Documente Academic
Documente Profesional
Documente Cultură
PROJECT ON
SUBMITTED BY
UNIVERSITY OF MUMBAI
CERTIFICATE
This is Certify that Avinash Prabhakar Pawar (Roll No. 39 ) of TYBBI Semester V (Academic Year 2013 2014)has successfully completed the project on Study Of Co-operative bank and submitted the project report in partial fulfillment of the Requirement for the award of the Degree of B.Com (Banking & Insurance) of University of Mumbai .
Signature
I/C Principle
Prof. U.D.Kadam
Course Co-ordinater
Prof. S.Rawal
Project Guide
External Examiner
DECLARATION
I the undersigned Avinash P. Pawar, a student of TYBBI Semester- V , hereby declare that the project work presented in this report is my original work. This work has not been previously submitted to any other university for any other examination. Date: 08 August 2013 Place: Bhiwandi
(Avinash P. Pawar)
Some of the forward looking Co-operative banks have developed sufficient core competencies to such an extent that they are able to challenge state and private sector banks. The exponential growth of Co-operative banks is attributed mainly to their much better contacts with the local people, personal interaction with customers, and their ability to catch the nerve of the local clientele. The banking related activities of the Co-operative Banks are also regulated by the Reserve Bank of India, even though they are registered under the Co-operative Societies Act of the Respective States where they were formed originally. Co-operative Banks differ from stockholder banks by their organization, their goals, their values and their governance. In most countries, they are supervised and controlled by banking authorities and have to respect prudential banking regulations, which put them at a level playing field with stockholder banks. Depending on countries, this control and supervision can be implemented directly by state entities or delegated to a Co-operative Federation or Central body. Co-operative banking is retail and commercial banking organized on a Co-operative basis. Co-operative banking, includes retail banking, as carried out by credit unions, mutual savings and loan associations, building societies and Co-operatives, as well as commercial banking services provided by manual organizations (such as co-operative federations) to Co-operative businesses.
The structure of commercial banking is of branch-banking type; while the Cooperative banking structure is a three tier federal one: A State Co-operative Bank works at state level. The Central Co-operative Bank works at district level. Primary Co-operative credit societies at village level.
The Co-operative Bank is an important constituent of the Indian Financial System, judging by the role assigned to Co-operative, the expectations the Co-operative is supposed to fulfil, their number, and the number of offices the Co-operative bank operate. Though the Co-operative movement originated in the West, but the importance of such banks have assumed in India is rarely paralleled anywhere else in the world. The Cooperative Banks in India play an important role even today in rural financing. The businesses of Co-operative bank in the urban areas also have increased phenomenally in recent years due to the sharp increase in the number of primary Co-operative Banks.
Customer-owned entities:
In a Co-operative Bank, the needs of the customers meet the Needs of the owners, as Co-operative bank members are both. As a consequence, the first aim of a Co-operative bank is not to maximize profit but to provide the best possible products and services to its members. Some co-operative banks only operate with their members but most of them also admit non-member clients to benefit from their banking and financial services.
Profit allocation:
In a Co-operative bank, a significant part of the yearly profit, benefits or Surplus is usually allocated to constitute reserves. A part of this profit can also be distributed to the co-operative members, with legal or statutory limitations in most cases.
Profit is usually allocated to members either through a patronage dividend, which is related to the use of the Co-operatives products and services by each member, or through an interest or a dividend, which is related to the number of shares subscribed by each member.
Financial Resources:
Co-operative banks are financial intermediaries only partially. The sources of their funds are: (a) Central and state government, (b) The Reserve Bank of India and NABARD, (c) Other co-operative institutions, (d) Ownership funds and (e) Deposits or debenture issues.
Banks may freely buy and sell Government securities on an outright basis at the prevailing market prices without any restriction on the period between sale and purchase. Retailing of Government securities should be on the basis of ongoing Market rates/yield curves emerging out of secondar market transactions. No sale of Government securities should be affected by banks unless they hold securities in their portfolio in the form of physical scrip in the account maintained with the RBI. Immediately on sale the corresponding amount should be deducted by the bank from its investment accounts and also from its SLR assets. These transactions should be looked into by the concurrent / statutory auditors of the bank. Scheduled Cooperative banks should put in place adequate internal control checks / mechanisms as advised by the RBI from time to time.
