The Shamrao Vithal Co-op. Bank Ltd. (SVC 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.
Bank Career 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 - idelity 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 1000 crores
- 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)
Branches
For a complete list of Branch locations, please visit: www.svcbank.com The Bank is present in the states of Maharashtra, Karnataka, Tamil Nadu, Andhra Pradesh, Delhi, Rajasthan and Madhya Pradesh.
See also
- Banking in India
References
External links
- SVC Bank Website
Interesting Informations
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