Introduction to Sutex Cooperative Bank Limited

Sutex Cooperative Bank Limited is a well-known bank in India. It’s a type of bank called a “cooperative bank.” These banks are important because they help people in the community, especially in rural areas. They make it easier for people to save money and get loans.

Sutex Cooperative Bank

History and Establishment of the Bank

Founding Date and Original Name

  • Date Established: 15th May 1972
  • Original Name: The Surat Textile Traders Co-operative Bank Ltd.
  • Founders: Late Shri Surajram Bachkaniwala and Late Shri Ashabhai Shankarbhai Patel
  • Vision: To support Surat’s textile market and help shopkeepers with banking needs.

Details: The bank started with a big dream. It wanted to help the textile market in Surat. The founders, Shri Surajram Bachkaniwala and Shri Ashabhai Shankarbhai Patel, had a vision. They wanted to make it easy for shopkeepers to manage their money and grow their businesses.

Growth and Development of the Bank

Initial Growth

  • Initial Shareholders: 270
  • Initial Share Capital: Rs. 1.10 lacs

Growth Over the Years

  • Shareholders as of 31st March 2023: 33,604
  • Share Capital as of 31st March 2023: Rs. 59.64 crores
  • Total Deposits as of 31st March 2023: Rs. 2418.90 crores
  • Total Advances as of 31st March 2023: Rs.1477.92 crores
  • Total Business Mix as of 31st March 2023: 3896.82 crores

Details: The bank started small but grew fast. In the beginning, there were only 270 people who owned a part of the bank. They had put together Rs. 1.10 lacs. But by March 2023, things had changed a lot. The bank had more than 33,000 shareholders and a share capital of Rs. 59.64 crores. It also had a lot of money saved by people and given out as loans.

Expansion in Branches and Employees

  • Initial Employees: 4
  • Employees as of Today: 283
  • Initial Branches: 1
  • Branches as of Today: 20

Details: The bank didn’t just grow in money; it also grew in size. It started with only 4 employees and one place to work. Now, it has 283 employees and 20 branches. This growth shows how much the bank has achieved over the years.

Services and Facilities

Sutex Cooperative Bank Limited offers a range of services and facilities to its customers to make their banking experience convenient and efficient. Here’s a closer look at what they provide:

Introduction of ATM Facilities

  • ATM Services: Yes
  • First Cooperative Bank to Provide ATM Facilities: Yes
  • Benefits: Customers can access their accounts 24/7, withdraw cash, and check balances conveniently.

Details: Sutex Cooperative Bank Limited was among the first cooperative banks to provide ATM facilities to its customers. This service allows account holders to access their money and perform various transactions round the clock, making banking more accessible and convenient.

Implementation of Core Banking Solutions (CBS)

  • Core Banking Solutions (CBS): Yes
  • Benefits: Seamless access to banking services from any branch, efficient and faster transactions.

Details: The bank has implemented Core Banking Solutions, which means that customers can access their accounts and perform transactions from any branch of the bank. This makes banking efficient and quick, as customers are not limited to their home branch.

Range of Banking Services

  • Services Offered: E-statements, SMS alerts, RTGS/NEFT, and more.
  • Benefits: Customers can stay updated on their accounts through electronic statements, receive alerts on transactions, and make electronic fund transfers easily.

Details: Sutex Cooperative Bank Limited offers a wide range of modern banking services. Customers can opt for electronic statements (E-statements) to track their account activity digitally. Additionally, SMS alerts keep customers informed about their transactions in real-time. Services like RTGS (Real-Time Gross Settlement) and NEFT (National Electronic Funds Transfer) enable secure and speedy fund transfers.

Customer Focus and Popularity

Approach towards Customer Service

  • Customer-Centric Approach: Yes
  • Impact on Popularity: The bank is highly regarded for its customer-centric approach, which has contributed to its popularity.

Details: Sutex Cooperative Bank Limited prioritizes its customers and their needs. This approach has made the bank very popular among the people it serves. Customers feel valued and well-taken care of, which is a significant factor in the bank’s success.

Resilience to Economic Changes

  • Effect of Economic Changes: Minimal
  • Reason: The bank’s focus on customer service and conservative financial practices have helped it remain resilient to economic changes.

Details: The bank has shown resilience to economic changes, such as inflation and fluctuations in the stock market. This is because the bank’s conservative financial practices and strong customer relationships have shielded it from the worst effects of economic shifts.

Social Responsibility and Community Support

Response to Natural Calamities

  • Flood Relief: Provided loans to those affected by floods within 24 hours during floods in 1994, 1998, and 2006.
  • Noteworthy: The bank’s quick response to natural disasters has been commendable and has helped the community during tough times.

Details: Sutex Cooperative Bank Limited has played a vital role in supporting the community during natural calamities, particularly floods. In instances of floods in Surat in the years 1994, 1998, and 2006, the bank swiftly provided loans to those who suffered significant losses. This quick assistance was noteworthy and made a positive impact on the affected individuals.

Technological Advancements

Role in Technology Upgradation

  • Technology Upgradation Scheme: Yes
  • Approval: Received approval to provide direct advances and loans under the textile industry’s technology upgradation scheme.

Details: The bank actively participates in the technology upgradation scheme of the Indian Government’s textile industry. It has received approval to provide direct advances and loans under this scheme. Sutex Cooperative Bank Limited is recognized as the first bank in the cooperative sector across the nation to achieve such approval.

Conclusion

In conclusion, Sutex Cooperative Bank Limited stands out not only for its financial services but also for its commitment to customer satisfaction, resilience to economic changes, and dedication to community support. With a customer-centric approach, modern banking services, and a strong sense of responsibility, the bank continues to play a vital role in the lives of its customers and the community it serves.

FAQ

Sutex Cooperative Bank Limited is a cooperative bank based in India, with a focus on providing banking services to the community, especially in the textile-rich city of Surat.
No, it is not a government bank. It is a cooperative bank, which means it is owned and operated by its members, including account holders.
Sutex Cooperative Bank Limited was established on 15th May 1972.
The bank was originally named “The Surat Textile Traders Co-operative Bank Ltd
The bank was founded by Late Shri Surajram Bachkaniwala and Late Shri Ashabhai Shankarbhai Patel.
The bank has shown remarkable growth, with an increase in shareholders, share capital, total deposits, total advances, and the number of branches.
Yes, the bank offers ATM services to its customers, providing 24/7 access to their accounts.
Yes, it was one of the first cooperative banks to offer ATM facilities to its customers.
Customers can withdraw cash, check balances, and perform various transactions conveniently at any time.
Yes, the bank has implemented Core Banking Solutions (CBS), allowing customers to access their accounts and perform transactions from any branch.
The bank offers services such as E-statements, SMS alerts, RTGS/NEFT, and more for the convenience of its customers.
Sutex Cooperative Bank Limited has a customer-centric approach, which has contributed to its popularity. It values its customers and their needs.
The bank’s conservative financial practices and strong customer relationships have helped it remain resilient to economic changes.
Yes, the bank has a track record of providing quick loans to those affected by floods during natural calamities, such as the floods in Surat in 1994, 1998, and 2006.
The bank actively participates in the technology upgradation scheme of the Indian Government’s textile industry and has received approval to provide direct advances and loans under this scheme.

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