1842-1905)
Late Rao bahadur shripad subbarao talmaki (1868-1948)
HeadquartersMumbai, India
ProductsInvestment Banking
Commercial Banking
Retail Banking
Private Banking
Asset Management
Mortgages
Credit Cards
Number of employees
2400 (2018)
Websitewww.svcbank.com

History

SVC Co-operative Bank Limited (Earlier known as The Shamrao Vithal Co-operative Bank Ltd.) was founded when co-operation was just beginning to gain ground in the country. It was set up with the primary objective of assisting the less fortunate members of the community in its economic enterprises, to encourage savings and to create funds for providing financial aid to deserving members.

Late Rao Bahadur Shripad Subbarao Talmaki, the Maharshi of Co-operation, was the main architect of the Bank and he named it after Late Shamrao Vithal Kaikini, who was his main guiding force and Guru. The Bank was originally registered as a Co-operative Credit Society on 27 December 1906.

Thus inspired by lofty ideals for the betterment of the economic, moral and material well-being of the Community, the Bank was brought into existence with modest beginnings.

Milestones

Fixed Deposits, Savings Bank Deposits and Cumulative Deposits Scheme introduced in 1907. First Co-operative Stores in 1910. Facilities for remittance by Draft made available to Members in 1911. Education Fund in 1911. Cash Credit Loan Scheme in 1913. First Co-operative Housing Society in Bombay in 1915. Fidelity Guarantee Fund in 1927. Distress Relief Fund in 1931. Staff Gratuity Fund in 1954. Facilities thrown open to all communities in 1956. Introduction of Safe Deposit Vaults in 1964. Industrial Financing in 1966. Introduction of Cash Certificates in 1975. "Scheduled Bank Status" conferred on the Bank in 1988.[2] Deposits cross 13000 crores in FY 2016. Setting up of Corporate Office - SVC Tower at Vakola in 2002. Implementation of Genius I Core Banking Solution in 2003 across all the branches. SVC Bank is offered AD-I License in 2007. SVC Bank is permitted to sell Core Banking software services to smaller co-operative Banks. 1st Software sale successful in 2006. SVC Bank crosses Software sales services to 25 Banks in 2010. SVC Bank opened 193rd Branch at Khamgaon.

Branches

The Bank is present in 10 States of India: Maharashtra, Karnataka, Tamil Nadu, Telangana, Delhi, Rajasthan, Harayana, Goa, Gujarat and Madhya Pradesh.

See also

References
  1. https://www.svcbank.com/Home/History
  2. "List of Scheduled Urban Co-operative Banks" (PDF), rbi.org.in, 18 December 2019


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