Shivalik Mercantile Co-op Bank on growth path

Uttar Pradesh based Multi-state Shivalik Mercantile Cooperative Bank has opened two branches at Alam Bagh and Vikas Nagar in Lucknow.

Chief Executive and Managing Director of the UCB Suveer Kumar Gupta said to this correspondent on the phone “The branches at Alam Bagh and Vikas Nagar were inaugurated by Sanjeev Mittal, Principal Secretary, Finance, and R.K.Tiwari, Additional Chief Secretary, UP Govt respectively”.

He said “we have received the RBI’s permission to open 10 new branches and we hope to open them all by the end of the current financial year”.

Presently the bank has a network of 25 branches in two states including Uttar Pradesh and Madhya Pradesh.

Recalling the history of the bank Gupta said “the bank was established in 1998 and by the year 2010 the bank achieved a deposit base of more than 100 crore. The bank has the distinction of being the only multi-state cooperative bank in Uttar Pradesh.

Readers would recall that Shivalik Mercantile Cooperative Bank has recently been given the “Banking Service Excellence Award for Technology” in All Indian Urban Cooperative Banking Summit organized by Karnataka State Cooperative Urban Banks Federation in Bangalore.

Talking about his further goals and targets, he said the RBI has given us approval to expand the banking business activities in Delhi and two districts of Uttarakhand. The expansion will take place in the next financial year. The bank is eyeing a business turnover of Rs 5,000 crore by 2020, he added.

Gupta said the bank has recently launched micro ATM services and implemented e-KYC authentication for customers.

The bank earned a net profit of Rs 15 crore in the last financial year claiming more than 22,000 shareholders. The NPA of the bank is below 2 percent.

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