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Topics: Bank, Fractional-reserve banking, Cooperative Pages: 5 (1858 words) Published: June 20, 2010
(REG NO. 3896-7 DATED 09-03-1925)

This bank was originally registered as the Dascroi Taluka Co-opearative Federation in 1922.The above federation was financed by the Apex Bank for on-lending to the affiliated societies. In year 1925,the federation was given name of Dascroi Co-operative Union and objects of this union were identical to that of the District central Co-opearative Bank, and subsequently in 1937 amendments were made in the bye-laws of the union and the bank started working as Ahmedabad Central Co-operative Bank Ltd. This bank become full fledged central financing agency for Ahmedabad District in 1954 and since 1964 it is known as AHMEDABAD DISTRICT CO-OPERATIVE BANK LTD. The Gandhinagar District was included in its area of operation in March,1966. The bank is purely a federal body in its structure as only co-operative societies can be members and individuals are enrolled as nominal members only. The bank is managed by the elected board of directors, which consist of 22 members representing different types of societies affiliated with the bank. The board has various sub-committees for transacting different types of business. The bank’s Chairman and Vise-Chairman are elected by the Board. The General Manager of the bank is the Chief Executive Officer of the bank. Most of the directors are elected unopposed. The present Chairman Shri Ajaybhai Patel is being unanimously elected unopposed for the third time in succession since 2003. Under his dynamic leadership the management of the bank has been more transparent. In economic liberalization, the banking scenario has changed a lot and competitors has become more severe, in addition the co-operative banks have been included in Income Tax net along with the other more professionally managed banks. All these have put a tremendous pressure on profitability of the bank. Under these circumstances our chairman is successful in leading the bank to a commendable position by his leadership and farsightedness. The bank with 84 years of its presence in and around Ahmedabad and Gandhinagar Districts has centred to the banking needs of the farmers and other villagers which has resulted in sizable increase in the deposits of the bank. The bank has also made special efforts for mobilization of the deposits by cultivating habits of savings in the rural area. The bank has a wide network of 140 branches and 3 extension counters across two districts under its jurisdiction as on 31-03-2009. This bank has opened branches not only at taluka and business centers but also in the smallest centers in the rural area with a consideration to serve farmer community, who were deprived of banking facilities. We have 80 branches in rural area and 60 branches in urban area. The bank has its own building in prime location situated just opposite new office building of Reserve Bank Of India, Ahmedabad. It is a multi-storied banking facilities including safe deposit lockers. The Head Office and Main Branch of the bank function from this building. The 45 branches of the bank are functioning from their own building. The bnak also provides safe deposit locker facilities at 93 branches. The authorized share capital of the bank is 8000.00 lakh divided into 80 lakh shares of Rs.100/- each. The paid up share capital of the bank es on 31/3/2009 was Rs.5501.26 lakh. The membership of the bank as on 31st march,2009 includes 6618 different types of co-operative societies from two districts. The total deposits of the bank as on 31st march,2009 were to the tune of Rs.259001.86 lakh and Advance at Rs.99309.76 lakh, including Agricultural Finance of Rs.43022.16 lakh respectively. The total low cost deposits of the bank were Rs.928 crore as on 31/3/2009. The percentage of low-cost deposits to total deposits of the bank is...
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