- SNGC News
Sree Narayana Guru Co-op. Bank Ltd, promoted by Malayalees in Mumbai was established in the year 2002. It is the one and only Bank in the name of Sree Narayana Guru in the world. The Bank came into existence in Feb-2002 when the Reserve Bank of India granted license to open a branch at Chembur, Mumbai. The Bank is registered under the Maharashtra Co-op. Society Act 1960 and it is popularly known as SNGC Bank.
The Bank started its business operation on 2nd June 2002. During the past 16 years, it has been steadily growing both horizontally and vertically. At present, the area of operation of the Bank is spread over in Mumbai and Thane districts. The Bank has over Rs.5.28 crs Share Capital with 4777 shareholders of which 90% are Malayalees. It has now 6 branches, one each at Chembur, Bhandup (W), Mulund (W) and Nerul, Koparkhairne,CBD Belapur.
The Bank has already crossed the business mix of Rs. 106 crs and the Bank is expecting to touch Rs. 200 crs in 2025. The Bank is operating on sound financial parameters and also strictly adhering to the RBI guidelines and regulations. The Bank is managed by a professional team of Officers and experienced staff under the overall supervision, guidance and control of a dedicated team of Board of Directors led by a Chairman. The Bank has been earning profit right from the very first year.
The initiative for establishing Sree Narayana Guru Co-op. Bank Ltd. started sometime in late 1990's. The ardent followers of Sree Narayana Guru associated with Sree Narayana Mandira Samiti - a leading charitable and educational institution trust in Mumbai took keen interest and actively associated with the formation activities of the Bank. Since Mandira Samiti has large number of Sree Narayana Guru followers particularly life members and patrons, the idea of promoting a Co-op. Bank in the name of Sree Narayana Guru was found to be feasible proposition. In fact, such an initiative gave an opportunity to the members of the Samiti to become prospective shareholders of the Bank. The Bank was established with an intention to enhance social and economic wellbeing of the common man particularly poor and economically weaker sections, low income group, middle class residing in urban areas. By the year 2000, the proposed Sree Narayana Guru Co-op. Bank Ltd. was able to enroll more than 2500 shareholders and mobilise share capital of Rs.2.50 crores which was the then minimum share capital requirement stipulated by RBI for granting license for a new Co-op. Bank. Thus the dream of Sree Narayana Guru Followers in Mumbai for setting up their own Co-op. Bank in the name of Sree Narayana Guru became a reality in Feb-2002, when Reserve Bank of India granted license to the Bank.
Bank started its business operations on 2nd June 2002 by opening Branch in the school premises offered by the Sree Narayana Mandira Samiti at their Chembur Educational Complex. The first elected Board of Directors was constituted by Registrar of Societies, Co-operation Dept, Govt. of Maharashtra in Nov-2002 for a term of 5 years. The duly elected Board had 14 Directors of which, 13 are elected and 2 are nominated. The Board of Directors is reconstituted at the end of every 5 years by the Registrar of Co-operative Society, Govt. of Maharashtra.^ top
Performance at a Glance
During the last 16 years of its existence, the Bank has made commendable progress. The Bank has collected total share capital of over Rs.5.28 crores from around 4777 shareholders. The Bank has mobilized deposit of Rs.67 crores and extended Loans and Advances to around of Rs.39crores as on 31/3/2018. Bank has 6 branches and its total business mix has already crossed Rs.106 crores. The Bank has been making profit and giving dividend to its shareholders from time to time. The Bank also bagged First Prize for its best performance in the year 2015-16, below Rs.500 crs category. The Bank has been receiving Audit Classification 'A' since inception and also from Reserve Bank of India. The Bank has last opened branch in CBD Belapur. Bank is enjoying enormous confidence and loyalty from its shareholders, depositors, well wishers and general public. Common man has no hesitation to invest his hard earned money with the SNGC Bank, as it ensures safety and better returns.^ top
The Bank has already drawn up an ambitious business plan for the next 10 years. The plan envisages the deposit growth to the tune of Rs.200crs by the year 2025 and advances to the tune of Rs.100crs. The Bank is expecting to have 10 branches by 2020 in different parts of Mumbai and Navi Mumbai. The plan is to achieve the status of a Scheduled Co-Op. Bank by the year 2030 and also to become a Multistate Co-op. Bank. Once it reaches the level of Multi-State Co-op. Bank, the Bank can very well plan to open its branches in Kerala the birth place of Sree Narayana Guru.^ top