The Varachha Co-operative Bank Limited

The people of Saurashtra of Western Gujarat have moved away from their rain-starved native to Textile and Diamond city of Surat in search for income generation and survival almost four decades ago. Since then Saurashtrians have considered Surat as their home land. After coming to Surat, some individuals began trading business while majority of them entered into labour front. In a phased manner, the population of the people, involved in diamond trade, belonging to Saurashtra increased to a sizeable extent in Surat, particularly in the area of Varachha, making it mandatory to have a Bank of their own. Together with a well-known philanthropist, writer, columnist and social reformer Shri P. B. Dhakecha and other individuals from Saurashtra, conceived an idea of a Bank, as a result The Varachha Cooperative Bank Ltd. came into existence on 16th October 1995 which was inaugurated by revolutionary Saint Shri Swami Sacchidanandji. Our board members are not only from diamond trade but also from textile, real estate and service sectors. At the end of the first financial year in 1996 the number of shareholders was 4484, share capital was of Rs.57.44 lacs, deposits was of Rs.2.70 crores, advances was of Rs.2.07 crores and profit stood at Rs. 4.77 lacs. And as on 31-03-2022 these figures stand at 56078, Rs.35.24 crores, Rs.2572 crores and Rs.1163 crores and Rs.16.08 crores respectively. This phenomenal growth of the Bank is solely because of confidence reposed by the people of Surat upon our Bank. Show more Show less