Tag: SVC Bank

Mumbai: Mumbai-headquartered SVC Co-operative Bank has appointed Ashish Singhal as its new MD. Singhal replaces Ajit Venugopalan, who retired on August 31, 2021.

Singhal has over 25 years of experience in the financial sector including with GE Capital TFS, Standard Chartered and ICICI Bank in various roles. Before joining SVC Bank, Singhal was the MD & CEO of Experian Credit Information Company.

“SVC Bank is fast evolving into a new-age phygital bank and Singhal will lead this transformation,” the bank’s chairman Durgesh S Chandavarkar, said.

“Banking industry is on the cusp of transforming itself and I look forward to strengthening the brand and franchise of SVC Bank by enhancing value creation for our customers, shareholders and employees,” said Singhal.

The 15-year old co-operative bank has a presence across 11 states. The bank ended FY21 with a total business of Rs 29,659 crore and a net profit of Rs 150 crore. Its deposits grew to Rs 17,331 crore from Rs 16,500 in the previous financial year. While total advances grew to Rs 12,328 crore as against Rs 11,608 crore. It is one of the few co-operative banks to have an authorised dealer Category I License from the RBI.