Shamrao Vithal Co-operative Bank

SVC Cooperative Bank Limited
Industry Banking
Financial services
Founded 1906
Headquarters Mumbai, India
Products Investment Banking
Commercial Banking
Retail Banking
Private Banking
Asset Management
Mortgages
Credit Cards
Website Official Website

The Shamrao Vithal Co-op. Bank Ltd. (SVC Bank) known as SVC Cooperative Bank Limited, is a company incorporated under the Companies Act, 1956 a scheduled bank, established in 1906, is one of the oldest Urban Co-operative Bank in India. The bank was founded when co-operation was just started to begin in the country. It was set up with the primary objective of assisting the less fortunate members of the community in its economic enterprises. This was also to encourage savings and to create funds for providing financial aid to deserving members.

Rao Bahadur Shripad Subbarao Talmaki was the main architect of the Bank. The Bank was originally registered as a Co-operative Credit Society on 27 December 1906.

Major milestones

  • 1907 - Fixed Deposits, Savings Bank Deposits and Cumulative Deposits Scheme introduced
  • 1910 - First Co-operative Stores
  • 1911 - Facilities for remittance by Draft made available to Members & Education Fund
  • 1913 - Cash Credit Loan Scheme started
  • 1915 - First Co-operative Housing Society in Mumbai
  • 1927 - Fidelity Guarantee Fund
  • 1931 - Distress Relief Fund
  • 1954 - Staff Gratuity Fund
  • 1956 - Facilities thrown open to all communities
  • 1964 - Introduction of Safe Deposit Vaults
  • 1966 - Industrial Financing
  • 1975 - Introduction of Cash Certificates
  • 1988 - "Scheduled Bank Status" conferred on the Bank
  • 2000 - Deposits cross Rs: 1000 crore
  • 2002 - Setting up of Corporate Office - SVC Tower at Vakola
  • 2003 - Implementation of Genius I Core Banking Solution across all the branches
  • 2006 - SVC Bank is offered AD-I License in & SVC Bank is permitted to sell Core Banking software services to smaller co-operative Banks
  • 2006 - 1st Software sale successful
  • 2010 - SVC Bank crosses Software sales services to 25 Banks
  • 2011 - SVC Bank opens 100th Branch at Bibwewadi
  • 2014 - SVC Bank opens 150th Branch at Chembur (CG Road)
  • 2016 - Total Business crosses Rs: 22000 Crore
  • 2018 - SVC Bank made a stunning entry into the coveted ILC Power Brand Award & bagged the prestigious "Indian Affairs Most Promising & Best Managed Co-operative Bank 2018" at the 9th Annual India Leadership Conclave 2018 in Mumbai founded by Satya Brahma.[1]

Branches

For a complete list of Branch locations, please visit: Official Website The Bank is present in 10 States of India. Maharashtra, Karnataka, Tamil Nadu, Telangana, Delhi, Rajasthan, Harayana, Goa, Gujarat and Madhya Pradesh. {{Em[2] pty section|date=August 2013}}

See also

References

  1. ↑ "SVC Co-Operative Bank Ltd bags the coveted "Indian Affairs Most Promising & Best Managed Co-operative Bank 2018" at the iconic 9th Annual India Leadership Conclave & Awards 2018. – Indian Affairs". indianaffairs.tv. Retrieved 2018-08-03.
  2. ↑ http://www.svcbank.com


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