Banks may take advantage of the non-competitive bidding facility in the auction of the Government of India dated securities provided by the RBI. Under this scheme, banks may bid up to Rs two crore (face value) in any auction of Government of India dated securities, either directly, through a bank or through a primary dealer. For availing this facility, no bidding skill is required as allotment up to Rs two crore (face value) is made at the weighted average cut-off rate which emerges in the auction.
Primary Co-operative Banks State Co-operative Banks Land development Banks Urban Co-operative Banks Primary Co-operative Banks The primary co-operative credit banks are an association of borrowers and non-borrowers residing in a particular locality. The funds of the society are derived from the share capital and deposits of members and loans from central Co-operative banks. The borrowing powers of the members as well as of the society are fixed. The loans are given to members for the purchase of cattle, fodder, fertilizers, pesticides, etc. Primary agricultural credit societies provide short term and medium term loans. In Urban areas, to
provide non agriculture credit, urban Co-operative Banks and Employees Credit Societies are formed. These banks usually provided short term loans to their members, who are small borrowers. For Example: Primary Co-operative Agricultural and Rural Development Bank Ltd.
District Central Co-operative Banks The District Central Co-operative Banks are federation of primary societies belonging to specific district, by furnishing credit it the primary societies, central Co- operative Banks serve as an important link between these societies and the money market of the country. These Banks provide credit services to small and medium enterprises within particular district. The funds of the bank consist of share capital, deposits, loans and overdrafts from District Co-operative Banks. These banks provide finance to member societies within the limits of the borrowing capacity of societies. They also conduct all the business of a joint stock bank. For example: Thane Janata Sahakari Bank. State Co-operative Banks The State Co-operative Bank is a federation of Central Cooperative Bank and acts as a watchdog of the co-operative banking structure in the state. Its funds are obtained from share capital, deposits, loans and overdrafts from the Reserve Bank of India. The state Co-operative Banks lend money to central Co-operative Banks and primary societies and not directly to the farmers.
The State Co-operative Banks lie at the apex of the entire cooperative credit structure. Every State Co-operative Banks basic functions to furnish loans to the central Co-operative Banks in order to enable them to help promote the lending activities of the primary credit societies. This state co-operative banks, thus serve as the final link between the money market and the co-operative sector of the country. For Example: The Maharashtra State Co-Operative Bank Limited. Land Development Banks The Land development banks are organized in 3 tiers namely; state, central, and primary level (i.e. at the district or taluka level). They meet the long term credit requirements of the farmers for developmental purposes. The primary land development banks situated in the districts and tehsil areas in the state. They are governed both by the state government and Reserve Bank of India. Recently, the supervision of land development banks has been assumed by National Bank for Agriculture and Rural development (NABARD). The sources of funds for these banks are the debentures subscribed by both central and state government. These banks do not accept deposits from the general public. The land development banks meet the long credit requirement of the firms for development purpose, viz.., purchase the equipment like pump set, tractors and other machineries, reclamation of land, fencing, digging up new wells and repairs of old walls etc. land development banks are cooperation institution and they grant loan of the securities of mortgage of immovable property of the farmers.
The financial resources of land development banks are raised by floating debenture in the market. Such debentures carry the guarantees of the state government, commercial banks, Life Insurance Corporation and other land development bank as a measure of mutual support. For Example: Small Industries Development Bank of India.
Urban Co-operative Banks The term Urban Co-operative Banks (UCBs), though not formally defined, refers to primary co-operative banks located in urban and semiurban areas. These banks, till 1996, were allowed to lend money only for nonagricultural purposes. This distinction does not hold today. These banks were traditionally centred on communities, localities, work place groups. They essentially lend to small scale industrialists, salaried employees, and other urban, semi-urban residents, small borrowers and businesses. Today, their scope of operations has widened considerably. For Example: Abhyudaya Cooperative Bank Ltd.
