• Banking / Finance Business Corporate / Business

SVC Bank Honoured by Union Minister Shri. Amit Shah for NUCFDC Contribution

• nationalherald
• March 8, 2024

by Prashant Kapadia/NHN

Mumbai, March 08, 2024: SVC Co-operative Bank Ltd. (SVC Bank – formerly known as The Shamrao Vithal Co-operative Bank Ltd.) with a rich history spanning 117 years,  proudly announces  the receipt of the esteemed Certificate of Appreciation from the Honourable Union Minister of Home Affairs and Cooperation, Shri. Amit Shah. This recognition applauds SVC Bank’s contribution to the paid-up capital of the National Urban Co-operative Finance and Development Corporation Limited (NUCFDC), highlighting its dedication to fostering cooperation among cooperatives and strengthening the Urban Cooperative Banking (UCB) Sector. The accolade was presented during an event organized by NUCFDC on 2^nd March 2024 in Delhi.

The Chairman of SVC Bank, Shri. Durgesh Chandavarkar, received the certificate from Shri. Amit Shah, Union Minister of Home Affairs and Cooperation, in the esteemed presence of distinguished dignitaries including Shri. B L Verma – Union Minister of State for Cooperation, Dr. Bhagwat Kishanrao Karad – Union Minister of State for Finance, Dr. Ashish Kumar Bhutani – Secretary of the Ministry of Co-operation, Shri. Vivek Joshi – Secretary, Department of Financial Services, Govt. of India, Shri Jyotindra Mehta – Chairman of NUCFDC, and Shri. Laxmi Das – Chairman of National Federation of Urban Cooperative Banks and Credit Societies (NAFCUB).

“As Chairman of SVC Bank, I am deeply honoured to receive this prestigious Certificate of Appreciation from Hon’ble Union Minister Shri. Amit Shah. This recognition reaffirms SVC Bank’s commitment to fostering cooperation and supporting the growth of the cooperative banking sector. We are proud to contribute to the NUCFDC and remain dedicated to empowering UCBs across the country. This accolade is a testament to the collective efforts of our team and our unwavering commitment to excellence in service,” said Shri. Durgesh Chandavarkar, Chairman of SVC Bank.

The Certificate of Appreciation acknowledges SVC Bank’s commitment to the solidarity of the UCB sector and adherence to the principle of cooperation among cooperatives. The Bank cherishes this honour and is motivated to continue its endeavours in fostering a stronger, more cooperative banking community. The Bank extends its gratitude to the Government of India, NUCFDC, and all participating entities for the recognition and support, in its mission to empower UCBs across the nation.

About SVC Bank: Set up in 1906, SVC Bank is a 117-year-rich institution that has contributed significantly to the development of the cooperative movement in India for over a century. Today, the Bank is one of the oldest and most recognised names in the country’s cooperative Banking space. SVC is a multi-state scheduled Bank with its presence across 11 states – Maharashtra, Karnataka, Goa, Gujrat, Rajasthan, Delhi, Haryana, Madhya Pradesh, Andhra Pradesh, Telangana, Tamil Nadu. With a total business of INR 33,480.61.02 crore and a Net Profit of INR 176.31 crore (FY 22-23), it has proven its robust and strong fundamentals. Headquartered in Mumbai, the Bank has a vast spread of 198 branches, 214 ATMs and an employee strength of over 2400. The Bank offers the entire gamut of services across Retail, Corporate and International Banking. SVC Bank was recently awarded for its 100+ years of service at the hands of Hon’ble Union Minister of Home Affairs and Cooperation – Shri Amit Shah. It has also been acknowledged with many prestigious recognitions, like the ET Best BFSI Brands 2023, ET Best Organisation for Women 2023, Best ‘Data Centers Award’ & ‘Enterprise Security Award’ at Express BFSI Technology Awards 2022 and Award for Outstanding Response to Covid-19 at Co-operative Banks Ingenious Leadership Summit and Technology Awards 2022. The Bank was among the first few Co-operative banks in the country to get the Authorized Dealer Category I License (Independent Forex Operations) from RBI in December 2007. In July 2008, it launched its International Banking Division, which handles more than Rs. 5,000 Crores Forex business today.