Bank History


During  the time span of 53 years of Development  The Surat Mercantile co-op. Bank Ltd., Surat has earned name and fame as leading co-operative Bank. Climbing the steps of development one by one. Bank has celebrated its Golden Jubilee festival Devoted to the overall and  all round development looking to the present scenario, a clear picture comes out of its large jump. Late Balvantrai Desai & late Shambubhai Patel's visionary approach, they were pioneers of Bank's strength, safety and stability  from the day of Bank's foundation, with the long vision, self confidence and sincerity,  they were the guide to the  Bank with their transparent and honest administration by remembering these personality  on 53rd year we salute and offer our heart felt condolences. Late Mr. Balvantbhai Desai was a Chairman during 1965-1985 for two decades. From the foundation day till end of life, Late Shambhu Dada  remains founder & dream visionary.

Since inception in 1965, Bank is marching towards sincerity, discipline and with concrete direction. Same years in the beginning were passed in stress and problems of hard core 1965-70, five years was slack for Surat. flood 1968 had broken the back bone of Surat. In this critical period, Bank's leaders had lead the Bank with cool mind.

In these years, financial position was not good due to negligible support form Govt. and Low capital base to give finance was a question. Bank had balanced the situation by distribution policy decision. In first five years struggled period, Bank has gain stability by financing  to small business houses, Bank can improved its capital base and became self dependent from 1971 Bank climbed step by step to upward progress. Including gross, profit, Bank win the hearts of share holders.

A  decade  of 1975-85 was better in all respect and decided to finance for  upliftment of small farmers and weaker section of business norms from 1977-78, number of share holders increases and started development period in real sense  Reserve Bank of India included Mercantile Bank is sub list of "Insured Bank".

During 1975-80 Bank concentrated on opening of new branches due to fast growing development of Surat, Second Branch of Bank opened at Katargam in 1981. in next year 1982, One more Branch opened at Khatodara and in 1983, Rampura Branch was opened with locker facility. Banks take various decision for finance to vehicles, higher purchase, Janthan Bachat and benefit was spread in the public and benefit was taken by many people and Share holders.

Bank's 20-years development was celebrated under the president ship of    Ex-Chief Minister Mr. Hitendra Desai witness of these glorious 20 years,  a guide, founder Chairman, dream personality Mr. Balvantrai Paragji Desai died on 09.09.1985 due to his honest, workman ship, administration ship  he gave fast movement to the Bank with sound leadership. Thereafter from 1985, Late Shri Shambhubhai Patel shouldered double responsibility of Chairman & Managing Director with his wide experience, he lead the Bank to the top of achievement and Success. 1986-87 was a very bad year for Textile Industries & Bank was compelled to go slow for new credit files.

Bank has also shown its concerns for the social responsibility in 1987 – 1988 there was worst situation in palanpur Taluka, village Dhaniyara due to draught Bank help them with Rs.7.50lacs and saved the annual life. Now Bank was established as valued Bank in city and started with 255 members, it increases to 9563 members in Silver Jubilee year by following RBI Guidelines, Bank gave 25% finance to weaker section of society and became Bank for common public in real sense. Bank Completed all targets but Silver jubilee year was celebrated with Simple Function but with dignity.

Bank, during its carrier of 2½ decades, has never entered in to any controversy nor in any political issue, it comes out spotless with achieving new heights. Compared to earlier years, Banks deposit Increased by 50% in the silver jubilee year 1988-89. It was a proof of Banks trustworthiness. Loyalty and  Transparency.  Bank has still continued finance of 60% to priority sector & 25%  to weaker section as per Reserve Bank's guideline. Bank has used sizable fund at the end of every year for development fund, co-op. propaganda, members,. upliftment of staff benefits and social educational activity. This also is a credit point of 25 years of existence. In 1991-92, Bank floated Silver jubilee Bond scheme and it was praised by customers & public.

So many peoples get settled by starting small industries or profession with the help of Bank's loan under self finance schemes in 1992-93 Reserve Bank apprised Bank in its report & Bank image was improved.

Bank purchased loan for construction of own administrative office & it was ready in 1997-98 at Laldarwaja Main Road, Modi Compound and the name was given "UTKARSH" to the building thereafter Bank framed policy to open new branches in own premises. In 1998-99, Reserve Bank gave permission to open 3 branches at Kadodoara, Bhathena & Amroli, a leading industrial area and were opened in 1999-2000. During this period, computerization had entered in Banking industry. It was unavoidable to be in competition.  Executive Committee gave green signal to go ahead, Bank's staff was trained accordingly a new era started for the bank.

Today entire Banking work computerized and is under control of expert technical staff. In the year 2001-2002 first time lady director Mrs. Sudhaben A. Shah was included in the Board. Senior Citizen were offered 1% more interest from this year. Four new branches Rampura (with locker Facility), Anand Mahal Road, Bhatar & kapodra were opened during the year. Hence with 11 branches, Bank's operational area increase with good response from the customers.

2002-2003 was a year of earthquake latur was totally collapsed. In this critical situation, Bank declared Rs.5,55,555 as economic support to the effected persons. This year MICR cheque system started as per RBI's notification during this time Mr. Kamleshbahi M. Patel and Late Shri Shambhubhai Patel were appointed as Chairman & Managing Director and the executive Chairman respectively.

In the year 2003-04, Bhathena Branch was attracted in day time by Thiess, but due to staff alertness and with the help of customers, bank was saved. The staff was rewarded with an increment in the salary.

Bank awarded 1st prize in non schedule branch category by Gujarat urban co-op. Bank federation for "Zero Net NPA".

In 2004-05 Kalupur Co-op. Bank , Gujarat State Co-op.Bank Ahmedabad and Surat Dist.Urban co-op. credit society federation to gather selected renounded co-operative personality late Shri Shambhubhai Patel as Best CO-operative Person" and felicitated in the gorgeous function for which bank is very proud of the occasion in 2003-04 Bank was awarded "Special contribution at co-op. Sector" by Surat Jilla Sahakari Sangh . This year Bank has decided to arrange "Golden Jubilee year 2015 Celebration at large level. Efficient loyal L& workaholic General Manager Mr. Vishnubhai I. Patel retired and noted his Valuable services with a view to take advantage of his expertise, he was   selected as vice chairman of the Bank. Rs.25.00lacs allotted in 2005-06 for felicitation of golden jubilee year. First time this year Bank awarded bright starts from Gujarat and surat who had secured 1 to 10th  rank at 10th  & 12th and Board exam, This noble work in education field still continues. Gujarat Urban co-op. Bank federation awarded "Sahakar Setu Award."  To the Bank in 2006-07. This award was given for achieving  category  highest income against total assets highest in-come against average Assets and highest income against working capital. This was one more feather in cop of the Bank.

Again in 2008-09 late Shri Shambhubhai Patel appointed as Chairman  & shri Vishnubhai Patel appointed as Vice-Chairman in 2009-10, Shri Vishnubhai Patel appointed as Chairman under his chairmanship (2009 to 2014) Bank could achieved best performance and also won trust love from  share holders staff & Customers from 2014-15 under the leadership of young and enthusiastic Chartered actt. by profession Chairman shri Rakeshbhai Patel bank enters in to 53rd years of its existence. He is very courteous, always thinking for social  & economical  development of customers & staff. He is keeping rapo with trust and gives priority to Banks business. He is taking dynamic steps for overall interest of the Bank. Above all these, we can not forget the whole hearted response & support given by exciting staff and also remembering contribution given by Ex-Staff and well wishers in the development of this prime institute. Let we start marching towards success in 53rd year and pray the almighty GOD for prosperity progress thought the year.