WHO CAN OPEN AN ACCOUNT : An Individual in his/her name More than one person jointly An illiterate person A blind / visually Impaired / Incapacitated Persons A guardian on behalf of minor in the minor's name Clubs, Association, ( only if registered) Local bodies, all types of Co-operative Societies or any other body. Student who has completed 14 year of Age. INTEREST: Interest will be calculated @ 4% p.a. on the basis of Daily Product and will be credited to the account at half yearly intervals in March and September.
PASS BOOK: Pass book will be supplied to every savings Bank depositor showing the his account number, Name, address, transactions with date, amount and particulars. INCIDENTAL CHARGES: If a minimum balance of Rs.1000/- (with cheque book facility) or Rs.300/- (without cheque book facility) is not kept, the Bank will charge incidental charges at the rates as in force from time to time. Also refer to our Service Charges elsewhere on this site for other
incidental charges. Initial Deposit for opening Savings Bank Account & minimum balance to be maintained in the account : With Cheque Book Facility - Rs.1,000/Without Cheque Book Facility - Rs. 300/REQUIREMENTS FOR OPENING ACCOUNT :
GENERAL : Penalty at the rate prescribed will be debited to the account on quarterly basis for non maintenance of prescribed minimum balance. Bank reserves the right to close any account, if cheques drawn are returned unpaid frequently for want of funds or the account is considered as irregular/non-satisfactory. Account not in operation for more than 2 years will be treated as inoperative/dormant account. Bank reserves the right to alter, amend, and rescind the rules from time to time. Two copies of latest photographs Proof of residence to the satisfaction of the Bank (passport, Driving Licence, Ration Card, Voters Card, Electricity Bill, etc.) Photo Identity Proof Introduction by person known and acceptable to the Bank Permanent Account Number (PAN) with original for verification or declaration in Form 60/61. Initial deposit in cash.
1) Abhyudaya Salary Cash Credit Facility for Salary Earners (SALCC A/c) For Permanent employees of Govt., Semi Govt. organization having salary account with the branch.Salary deposited by the way of ECS/NEFT is must. 2) Abhyudaya Zero Balance Saving Bank Account for Salaried Person (SBZROBAL):An individual working in Govt. Org., Semi Govt.
Org., Agents of Life & General Insurance, employees of Educational Institutions & Public ltd. Companies.Accounts can also be opened of the employees of Business Concerns/ Private/ Industrial units (Min 20 Employees) & whose company accounts are with our bank branches.
3) Abhyudaya SB Youth Accounts for School /College going Students. 4) Basic Saving Bank Accounts (BSB). No introduction required & zero minimum balance. 5) Abhyudaya Small Saving Accounts (SSB) suitable for people of low means. Zero minimum Balance.
Initial Deposit for opening Currrent Account & minimum balance to be maintained in the account : Rs. 3000/Interest : No Interest will be paid on the balance in Current Account. Statement of Account : Bank will issue statement of account to the accountholder once in a month. Benefits : Any Branch Banking (ABB), Inter connectivity. . Remittances Pay Order, Demand Draft on any location in India Collection of outstation cheques.
Two copies of latest photographs Business Proof (2) Copy of PAN Card of individual, firm, company, society, etc. Photo Identity Proof Copy of certificate of Incorporation Copy of Certificate for commencement of business (this is required for Public Limited Company) Partnership Deed Trust Deed Approved copy of Bye-laws of the society.
3)
Term Deposit-
Interest will be paid on the deposits at the rate in force from time to time. Interest amount will be paid Quartely. Interest will either paid in cash or credited to the Bank Account of the depositor.
TERM DEPOSIT CERTIFICATE : The Bank will issue a certificate in favour of the depositor /s showing the amount deposited, the period for which the deposit is accepted, maturity date and maturity amount.
LOAN AGAINST DEPOSIT : 90% Loan against deposit amount is available. Any person or persons approved by the Bank. Co-operative Societies, Registered Trust, Institutions and Associations. By two or more persons in their joint names. By a natural guardian i.e. father or mother approved by the Bank on behalf of a minor.
