With the sole objective of the economic upliftment of weaker section of the society, with total faith in the measure of Co-operation The Kurundwad Urban Co-op Bank, Kurundwad was established on the auspicious day of ChaitraPadwa i.e. 12th August 1956.
|२)||Share Capital||Rs. 20,000.00|
The performance of the bank in the very first year of operation allowed no room for any fear or suspicion in the mind of shareholders. Since they could share the profit of the bank as dividends. The very next year, the bank could establish in it's own building in the midst of the city of Kurundwad. This self dependent building accommodation. In such a short period again reflects the administrative competence.
(Rs. in Lac's)
The economic goal is attained through economizing the administrative expenses, encouraging deposits with more rates of interest and charging very reasonable interest on loans with proper surveillance on its use. Since the establishment of the bank only, the board has taken up this task as a social virtue; hence mere commercial gain alone has not been the aim, on the contrary, the economic development of Shirol Taluka through the up bringing of an average common man is the major objective. The maximum dividend of 6 percent proposed by the Co-Operative act could be distributed only because of good intention of all the concerned.
All banking transactions are governed by provisions made in the Co-Operation Act of Maharashtra 1960 and Banking Regulation Act of 1989. Only with the right transparent technique and good intention, the bank itself has grown into a complex extended into five branches with HQ at Kurundwad. The following figures speak of the latest performance of the bank.
It is a matter of pride to state that even through some decades of operations no elections were conducted, most of the times, the body was elected unopposed avoiding enormous expenses and embittered relations of elections. This fact also tells upon shareholders faith in mode and tenor of working.
The recommendations to bring in transparency in administration proposed by Narasinhiah committee in 1993 have been accepted in Toto which will help a shareholder know ins and outs of his own institution of finance.
The implementation of N.P.A. has no adverse effect of any kind on the Kurundwad Co-op. Bank since it has accepted the right modus operandi.
The executive board has have used this institution only as a virtue of necessity. Quite often blood-donation camps were conducted to help out the Jawans wounded on Kargil front, conferences and workshops are periodically and regularly organized to assist the farmer in improving the agricultural technique, and the scholar in various walks of life to enhance research.