Surat Peoples’ Co-operative Bank ambitious plans for 2018

“It is quite encouraging that we will soon achieve the Multi-State Cooperative Bank status in the financial year 2017-18. With the merger of Mumbai based Sun Mitra Sahakari Bank Maryadit, the multi-state cooperative bank status would materialize”, says Mukesh N Gajjar Chairman of Gujarat based Surat People’s Cooperative Bank.

Gajjar said “We have covered all the parameters for achieving the Multi-State Cooperative Bank Status and also got the permission from Reserve Bank of India to expand our business activities in other states of India. With a crisis-ridden bank in Maharashtra merging with our bank, we will have our first branch in Maharashtra”, he said in an exclusive interview with this correspondent in Surat.

With regard to technology, the bank Chairman said “the bank has installed Core Banking Solution and there are 15 on-site ATMs. We have distributed about 50,000 Rupay debit cards so far and having 29 branches across Gujarat. The bank has also launched SPB Mobile Banking application.Besides Chairman, Vice-Chairman Ashit Gandhi and Chief Executive Officer Ashok K Dalal were also present on the occasion.

Meanwhile, Gajjar has demanded that Government should give them support on the lines of private and nationalized banks and allow us to get funds from the market as other banks do. They want relief from dual control of Registrar of Cooperative Societies and Reserve Bank of India”, said Gajjar who is also heading the South Gujarat Cooperative Bank Association.The implementation of new tax good and service tax has affected the business growth of the bank because the service tax rose to as high as 18 percent, said the Chairman.