Interest Rate (% p.a.) Term Deposit / Duration General Public & Trusts & N.R.Odepositors including Coop.Societies including Housing, Credit,etc Senior Citizens (All deposits including Bulk Deposits) Bulk Deposits (Rs.15.00 Lakh and above) for all categories except Senior Citizen
7 Days and 6.50 above upto & inclusive 90 days 91 days & 8.00 above upto and inclusive of 180 days 181 Days and above but less than 15 months 9.50
6.50
6.60
8.50
8.10
10.00
9.60
15 months 10.00 Above 15 9.75 months and upto and inclusive of 36 months Above 36 9.25 months and upto and inclusive of 60 months Above 60 months 8.50
10.25 10.25
10.00 9.85
9.50
9.35
8.75
8.60
BANK HAS INTRODUCED FOLLOWING NEW PRODUCT UNDER TERM DEPOSIT SCHEME WITH ADDED FEATURES :
4) Recurring DepositThe advantage in opening a Recurring Deposit Account that the depositor would be able to save certain sums in fixed monthly instalments so that he / she would be able to meet an anticipated liability / obligation after the end of a specified period.
WHO CAN OPEN AN ACCOUNT : Any person or persons approved by the Bank. Co-operative Societies, Registered Trust, Institutions and Associations. By two or more persons in their joint names. By a natural guardian i.e. father or mother approved by the bank on behalf of a minor.
INTEREST : Interest will be paid on the deposits at the rate in force from time to time. Interest amount will be paid at the time of maturity.
. PASS BOOK : The Bank will issue a Pass Book showing the name, address ,instalment amount, the period for which the deposit is accepted, maturity date and maturity amount.
GENERAL : The Bank reserves the right to alter, amend, rescind the rules from time to time.
INTEREST : Interest will be paid on the deposits at the rate in force from time to time. Interest amount will be paid at the time of maturity. TERM DEPOSIT RECEIPT : The Bank will issue a receipt in favour of the depositor /s showing the amount deposited, the period for which the deposit is accepted, maturity date and maturity amount.
Tax Saver Fixed Deposits (Amount capped at Rs. 1 lakh per Financial Year)
MATURITY PERIOD Abhyudaya Tax Savings Scheme - 5Years DEPOSIT AMOUNT Less than Rs. 15 lakh INTEREST RATE (% p.a.)General Senior Citizen 9.75 9.75
Tax Implications: The amount invested in fixed deposits with a maturity period of 5 years in a Scheduled bank is eligible for tax deduction under section 80C. However, the interest earned on the deposit is taxable.
1) Personal LoanPURPOSE
Purchase of Consumer durables and furniture/ fixture/ computers Repairs / renovation of flat / house Purchase of 2 wheelers Purchase of gold ornaments Marriage & other religious ceremonies Domestic / Foreign tours & travels Repayment of existing debt Medical expenses for self / family members For any purpose which is acceptable to bank
MAX. AMOUNT
Rs. 3.00 lakh for Salary Deduction Loan (SDL)/ECS salary. Rs. 2.00 Lakh for Non-SDL/ECS
ELIGIBLITY
Permanent Salaried employees For Businessmen / Self-Employed / Professionals Minimum Take Home Income/Salary after EMI amount:For SDL/ECS up to Rs.2.00 Lakh- Rs.6,000/Above Rs.2.00Lakh up to Rs.3.00 Lakh :- Rs.8,000/-. For Non-SDL/ECS for loan up to Rs.2.00 Lakh :- Rs.6,000/-
RATE OF INTEREST Personal/ Surety Loan i) With 50% or more collateral securities upto 14.00% Rs.3.00 lakh. ii) Without collateral or less than 50% collateral securities upto Rs.3.00 lakh. MEMBERSHIP For Applicant :a. Upto Rs. 1.00 lakh Nominal Membership Rs.100/b. Above Rs. 1.00 lakh Regular Membership, (1% of the amount of loan :
14.50%
SURETIES
One Guarantors with good means for SDL/ECS Loan upto Rs.2.00 Lakh. Two Guarantors with good means for Others.
