In a landmark move aimed at revolutionizing convenience and personalized banking, SVC Co-operative Bank has introduced a new Aadhaar-based Digital Demat Account service, enabling customers to open a Demat Account seamlessly online in just 10 minutes.
With a legacy spanning 118 years, the Bank continues to lead in innovation, marking a significant step in its digital transformation journey.
The new platform was launched by Durgesh Chandavarkar, Chairman of SVC Co-operative Bank Ltd., who highlighted the Bank’s commitment to leveraging technology for enhancing customer experiences.
He noted, “This digital initiative reflects our dedication to embracing advanced solutions. The platform incorporates state-of-the-art security features while simplifying the account opening process, making investment opportunities more accessible to all customers.”
Ravinder Singh, Managing Director of the Bank, emphasized the significance of this milestone, stating, “The launch of our Online Demat Account is a pivotal step in our ongoing efforts to enhance customer convenience and embrace digital transformation. At SVC Bank, we aim to provide innovative solutions that simplify financial management. This service empowers customers to take control of their investments with ease and security, while streamlining the investment process and creating new opportunities for growth and wealth generation.”
The platform revolutionizes the traditional account-opening process by offering a completely paperless and digital experience. Customers can open Demat Accounts within minutes using a user-friendly interface accessible via mobile devices or computers.
Key features include instant account opening with paperless eKYC, advanced security protocols such as multi-factor authentication, seamless integration with banking services, real-time location and live photo capturing, digital e-Sign functionality, 24/7 account access, and an instant Digital Welcome Kit.
This initiative aligns with the government’s Digital India vision, aiming to promote greater participation in the securities market by removing traditional barriers to entry and fostering a more inclusive investment environment.
SVC is a Multi-State Scheduled Co-operative Bank with a presence across 11 states, including Maharashtra, Karnataka, Goa, Gujarat, Rajasthan, Delhi, Haryana, Madhya Pradesh, Andhra Pradesh, Telangana, and Tamil Nadu.
The Bank’s total business stood at Rs 35,159 crores as of March 31, 2024, while its net profit increased by 23.73%, reaching Rs 218 crores.
Headquartered in Mumbai, the Bank operates through a robust network of 198 branches and 214 ATMs, supported by an employee strength of over 2,400.
