SVC Full Form

What is the full form of SVC?

There are the following full forms of SVC are mentioned below, In medical terminology, SVC stands for Superior Vena Cava, which is the second-largest vein above the heart. In electronics, SVC stands for Static VAR( Volt ampere reactive) Compensator. In computing and telecommunication, SVC stands for Switched Virtual Circuit. But we are emphasizing more on SVC stands for Shamrao Vitthal Cooperative Bank.

This Story also Contains

1. What is the full form of SVC?
2. Shamrao Vitthal Cooperative Bank
3. What is a Cooperative Bank?
4. Objectives of SVC
5. The values of SVC
6. Branches of SVC
7. Aim of SVC

Shamrao Vitthal Cooperative Bank

SVC stands for Shamrao Vitthal cooperative bank, Ltd, founded in the year 1906 by the late Shamrao Vittal Kaikini. In 1906, they established it as a cooperative credit society, but presently it is a scheduled bank in India.

What is a Cooperative Bank?

Cooperative banks are those banks where members are the owners and their customers. Cooperative banks were registered under State cooperative society act 1955 and regulated by RBI (Reserve bank of India) under the banking regulation act 1949. They form cooperative banks for the benefit of the rural community that faces difficulty in getting a loan as they are not much literate and don't understand the norms and formalities of banks.

Objectives of SVC

The primary aim is to provide premium quality banking services with innovation and modification to communities and also want to redefine cooperative banking in India. Another aim is to widen the base of the banking sector in the nation and provide easy and affordable loans to the unprivileged sector and encourage savings and promote economic ventures to deserving citizens with financial support.

The values of SVC

SVC is based on some values which they used while delivering their loans to needy citizens. Simplicity is one such value that they support and promote, providing simple solutions to problems without approaching complex structures, which is not understandable for most of the population. Integrity and Professionalism are the other values that are accepted by SVC, which define their accountability to the citizens and are based on trust and fairness, whereas other banks cared about their profits only. SVC also promoted team Spirit as they believe in acting together, which makes their foundation stronger and able to solve the borrower's problems with transparency. Dynamism is another crucial value found in SVC, which makes them adopt innovation and modifications in their work as per citizens' demands with their feedback.

Branches of SVC

They established branches of SVC in various states, like in 10 states, that are as follows:

Maharashtra, Karnataka, Tamil Nadu, Telangana, Rajasthan, Haryana, Goa, Gujarat, Delhi and Madhya Pradesh. So, they are majorly inter-state cooperative banks that are functioning in different states and performing activities to fulfil the demands of needy citizens as respective. At the same time also broaden their banking activities so that everyone gets used to it and spends the provided loan on productive activities, which not only improves their growth but also improves the condition of the economy through more employment and capital formation.

Aim of SVC

The chief aim of SVC is to redefine cooperative banking in India as they see cooperative banking with many problems, and SVC wants to remove it to enhance the quality of banking in India. The problems that SVC wants to remove are that they want to eliminate the financial limitations that act as hurdles in providing adequate credit facilities to the rural population. Another major problem is the limited primary capital, which does not turn into a sizable portfolio and raising working capital adversely affects the functioning of banks. Major landholders can take credit from such banks, and small and marginal farmers are still kept out of the formal credit system, but SVC wants to include all such rural populations who are approaching moneylenders and exploiting such farmers. As SVC adopts the new technology, which helps in improving efficiency and effectiveness in work, these are major issues in cooperative banking, and despite cooperative banks, the numbers of scheduled banks are increasing.