Nil Collateral security in the form of LIP / NSC / KVP / FDR, if available. 1. 1.30% of sanctioned limit for Mumbai, Navi Mumbai, Thane, Raigad & Pune area branches. 2. 0.70% of sanctioned limit for Branches other than Mumbai, Navi Mumbai, Thane, Raigad & Pune area branches.
DOCUMENT REQUIRED
1) Latest photograph, Photo Identity Proof, Pan Card Copy, Residence Proof of the Applicant And Guarantors, 2) In case of salaried person , salary slip for last 3 months and Bank statement for last 6 months, Form no-16-A & IT Return for last 3 years. 3) In case of Businessman, last 2 years financial statement along with ITR copy and Bank statement for business account for last 1 years.
2)Housing LoanPURPOSE Purchase of Flat (New or Resale) Construction of House, Extension to existing Flat / House Takeover of Housing Loan from other Financial Institutions, etc. Maximum amount of Rs. 70.00 Lakh. Any Individual (Businessman, Professional, SelfEmployed, Salaried Person having Regular source of Income) Property should be in the name of Applicant. The Co-applicant is necessary for Housing Loans. Coapplicant will mainly be spouse or son or daughter or father or mother of the Principal Borrower and he/she may be an earning or non-earning member. In these cases the income of the Co-Applicant can be clubbed for
calculation of eligible loan amount. In the absence of the above Co-applicants, Brother or Sister may be taken as Co-applicant, but their Income shall not be clubbed for calculation of eligible loan amount. In case of joint Agreements in Housing Loans, the Purchasers (Owners) will be the Borrowers and hence there is no need for separate Co-Applicants.
A) Eligibility as per Agreement Value Loan Amount Up to Rs.15.00 Lakh Above Rs.15.00 Lakh to Rs.20.00 Lakh Above Rs.20.00 Lakh Loan Eligibility 90% of the Agreement value 85% of the Agreement value 80% of the Agreement value
3)Education LoanScheme for Education Loan for higher Education in India and Abroad PURPOSE Studies in India (Indicative List)
Approved courses leading to graduate/post graduate degree and PG diplomas conducted by recognized colleges / universities recognized by UGC / Govt. / AICTE / AIBMS / ICMR etc. Courses like ICWA, CA, CFA etc. Courses conducted by IIMs, IITs, IISc, XLRI. NIFT,NID etc. Regular Degree / Diploma courses like Aeronautical, pilot training, shipping, etc., approved by Director General of Civil Aviation / Shipping, if the course is pursued in India. Approved courses offered in India by reputed foreign
universities. The above list is indicative in nature. Bank may approve other job oriented courses leading to technical / professional degrees, post graduate degrees / diplomas offered by recognized institutions under this scheme Studies Abroad:
Graduation : For job oriented professional / technical courses offered by reputed universities. Post graduation : MCA, MBA, MS, etc. Courses conducted by CIMA-London, CPA in USA etc. Degree / diploma courses like aeronautical, pilot training, shipping etc provided these are recognized by competent regulatory bodies in India / abroad for the purpose of employment in India / abroad.
Fee payable to college / school / hostel Examination / Library / Laboratory fee Travel expenses / passage money for studies abroad Insurance premium for student borrower, if applicable Caution deposit, Building fund / refundable deposit supported by Institution bills / receipts. Purchase of books / equipments / instruments / uniforms Purchase of computer at reasonable cost, if required for completion of the course Any other expense required to complete the course - like study tours, project work, thesis, etc
MAX. AMOUNT
> Studies in India : Upto Rs. 10.00 Lakh > Studies Abroad : Upto Rs. 20.00 Lakh
The student should be an Indian National Should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test / Merit Based Selection process after completion of HSC(10 plus 2 or equivalent). However, entrance test or selection purely based on marks obtained in qualifying examination may not be the criterion for admission to some of the post graduate courses or research programmes. In such cases, Bank will on its own criteria judge the employability and reputation of the institution concerned.
