Our Glorious Journey
Founder: Shri Chhatrapati Rajarshi Shahu Urban Co-Operative Bank Ltd., Beed.
I had completed an education in Bachelor of Engineering (Mechanical) from Marathwada University Aurangabad in the year 1968.
In the years 1968-71, People were not business minded due to economically backward region and facing poverty situations in the Beed area. Still My Father had inspired me to start the business. My Elder brother had also guided me and I had started business by establishing Marathwada Udyog Mandal in October 1968 with the partners to serve people under one roof. I had started carrier but unfortunately, the partners had left from business and then started proprietary business. There was major challenge at that time to make availability of finance and money to develop and run the business. There were only 2 Nationalized Banks existed in the Beed. I had approached to the banks for loan purpose, but insufficient fund support was provided from Banks after lot of efforts.
I thought, “Having Engineering Educational Qualification with me, I have to face for financial assistance to start my business, how it is tough and hectic to other common people of the society”. After all a thought came into mind to establish a bank in our area on the principal based on cooperation to serve and stand for financial support to economically needy and growing people of the society. With the inspiration of Shri Chhatrapati Shivaji Maharaj and Shri Chhatrapati Rajarshi Shahu Maharaj, I had called meeting of my society named “Shahu Nagar” where I was living and put the vision before them and they had selected me as a Chief Promoter, the name of Bank was also decided as in the name of Shahu Maharaj i.e. “Shri Chhatrapati Rajarshi Shahu Urban Cooperative Bank Ltd., Beed” who had given great contribution and dedicate his life to uplift common people of the society. Thus the Initial journey of Bank had been started.
We had collected shares and registered the application of Co-Operative Society at District Deputy Registrar Office Beed and sent the proposal to RBI in the year 1983. Rules and Regulations for Banking License were too critical and RBI had rejected the Bank’s application and Cooperative Commissioner, Pune had intimated us to return the shares collected from the people. Again I had called a meeting of Shareholders but all the shareholders had unitedly insisted for establishment of the Bank and shown their readiness to invest the additional shares whatever required. Thus we had consistently awaited for Banking License from Reserve Bank of India.
In the year 1994, Our Regional Cooperative Leaders had presented “economically backward situation of Marathwada Region and need of Banks” in the Regional Sessional Program before Finance Minister of India. According to the Madhav Das Committee suggestions, Reserve Bank of India had started to issue the new banking license. After the huge awaiting period and lot of pursuance and cooperation and patience of the people, we had received letter and license to start the Bank. In the April 1995 we had started just with share capital Rs.17 lakh and as on March 2020, Rs.2942 lakhs.
Bank has been continuously growing and achieving the milestones of Banking since last 26 years of journey and spread up with 46 Branches across 11 districts in the area of operation Maharashtra State. Service to people is main motto of the Bank and keeping the same view with the slogan-“Prosperity-Productivity and Stability (Samruddhi-Navnirmiti and Sthairya)”, Bank is serving with Centralized Banking services i.e. Core Banking System, Reserve Bank of India’s Centralized Payment System, National Clearing Corporation’s- Cheque Truncation System (DEM), National Payment Corporation of India’s-Digital Banking services- ATM-PoS-e-commerce, Mobile Banking-IMPS, UPI Banking , Bharat Bill Payment System, Aadhar Bridge Payment System, Direct Benefit Transfer, NACH service, ECS mandates etc.
I herewith express my gratitude and always be Thankful to Reserve Bank of India, Registrar of Cooperative Societies Maharashtra State, and District Deputy Registrar-Beed, my colleagues Directors, Shareholders, Customers and Employees who contributes their best with me for development of this cooperative mission.
Jay Hind, Jay Sahkar…