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| Company type | Cooperative |
|---|---|
| Industry | Banking |
| Founded | 23 November 1905; 119 years ago (1905-11-23) |
| Headquarters | Chennai, Tamil Nadu, India |
Area served | Chennai, Tamil Nadu, India |
Key people |
|
Number of employees | 558 (2012)[3] |
| Website | TNSCBank.com |
TheTamil Nadu State Apex Co-operative Bank, also known asTNSC Bank, is an Indiancooperative banking company headquartered inChennai. It was incorporated in 1905 as an urban cooperative bank. As of 2015, TNSC Bank had 51 branches in Chennai.[4] TNSC Bank coordinates India's entire short-term cooperativecredit structure.
TNSC Bank is India's first state cooperative bank. TNSC Bank received a license of theReserve Bank of India to offer banking services.[5] TNSC Bank is a Scheduled Co-operative Bank, listed under the Second Schedule ofRBI Act. TNSC Bank is a member of theDeposit Insurance and Credit Guarantee Corporation (DICGC) and is an insured cooperative bank as per the DICGC Act. TNSC Bank's capital is shared by theGovernment of Tamil Nadu.[5]
TNSC Bank was formed in the same year as the cooperative movement ofTamil Nadu began, in November 1905.[5] The bank commenced its business the year following the formation of the coop. It subsequently changed into a District Central Cooperative Bank in July 1920.
During 1930 and 1931, the bank embarked on a scheme for rectification and consolidation of Primary Societies through the Central Coop.[5] During its first 25 years, TNSC lent to primary societies and Central Coop. The Tamil Nadu government became a bank shareholder on 27 March 1957 and was represented on the Board, according to the recommendations of the All India Rural Credit Survey Committee of theReserve Bank of India. The name of this Bank changed along with the state name to “The Tamil Nadu State Co-operative Bank Ltd.”[5]
Presently, theNCDC, TNSC Bank is open and functioning as a training institute in a rental building inAdyar since arriving in 1989.[5]
TheGovernment of Tamil Nadu invested₹20.26crore in the ordinaryshare capital of TNSC.[6]
TNSC Bank offerssavings accounts,current accounts, deposits includingfixed, recurrent, cash certificate, loans[7] for individuals (includinghome loans, jewel loans, housing loans, computer loans,educational loans),corporate banking services and rural banking services.[8] It also offers electronic services including net banking[9] and e-payment of bills.[10]
Cholamandalam MS, General Insurance Co. Ltd. (Chola MS), a joint venture between₹15,646crores (US$3billion)Murugappa Group andMitsui Sumitomo Insurance Group ofJapan, announced abancassurance tie-up with TNSC Bank in October 2009 for two of its District Co-operative Banks working in rural areas ofTamil Nadu.[11] Through this alliance, Cholamandalam MS can tap the Deposit and Loan base ofDharmapuri District Central Co-operative Bank andSalem District Central Co-operative Bank covering four districts ofDharmapuri,Krishnagiri,Salem, andNamakkal for a period of 3 years.[12]
| PARTICULARS | 31.3.2018 | 31.3.2019 | 31.3.2020 |
|---|---|---|---|
| Paid-Up Share Capital | 312.03 | 328.49 | 346.78 |
| Statutory Reserves | 267.68 | 267.68 | 267.68 |
| Other Reserves | 330.33 | 340.43 | 351.97 |
| Deposits | 8305.54 | 8384.60 | 11081.93 |
| Borrowings | 2844.20 | 3222.90 | 4199.40 |
| Investments | 3234.32 | 2987.61 | 2970.87 |
| Advances | 6372.10 | 8062.64 | 10526.67 |
| Working Funds | 13504.88 | 14038.44 | 17965.68 |
| Net Profit | 81.83 | 81.87 | 82.15 |
