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The full form of SVC is Shamrao Vithal Co-op Bank Ltd. It is a scheduled bank and was registered on 27 December 1906 as a Cooperative credit society. Its objectives include providing financial aid to the economically weaker members so that they are able to invest it in their economic endeavours, promote savings and help deserving members by raising money for them. SVC is active in the following ten states of India:
- Madhya Pradesh
- Gujarat
- Haryana
- Telangana
- Karnataka
- Maharashtra
- Tamil Nadu
- Rajasthan
- Goa
- Delhi
History of SVC
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- SVC was established at a time when the concept of cooperation was just started in India.
- The main architect of the bank was the Late Rao Bahadur Shripad Subbarao Talmaki who was regarded as the Maharshi of Co-operation. He named the bank after his Guru – Late Shamrao Vithal Kaikini.
- The bank was initially registered as a cooperative credit society.
Also Read: Career in Banking 2023: Jobs, Salary, How to Start?
Products and Functions of SVC
SVC provides a lot of products and services to its consumers to satisfy their needs. These include personal, business and international transfers related banking services.
- It provides various loan options like shares loans, gold loans, mortgage loans, education loans, housing loans, etc. The deposit accounts include a star saving account and current account and privileged banking.
- SVC forex services include – Foreign exchange, money transfer services, NRE/NRO/FCNR Deposits, NOSTRO Accounts, and Import & Export services.
- To provide convenience to its consumers SVC offers mobile banking services with the help of which its customers can do all of their important transactions and access their bank accounts through their mobile phones.
- SVC provides immediate customer care services through which its consumers can get their problems solved immediately and get answers to their questions.
So, this was SVC full form and other important information related to it. For more such informative articles keep following our page.