For purchase of New Taxi & Auto rickshaw. 90% of On road Price (The price includes show room price, painting, CNG Kit, CNG Cylinder, Carrier, Front Guard, Meter, One time Tax, Insurance and registration Charge included in the companys Invoice.) Permit should be in the name of the applicant for plying the vehicle as a public carrier. In case of widow license of permanent nature, the person who drives the Taxi/Auto shall be made co- Borrower. Applicant should have accommodation in his own name or in the name of the family members, be it on rental (Pagadi) in chawl, or ownership or collectors land and photo pass in their name. Leave & License Residence is not allowed.
60 months.
Margin MEMBERSHIP
Chapter 6 Other services1) ATM ServiceThe Abhyudaya Banks, RELAX 24 ATM's are interconnected which are located in Mumbai, Navi Mumbai, Pune, Aurangabad, Nagpur, Nashik, Nanded, Udupi, Ahmadabad. ABHYUDAYA BANK has joined NFS (National Financial Switch) ATM network. Through this ATM network now our customers have access to more than 1,00,000 ATMs all over INDIA.
Using ATM (Automated Teller Machine) customers can access their bank account in order to make cash withdrawals of Saving & Current Accounts, ATM pin change and balance enquiry.
2) SWIFT/RTGS/NEFTABHYUDAYA BANK SWIFT CODE: ACBLINBB Details of Foreign Correspondents : SR. CURRENCY NAME OF THE BANK NO 1 USD Standard Chartered Bank One Madison Avenue, New York, NY100103603, U.S.A 2 USD Bank of India 277 Park Avenue, New York NY10172-0083, U.S.A. SWIFT NOSTRO CODE A/C NO SCBLUS33 3582-025465-001
BKIDUS33 00044470013
GBP
EURO
EURO
JPY
Bank of India 63, Queen Victoria Street, London Bank of India 3, Rue Scribe F-75009, Paris France Standard Chartered Bank Franklinstr 46-48, 60468 Frankfurt am main Bank of India Marunouchi, Nakadori Bldg, Chiyoda ku, Tokyo
BKIDGB2L 0171009803
BKIDFRPP 43100004127
BKIDJPJT
424123401000022
3) MONEY GRAM FOR GLOBAL REMMITANCIn as little as 10 minutes. Its global network is comprised of 190, 000 agent locations in more than 190 countries and territories. MoneyGrams convenient and reliable network includes retailers international post offices and financial institutions.
Process flow: The remitter, who is outside India, desiring to send money with safety and speed to his near and dear ones, goes to any of the agents of Money Gram fills in the remittance form and tenders the equivalent foreign exchange inclusive of charges to such agent. After processing application through Anti-Money Laundering Guidelines, remitter informs the beneficiary in India the 8-digit reference number and the amount of money remitted. The Beneficiary visits of our branch locations fills in a simple receive form and submits valid
proof of photo Identity and his/her address location. The information will be verified and the amount will be paid to the beneficiary in minutes.
4) INSURANCE PRODUCTAbhyudaya Bank Now Corporate Agent of LIC of India & The New India Assurance Co. Ltd. The bank has taken Corporate Agency of Life Insurance Corporation of India andThe New India Assurance Co. Ltd which are prestigious insurance company in India. The different policies offered by them are now available through different branches of our Bank. All interested parties may contact to their nearest branch or Insurance Dept., HO for insurance advise.
5) Demat :Demat is a process, where at the request of the customer, the physical stocks are converted into electronic entries and maintained in the depository system. Depository :Depository is a provider of facility for holding and / or transacting securities in book entry form. Physical securities can be converted in to book entry form i.e. electronic form by way of immobilization or Dematerialization (so that they exist only as electronic records). India has chosen the Dematerialization route. A depository functions somewhat similar to a commercial Bank. To avail of the services offered by a depository, the investor has to open a Demat account with a registered Depository Participants (DP). Depository Participant :-
Depository Participant (DP) is an agent of Depository who is authorized to offer depository services to investors. Financial Institutions, Banks, Custodians and Stockbrokers complying with the requirements prescribed by SEBI / Depositories can be registered as a DP.
MISSION
To continuously strive for synergy between technology, systems & human resources for providing products & services that meet the quality, performance & aspirations of the vast clientele & to maintain the highest standards of ethics & societal responsibilities, constantly innovate products & processes & develop teams that keep the momentum going to take the Bank to excellence.
