MUMBAI, 9 MAY, 2024 (TGN): SVC Co-operative Bank Ltd. (SVC Bank – formerly known as The Shamrao Vithal Co-operative Bank Ltd.) announced the launch of its Long Term Subordinated Bonds (LTSB) – Series 2.
The issue is open for public subscription and the last day for subscribing to the bonds is May 15, 2024. SVC Bank will be raising Rs. 100 Crores from the bond issuance with its very competitive interest rate of 8.50% per annum to investors.
SVC Bank’s Managing Director, Mr. Ravinder Singh, said, “SVC Bank is offering its bonds to investors on a coupon rate which is very competitive. This is one of the best interest rates being offered in the banking industry today, especially by a legacy brand which is rich in both its financial strength and brand value. We are confident that the issue will receive good response from investors given the attractive interest rate and SVC brand value. With equity markets turning volatile, our LTSB issue offers a good opportunity to the investors to diversify their portfolio.”
For detailed terms and conditions of the LTSB issue, customers are requested to kindly contact their nearest SVC Bank Branch or visit SVC Bank’s website – www.svcbank.com
About SVC Bank
Set up in 1906, SVC Bank is a 117-year-rich institution that has contributed significantly to the development of the co-operative movement in India for over a century. Today, the Bank is one of the oldest and most recognised names in the country’s co-operative Banking space. SVC is a Multi-State Scheduled Co-operative Bank with its presence across 11 States – Maharashtra, Karnataka, Goa, Gujarat, Rajasthan, Delhi, Haryana, Madhya Pradesh, Andhra Pradesh, Telangana and Tamil Nadu. Total Business of the Bank is at Rs. 35,159.31 Crores as on March 31, 2024 and Net Profit increased by 23.73% to reach Rs. 218.16 Crores. Gross NPAs declined to 2.30% while Net NPAs also substantially reduced to 0.27%. The Bank continued to strengthen its Provisioning Coverage Ratio (PCR), which has reached at 88.48%. The Bank’s Return on Asset (RoA) increased to 1.00% and CRAR is at 15.37% as on March 31, 2024. Time and again, the Bank has proven its strong fundamentals and efficiency parameters.
Headquartered in Mumbai, the Bank has a vast network of 198 branches, 214 ATMs and an employee strength of over 2,400. The Bank offers the entire gamut of services across Retail, Corporate and International Banking. SVC Bank was recently awarded at the hands of Shri. Amit Shah – Honourable Union Minister of Home Affairs and Cooperation, GoI, in recognition to SVC Bank’s contribution to the paid-up capital of National Urban Co-operative Finance And Development Corporation Limited (NUCFDC) for the solidarity of the UCB Sector and for the principle of Cooperation among cooperatives by NUCFDC. The Bank was also, in the year 2022, awarded for its 100+ years of service at the hands of Shri. Amit Shah – Honourable Union Minister of Home Affairs and Cooperation, GoI. The Bank has also been acknowledged with many prestigious recognitions, like the ET Best BFSI Brands 2023, ET Best Organisation for Women 2023, Best ‘Data Centres Award’ & ‘Enterprise Security Award’ at Express BFSI Technology Awards 2022 and Award for Outstanding Response to Covid-19 at Co-operative Banks Ingenious Leadership Summit and Technology Awards 2022. The Bank was among the first few Co-operative banks in the country to get the Authorized Dealer Category I License (Independent Forex Operations) from RBI in December 2007. In July 2008, it launched its International Banking Division, which handles more than Rs. 5,000 Crores Forex business today.ENDS (TGN)
