The people of Saurashtra of Western Gujarat have moved away from their rain-starved native to Textile and Diamond city of Surat in search for income generation and survival almost four decades ago. Since then Saurashtrians have considered Surat as their home land. After coming to Surat, some individuals began trading business while majority of them entered into labour front. In a phased manner, the population of the people, involved in diamond trade, belonging to Saurashtra increased to a sizeable extent in Surat, particularly in the area of Varachha, making it mandatory to have a Bank of their own.
Together with a well-known philanthropist, writer, columnist and social reformer Shri P. B. Dhakecha and other individuals from Saurashtra, conceived an idea of a Bank, as a result The Varachha Cooperative Bank Ltd. came into existence on 16th October 1995 which was inaugurated by revolutionary Saint Shri Swami Sacchidanandji. Our board members are not only from diamond trade but also from textile, real estate and service sectors.
At the end of the first financial year in 1996 the number of shareholders was 4484, share capital was of Rs.57.44 lacs, deposits was of Rs.2.70 crores, advances was of Rs.2.07 crores and profit stood at Rs. 4.77 lacs. And as on 31-03-2021 these figures stand at 51757, Rs.30.80 crores, Rs.2200 crores and Rs.985 crores and Rs.15.78 crores respectively. This phenomenal growth of the Bank is solely because of confidence reposed by the people of Surat upon our Bank.
Technology has always remained on our fore-front and we are among the firsts to introduce information technology to its best for the benefits of our customers and controlling authorities. Currently we are providing branchless core banking services along with SMS, RTGS-NEFT, Debit Card, BBPS, IMPS 24 x 7 x 365, Net/Mobile Banking, UPI etc. most trending technical services. Also The Bank have 8 e-Lobby where Varachha Bank’s customer can do banking transaction 24 x 7 x 365 through ATM, Cash Deposit Machine, Cheque Deposit Kiosk and Self Passbook Machine.
Bank has also acquired 25 Cash Recycler Machine and 10 ATMs, installed at various branches, which will not only be connected among themselves but will have nationwide connectivity. This endevour of giving facility to our customers to have access to more than 2.48 Lacs ATMs installed at other nationalized and foreign banks across the country will make The Varachha Co-Op. Bank Ltd. as one of the first Co-Op. Banks of Gujarat to do so.
Our Bank has also volunteered itself for many social causes in past and even continue to do in present, notables being as under :