The Beginning :
A dedicated group of social workers and labour movement activists, imbued with the spirit of service to the cause of mill workers, other industrial and hitherto neglected economically weaker sections of society started Abhyudaya Co-op. Credit Society Ltd. in 1964, with a small share capital of Rs. 5,000. The area of Kalachowki, Sewri, Parel and their surroundings were predominantly populated by low income industrial labour and lower middle class people at that time. In a short period of time Abhyudaya Co-op. Credit Society got converted into an Urban Co-op. Bank. Finally in June 1965, Abhyudaya Co-op. Bank Ltd. was established with the motto of "Prosperity through Cooperation".
A Forward March :
The Bank was conferred with Scheduled Bank Status by Reserve Bank of India in September1988. Over a span of 49 years, it became one of the leading Urban Co-op. Bank in the country with branches in Metropolitan Mumbai, Navi Mumbai, Pune, Thane, Raigad, Nagpur, Nashik, Nanded,
Kankavali and Aurangabad in Maharashtra State, Vadodara and Ahmedabad in Gujarat State, Udupi and Mangalore in Karnataka State. On 11th January, 2007 the Bank was registered as a MultiState Co-op. Bankby the Central Registrar, New Delhi. The area of operation of the bank is confined to 3 States Maharashtra, Gujarat and Karnataka. The Bank further proposes to extend its area of operation to other States. The merger of Shree Krishna Sahakari Bank Ltd., Vadodara, Gujarat State, Janatha Co-op. Bank Ltd., Udupi, Karnataka State and Manekchowk Co-op. Bank Ltd., Ahmedabad, Gujarat State has been effected. For the F.Y. 2013-14 Bank has set a target of achieving a business mix of Rs. 15,800 Crore. Recently, Bank has registered itself with CPSMS (Central Planned Scheme Monitoring System) which is a project of Dept. of Expenditure, Ministry of Finance, New Delhi for providing AADHAAR based Direct Cash Transfer Benefits (Subsidies) to the customers.
amounted to Rs. 970.08 Crore and Investments are to the tune of Rs. 3428.00 Crore. The Capital Adequacy Ratio maintained by our bank is as high as13.22%. For the F.Y. 2012-13, the Net Profit of the Bank after tax/provision stood at Rs. 91.22 Crore.
whereby the talent of the staff members and officials are groomed to make them competitive to face the challenges in the Banking Sector. Bank has undertaken a market research survey for its customers. Research outcome has shown us that Bank has customer centric banking approach and customer satisfaction index of the bank stood at 9.1 on a scale of 10. Bank focuses on relationship banking rather than merely on transactional banking.
2. Indian Banks Association has awarded The Best Technology Bank of the year first runner up Award consecutively for 2 years (2010-11 &
2011-12) in the Co-operative Banks category in recognition of its outstanding achievement in the area of Banking Technology.
3. The Brihan Mumbai Nagari Sahakari Banks Association Ltd has presented First Prize in the category of Banks having Working Capital of more than Rs. 500.00 Crore on 31st July 2012 for the year 2011-12.
4. The Maharashtra Urban Co-op Banks Federation Ltd., Mumbai has awarded The Best Bank Second prize for the F.Y. 2011-12.
LONG TERM PERSPECTIVEWith the expanding horizons, continuous developments and competition the bank proposes to become full fledged financial service provider, fulfilling requirements of customers and other stakeholders by providing all allied services, as permitted by the regulatory authorities. The Bank has adopted advanced technology for providing faster and convenient services to clients. These major long term proposals will enable the bank to increase its market share and better fulfillment of expectations of all the stakeholders.
