Introduction Of The Sutex Co-operative Bank

History of Sutex Bank:Sutex is Abbreviation of The Sutex Textile Co-operative Bank Ltd. It was born on 15th may, 1972 with Regd. No. s/5033 of 1972 at the Bank block Textile market, Ring road as its head office. It started as Urban Co-operative bank with the motto of HELPS YOU LIVE BETTER at the start there were 270 members, and share capital of Rs. 5, 23,315/- It is started under the chairmanship of Mr. Surajram H. bachkaniwala, who is famous Merchant of Gujarat and also founder of Surat textile Co-operative ware housing society Ltd., Surat Vankar Sangh, Ram Mandir Trust, Himson Group of Industry etc. he is associated with many social organizations. Mr. Ashabhai S. Patel was the vice chairman and Mr. Bhupatbhai Dholbhai was organized secretary at started. Purpose of Sutex Bank:From the name of the bank it is clear that it was established mainly to serve the textile Industry of Surat district. Textile industry is like back bone of Surat. 40% of over all textile manufactures of India are in surat. Keeping this factor in consideration Sutex bank was established.

Development of Bank:In the year 1975-76 banks give 9% dividend to the shareholders. At that time it started as sub member of District Co-Operative Bank Ltd., for clearing services. In the year 1977-78 the profit was 1, 43 , 067. In the year 1983, there was big change in the working of bank beacuase in that year for the first time total deposit was more than Rs. 1,09, 15000/- and profit was Rs. 4,53,145/- In the year 1986 bank got the full flagged memebership of clearing house. Bank started its first branch at station road in the year 1986. in the same year bank got the life time membership of GUJARAT URBAN CO-OPERATIVE BANKS FEDERATION It started second branch at Gopipura in 1990. then katargam, rander road, Varachha road, Pipodara, Sachin GIDC, Udhana Magdalla road, Athwalines, city light road, Salabatpura Road in the short period of six years. It also has separate Administrative office at Parvat Patia.

Keeping in consideration importance of computerized banking, bank started on line computerize service at Head Office in the year 1992-93. Now all branches are computerized.

Safe Deposit vault facility was started in the year 4th April 1990 at gopipura Branch. Now these facilities are available at katargam, Udhana Magdalla, Athwalines, Parvat patia and salabatpura also, Automatic tailor Machine (ATM) facility was started in the year 1st November 1994 at Rander road Branch. These facilities are available at rander road, Athwalines, city light, and Station road. Special Features of Bank:1. It was started on 15th May 1972, as an urban co-operative bank.

2. Surat textile Market, ring road is its registered Office. 3. It has independent administrative office at parvat patia, Surat. 4. It is one of the co-operative banks in surat that has 13 branches in and around Surat. 5. All branches are computerized and better working condition. 6. Provide services to the all segment of society with special, emphasis on textile industries of Surat. 7. Locker and ATM facility are available at majority of the branches. 8. Special loan scheme for professional, different segment of industry and trade at lower rate of interest as compare to other co-operative bank. 9. Offered favorable rate of interest on various kinds of deposites. 10. It also gives donation for education purpose. Some examples are of Sarvajanik Education society. Also running BCA college in Amroli. 11. Bank also rising to the occasion credit with in 24 hours to the flash flood affected in 1992.

12. In the start there were 272 shareholders and today there are 14,800 shareholders. 13. Registration under the Multi state bank Act by Indian government in the year 1999. 14. Advances of 81% to the priority sector. 15. Only recognize bank in non-scheduled co-operative bank that gives direct advances under T.U.F. scheme. 16. Reasonable rate of interest on loan for higher education.