Associate Co-operative Bank Ltd. commenced its banking operations in the year 2000 and it has come a long way since then. It is the youngest Co-operative Bank in Gujarat, last so licensed by RBI. It has been able to achieve highly impressive business growth over the years despite its comparative younger age Bank has succeeded in attaining business exceeding Rs. 336.32 Crore (Rs. Three Hundred Thirty Six crores to be precise) as on 31st March,2024. Bank In due course, the bank has recently started two more branches one at Piyush Point, Pandesara & the other at Ramnagar, Adajan, Surat.
The bank has gradually developed the Banking activities and at the end of 24th year, with a network of 6 branches, the share capital and reserves raised to more than Rs.31.42 Crore and the deposits having crossed Rs.214.18 Crore mark, a rare phenomenon in Cooperative Banking Sector in all over India particularly so when considered from the age point of view of the bank. The numbers of depositors now stand to 28,666. The latest figures of share capital and reserves amount to Rs.31.42 Crore. The deposits stood at Rs.214.18 Crore and Advances Rs.122.14 Crore. The bank is working with 67 nos. of staff members for Seven offices (branches) in all.
The Bank is a grade `A’ awarded by RBI. Since inception in 2000 it has seen a record of continuous uninterrupted dividend payments during the entire duration of over 24 years of its journey. It has also never defaulted on its CRR & SLR commitments in all these years. A table giving complete vital statistics since inception is separately given.
Encouraged by the excellent results of the Bank and looking to the potential business needs at Surat City.
The Bank has a very prudent business policy in tune with the nature of deposit mix. The demand deposits (current deposit and saving deposits) are never diverted to advances and remain parked in Govt. Securities and deposits with nationalized banks and other private sector banks of repute only. Bank is always maintaining sufficient CRR and SLR as per rule of Reserve Bank of India. Bank is never defaults in maintaining CRR and SLR.
In view of the safe deployment policies adopted by the Bank the CD ratio has hardly crossed the ideal 57.03% mark. As on 31st March, 2024.
Bank Net NPA is Zero Percent continuously.