Shamrao Vithal Co-operative Bank: Difference between revisions

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{{short description|Indian cooperative bank}}
{{short description|Indian cooperative bank}}
{{Use British English|date=March 2013}}
{{Use British English|date=March 2013}}
{{Use dmy dates|date=March 2013}}
{{Use dmy dates|date=November 2021}}
{{more citations needed|date=March 2020}}
{{Infobox company
{{Infobox company
|name             = SVC Cooperative Bank Limited
| name = SVC Cooperative Bank Limited
|logo             =  
| logo = File:Shamrao_Vithal_Co-op._Bank_Logo.png
|type             = Co-operative Bank
| type = Co-operative Bank
|foundation       = 1906
| foundation = 1906
|location         = [[Mumbai]], India
| location = [[Mumbai]], India
|founder         = Late Shamrao vital Kaikini (1842-1905)<br />Late Rao bahadur shripad subbarao talmaki (1868-1948)
| founder = Late Shamrao Vithal Kaikini (1842-1905)<br />Late Rao Bahadur Shripad Subbarao Talmaki (1868-1948)
|industry         = Banking<br />[[Financial service]]s
| key_people = Durgesh S Chandavarkar (Chairman)<ref name="Indian Cooperative">{{Cite web|url=https://www.indiancooperative.com/banks/ucbs-in-focus-shah-recognizes-svc-nkgsb-bassein-banks/|title=UCBs in focus: Shah recognizes SVC, NKGSB & Bassein banks|publisher=Indian Cooperative}}</ref><br/>Ravinder Singh (Managing Director)<ref name="HBL">{{cite news |last= |first= |date=4 May 2023|title=SVC Bank gets new MD|url=https://bfsi.economictimes.indiatimes.com/amp/news/banking/svc-bank-elevates-ravinder-singh-as-managing-director/99988552|newspaper=Economic Times}}</ref>
|products         = [[Investment Banking]]<br />[[Commercial Banking]]<br />[[Retail Banking]]<br />[[Private Banking]]<br />[[Asset Management]]<br />[[Mortgages]]<br />Credit Cards
| industry = Banking<br />[[Financial service]]s
|revenue         =  
| products = [[Commercial banking]]<br />[[Retail banking]]<br />[[Private banking]]<br />[[Trade Finance]]<br />[[Asset management]]<br />[[Mortgages]]<br />[[Foreign Exchange]]
|operating_income =  
| revenue = Rs 33,480.61 crore<ref name="Annual Report">{{Cite web|url=https://www.svcbank.com/sites/default/files/2023-05/AR_2022-23.pdf/|title=SVC Bank Annual Report 2023 filed under financials section|publisher=SVC Bank}}</ref>
|net_income       =  
| operating_income =  
|assets           =  
| net_income = Rs 176.31 crore<ref name="Annual Report"/>
|num_employees   = 2400 (2018)
| assets =  
|homepage         = {{url|www.svcbank.com}}
| num_employees = 2302 (2023)
| homepage = {{url|www.svcbank.com}}
}}
}}


'''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.<ref>https://www.svcbank.com/Home/History</ref>
'''The Shamrao Vithal Co-op. Bank Ltd. (SVC Bank)''' known as '''SVC Cooperative Bank Limited''', is a [[Scheduled Banks (India)|scheduled bank]] in India that was established in 1906, being registered as a Co-operative Credit Society on 27 December 1906. Its main goals when it was established were to encourage saving, help the less fortunate people of the community with their economic endeavours, and to raise money to help deserving members.<ref>{{Cite web|url=https://www.svcbank.com/Home/History|title=History}}</ref>


==History==
==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 Subrao Talmaki|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.{{cn|date=December 2021}}
 
Late [[Rao Bahadur Shripad Subrao Talmaki|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.<ref>{{citation |title=List of Scheduled Urban Co-operative Banks |url=https://rbidocs.rbi.org.in/rdocs/Content/pdfs/schedulecoop.pdf |work=rbi.org.in |date=18 December 2019 }}</ref>
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==
==Branches==
The Bank is present in 10 States of India: Maharashtra, Karnataka, Tamil Nadu, Telangana, Delhi, Rajasthan, Harayana, Goa, Gujarat and Madhya Pradesh.
The bank has 198 branches and is present in 11 States of India:<ref name="ET">{{cite news |last= |first= |date=15 December 2021|title=SVC Co-operative Bank launches loan festival; to offer credit at attractive rates|url=https://economictimes.indiatimes.com/industry/banking/finance/banking/svc-co-operative-bank-launches-loan-festival-to-offer-credit-at-attractive-rates/articleshow/88301545.cms|newspaper=Economic Times}}</ref> [[Maharashtra]], [[Karnataka]], [[Tamil Nadu]], [[Telangana]], [[Delhi]], [[Rajasthan]], [[Haryana]], [[Goa]], [[Gujarat]] and [[Madhya Pradesh]].{{cn|date=December 2024}}


==See also==
==See also==
Line 62: Line 34:
==References==
==References==
{{reflist}}
{{reflist}}
==External links==
* [https://www.svcbank.com/Home/About-SVC SVC Bank Website]


{{Banking in India}}
{{Banking in India}}


{{DEFAULTSORT:Shamrao Vithal Co-operative Bank Ltd}}
{{DEFAULTSORT:SVC Co-operative Bank Ltd}}
[[Category:Banks established in 1906]]
[[Category:Banks established in 1906]]
[[Category:Cooperative banks of India]]
[[Category:Cooperative banks of India]]
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{{India-company-stub}}
{{Asia-bank-stub}}
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{{en-Wikipedia}}

Latest revision as of 12:02, 9 December 2024

SVC Cooperative Bank Limited
IndustryBanking
Financial services
Founded1906
Founder(s)Late Shamrao Vithal Kaikini (1842-1905)
Late Rao Bahadur Shripad Subbarao Talmaki (1868-1948)
HeadquartersMumbai, India
Key people
Durgesh S Chandavarkar (Chairman)[1]
Ravinder Singh (Managing Director)[2]
ProductsCommercial banking
Retail banking
Private banking
Trade Finance
Asset management
Mortgages
Foreign Exchange
RevenueRs 33,480.61 crore[3]
Rs 176.31 crore[3]
Number of employees
2302 (2023)
Websitewww.svcbank.com

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. Its main goals when it was established were to encourage saving, help the less fortunate people of the community with their economic endeavours, and to raise money to help deserving members.[4]

History[edit | edit source]

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.[citation needed]

Branches[edit | edit source]

The bank has 198 branches and is present in 11 States of India:[5] Maharashtra, Karnataka, Tamil Nadu, Telangana, Delhi, Rajasthan, Haryana, Goa, Gujarat and Madhya Pradesh.[citation needed]

See also[edit | edit source]

References[edit | edit source]

  1. ↑ "UCBs in focus: Shah recognizes SVC, NKGSB & Bassein banks". Indian Cooperative.
  2. ↑ "SVC Bank gets new MD". Economic Times. 4 May 2023.
  3. ↑ 3.0 3.1 "SVC Bank Annual Report 2023 filed under financials section". SVC Bank.
  4. ↑ "History".
  5. ↑ "SVC Co-operative Bank launches loan festival; to offer credit at attractive rates". Economic Times. 15 December 2021.


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