: :
Shri Dhanji G. Kurlawala Shri Puneetkumar R. Shetty Shri Prasanta k. Mohapatra Shri Sonudas A. Naik
: : : :
General Manager ( Credit & Forex ) General Manager (Legal & Recovery) General Manager (I.T. & Treasury ) General Manager (Development & KYC/AML) General Manager ( HRM & Accounts) Deputy General Manager (Navi Mumbai Zone) Deputy General Manager (Treasury & Forex Treasury Dept.) Deputy General Manager (Central Zone) Deputy General Manager (Pune Zone & Regional Office Udupi) Deputy General Manager (Central Law) Deputy General Manager (Legal and Recovery) Deputy General Manager (Western Zone & Regional Office
: : :
: :
: : :
Ahmedabad .)
corporate governance is much more than complying with legal and regulatory requirements. Good governance facilitates effective management and control of business; enable Bank to maintain a high level of business ethics and to optimize the value for all its stake holders. The objectives can be summarized as under. To enhance shareholder value. To protect the interest of shareholders and other stakeholders including customers, employees and society at large. To ensure transparency and integrity in communication and to make available full accurate and clear information to all concerned. To ensure accountability for performance and to achieve excellence at alileveis. To provide corporate leadership of high standards for others to emulate.
equally important. In this direction Abhyudaya Bank took an initiative with the help of NGO to create financial literacy awareness programme and approached 1700 villages covering districts of Thane and Pune. Abhyudaya Bank has donated Rs. 54.19 lacs being 1 % of the net profit to 35 social/charitable organisations.
effect from 1st March, 1966 and within the ambit of the Reserve Banks supervision. This marked the beginning of an era of duality of control over these banks. Banking related functions (viz. licensing, area of operations, interest rates etc.) were to be governed by RBI and registration, management, audit and liquidation, etc. governed by State Governments as per the provisions of respective State Acts. In 1968, Urban Co-operative Banks were extended the benefits of deposit insurance. Towards the late 1960s there was debate regarding the promotion of the small scale industries. UCBs came to be seen as important players in this context.
Chapter 11 Conclusion
Co-operative Banks are an indispensible part of our Indian banking structure. There is still more growth for Co-operative Banks in todays banking scenario. There is a need for more professionals in cooperative banks to adopt advance technology to attract large number of customers and also to retain existing customers. Along with regular banking activities, today Co-operative Banks are also providing many other services
like insurance product, mutual fund. Internet banking, phone banking, ATM cards, etc. In case of Abhuydaya Co-operative bank, constant support from loyal clientele, visionary Board of Directors, guidance from stakeholders and staffs dedication has been contributed to maintain the status of most successful bank in the country since its inception. Abhyudaya bank is surviving very well in the market and it will definitely keep going on successfully in the near future also with the help of their four key factors: viz., Information technology, Electronic banking, Visa Debit card and multi-expansion plans. The main aim of the bank is to provide best class of products and services to its customers and hence it is for sure that the Abhyudaya bank is having bright future.
VISIT REPORT
ABHUDAYA CO-OPERATIVE BANK BHIWANDI BRANCH
The Bhiwandi branch of Abhuydaya Co-operative bank was set up in 2007. The environment and surrounding of the bank was very neat and clean. There was jointly underground arrangement of place for loan department apart from main place for regular transactions. At the bank I met the Branch Manager of Bhiwandi whose name was Mr. Ramakant Tare. He discussed with me regarding Abhyudaya banks
regular transactions and provided all the information which is required and also answered the questions asked by me. The staff members of bank were also cooperative. Apart from accepting deposits and lending loans, bank also provides other services like SMS banking, internet banking, ATM service, Debit card, insurance products and mutual fund. It was a great and exciting experience to visit the Bhiwandi branch of Abhyudaya Co-operative bank and to collect information required for the completion of the project work.
District: Branch: IFSC Code: MICR Code: Branch Code: City: Address:
Thane Bhiwandi Branch ABHY0065069 (5th character is zero) 400065068 000047 (Last 6 Characters of the IFSC Code) Bhiwandi Shop No.9, 10 &11, Gr. Floor, Jangid Complex, Anjur Phata, Kamatghar, Bhiwandi, Pin-421302
Contact:
2522-262216
Annexure
Questionnaire
In which year the Bhiwandi branch of Abhudaya Co-operative Bank was established?
Which type of banking facilities the Abhudaya Co-operative Bank is providing to its customers? .
Apart from banking, which types of services are provided by Abhudaya Co-operative Bank ?
What is Core banking solution? What are the future plans of Abhudaya Co-operative Bank? .
Webliography