SVC Co-operative Bank Ltd. (SVC Bank – formerly known as The Shamrao Vithal Co-operative Bank Ltd.), one of India’s leading multi-state scheduled banks with a legacy of 118 years, announced the launch of its home-grown QR facility, SVC QR+, at the hands of S Ravinder Singh, Managing Director, SVC Bank, at the Bank’s Regional Office in Thane on October 13, 2025, marking a major milestone in its digital payments journey.
With this launch, SVC Bank now functions as both an issuing and acquiring bank under the Unified Payments Interface (UPI) framework, reinforcing its commitment to innovation in digital banking. As part of the initiative, the Bank will provide merchant customers with unique QR code stickers or QR codes with sound boxes, enabling seamless UPI-based payment acceptance across all UPI-enabled apps and banks.
The SVC QR+ solution bundles a robust suite of advanced features built on the UPI infrastructure both on issuing and acquiring side, supporting UPI Lite, Interoperable Cardless Cash Withdrawal (ICCW), and UPI Delegate/Circle to enhance convenience and flexibility for both merchants and customers, says the SVC in a press release.
Designed for rapid and frictionless deployment, the platform ensures instant merchant onboarding, batchwise settlements, and centralized transaction monitoring through a digital dashboard for real-time tracking and simplified reconciliation.
The system has been built in full compliance with NPCI and RBI standards, incorporating end-to-end encryption and continuous monitoring to ensure transaction security and regulatory adherence. The launch of SVC QR+ extends the Bank’s digital ecosystem, offering merchants and customers a secure, interoperable and user-friendly payments experience, stated the Bank’s release.
This initiative underscores SVC Bank’s commitment to advancing the cashless economy and supporting micro, small and medium enterprises through seamless digital payment solutions. The Bank also plans to integrate advanced analytics, value-added services and merchant engagement tools to strengthen transparency, efficiency and ease of use in the coming phases, it added.
To explore SVC QR+ facilities, one may visit their nearest SVC Bank Branch.
Set up in 1906, SVC Bank is a 118-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 10 States & 1 Union Territory – Maharashtra, Karnataka, Goa, Gujarat, Rajasthan, Delhi, Haryana, Madhya Pradesh, Andhra Pradesh, Telangana and Tamil Nadu.
Total Business of the Bank is at Rs. 39,353 Crores as on March 31, 2025 and Net Profit increased by 10.52% to reach Rs. 241 Crores. Gross NPAs declined to 1.96% while Net NPAs also substantially reduced to 0.25%. The Bank continued to strengthen its Provisioning Coverage Ratio (PCR), which has reached 87.54%. Time and again, the Bank has proven its strong fundamentals and efficiency parameters.
Headquartered in Mumbai, the Bank has a vast network of 203 branches, 220 ATMs and an employee strength of over 2,400.