Shamrao Vithal Co-operative Bank Ltd.

About Bank

The Shamrao Vithal Co-operative Bank Limited 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.

Rao Bahadur Shripad Subbarao Talmaki, the Maharshi of Co-operation, was the main architect of the Bank. The Bank was originally registered as a Co-operative Credit Society on 27th 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
Deposits cross 1000 crores in 2000
Setting up of Corporate Office - SVC Tower at Vakola in 2002
Implementation of Genius I Core Banking Solution in 2003 across all the branches