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 today these figures stand at 18837, Rs.7.9 crores, Rs.289 crores and Rs.155 crores and Rs.5.5 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 and internet banking.
All our branch are equipped with self service kiosks to our customers. Bank owns state of the art data center having full disaster management recovery plan. With the permission from RBI, Bank has already started direct Real Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT) services for the customers.
Bank has also acquired 19 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 1.5 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 :