Mumbai, July 04, 2025: SVC Co-operative Bank Ltd. (SVC Bank – formerly known as The Shamrao Vithal Co-operative Bank Ltd.), with a rich legacy of 118 years, is delighted to announce that it successfully concluded its 119th Annual General Meeting (AGM) today, reaffirming its commitment to sustained growth, digital innovation, and inclusive banking. The meeting, chaired by Shri. Durgesh S. Chandavarkar, was attended by shareholders, Board Members, and senior management, marking yet another year of steady progress and stakeholder confidence.
During the AGM, the Bank presented its Annual Report and Audited Financial Statements for FY 2024–25. Despite challenging macroeconomic conditions, SVC Bank posted an impressive financial performance, crossing ₹39,000 Crores in Total Business – a year-on-year growth of 11.93%. The Bank’s Net Profit rose to ₹241.11 Crores, up by 10.52% over the previous year.
Key highlights:
Commenting on the year gone by, Shri. Durgesh S. Chandavarkar, Chairman, SVC Bank said, “FY 2024–25 was a milestone year for SVC Bank. Our collective efforts in strengthening operations, investing in technology, and deepening customer trust have led to sustainable growth and operational excellence. We are grateful to our members and stakeholders for their enduring faith.”
The Bank also shared updates on its digital transformation initiatives and customer-centric product launches. Noteworthy introductions included the Aadhaar-based Digital Demat Account service (a first among co-operative banks), UPI-ATM Cardless Cash Withdrawal facility, Shakti Savings Account for women and the Online Dispute Resolution (ODR) system.
The AGM also highlighted the Bank’s consistent recognition across the industry. SVC Bank received multiple accolades, including the Tech-Savy Legendary Bank Award, Best Urban Co-operative Bank of the Year (2025), and Special Mention – Best Technology Bank from IBA, among others. The leadership too was recognised, with Chairman, Shri. Durgesh S. Chandavarkar, being awarded Visionary Leader in the Corporate Sector at CONNECT – Future Ready Leaders in Viksit Bharat (Season 4) in Mumbai and Best Chairperson of the Year by Bharat Ratna Sahakarita Samman 2024 in Mumbai.
Looking ahead to FY 2025–26, the Bank aims to continue expanding its retail and priority sector lending, supported by a strategic focus on MSMEs, Affordable Housing, and Institutional Deposits. The Bank, which received permission from the RBI to open 5 new branches, has already inaugurated4 Branches – Chakan in Pune, Kumta in coastal Karnataka, Davanagere in central Karnataka and Ulwe in Raigad District between April and June 2025 and the remaining branch – Karwar in coastal Karnataka is set to be operational by September 2025.
Strongly focused on continuous investment in staff training and customer experience, SVC Bank remains future-ready and growth-oriented.
About SVC Bank
Set up in 1906, SVC Bank is a 118-year-rich institution that has contributed significantly to the development of the co-operative movement in India for over a century. Today, the Bank is one of the oldest and most recognised names in the country’s co-operative Banking space. SVC is a Multi-State Scheduled Co-operative Bank with its presence across 11 states /UT – Maharashtra, Karnataka, Goa, Gujarat, Rajasthan, Delhi, Haryana, Madhya Pradesh, Andhra Pradesh, Telangana and Tamil Nadu. Total Business of the Bank is at Rs. 39,353 Crores as on March 31, 2025 and Net Profit increased by 10.52% to reach Rs. 241 Crores. Gross NPAs declined to 1.96% while Net NPAs also substantially reduced to 0.25%. The Bank continued to strengthen its Provisioning Coverage Ratio (PCR), which has reached at 87.54%. Time and again, the Bank has proven its strong fundamentals and efficiency parameters.
Headquartered in Mumbai, the Bank has a vast network of 202 branches, 218 ATMs and an employee strength of over 2,400. The Bank offers the entire gamut of services across Retail, Corporate and International Banking. SVC Co-operative Bank Ltd. has been honoured with multiple prestigious awards in 2024, including the Banco Blue Ribbon 2024 for excellence in the Urban Co-Operative Bank category (banks with deposits above Rs. 15,000 crore) and the ‘Best Technology Bank – Special Mention’ by Indian Banks’ Association (IBA) at the 20th Annual Banking Technology Conference, Expo, and Citations. Also Mr. Durgesh S. Chandavarkar, Chairman of SVC Bank, received the Leadership Award for Visionary Leader in the Corporate Sector at the Connect Future Ready Leaders in India’s Viksit Bharat Vision 2024-25. SVC Bank was honoured with the Tech-Savy Legendary Bank Award at the 4th NavaBharat-CSR Summit and Awards. The award was presented by Shri Rahul Narwekar, Speaker of the Maharashtra Legislative Assembly, on 4th February 2025, in Mumbai.
SVC Bank was recently awarded at the hands of Shri. Amit Shah – Honourable Union Minister of Home Affairs and Cooperation, GoI, in recognition to SVC Bank’s contribution to the paid-up capital of National Urban Co-operative Finance And Development Corporation Limited (NUCFDC) for the solidarity of the UCB Sector and for the principle of Cooperation among cooperatives by NUCFDC. The Bank was also, in the year 2022, awarded for its 100+ years of service at the hands of Shri. Amit Shah – Honourable Union Minister of Home Affairs and Cooperation, GoI. The Bank has also been acknowledged with many prestigious recognitions, such as, the Best Chairperson of the Year – Mr. Durgesh S. Chandavarkar, Best Woman Leader of the Year – Ms. Ashwini Vinekar and Best Cybersecurity Initiative of the Year – SVC Bank, by Bharat Ratna Sahakarita Samman 2024, ET Best BFSI Brands 2023 and ET Best Organisation for Women 2023. 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 now handles more than Rs. 5,000 Crores Forex business per year.