Karnataka based Suco Souharda Sahakari Bank has received a permission from the Reserve Bank of India for extending its area of operation to the entire state of Karnataka.
The bank got the communication from the RBI last week. “You are advised that your request for extension of area of operation of the bank to the Entire state of Karnataka has been carefully examined and the same has been acceded to”, the RBI’s communication reads.
Presently, the SUCO Bank has 29 branches spread over 12 districts of Karnataka.
It is worth mentioning that this is the only bank in Karnataka to have acquired three co-operative Banks, namely Mahila Shakti Co-operative Bank, Bellary, Vardhaman Co-operative Bank, Hubli and Sharana Basaveshwara Pattana Sahakari Bank, Karatagi. This has vastly increased their service network.
The SUCO Bank is also the first co-operative bank in Karnataka, which has entered the ATM network in the country by launching the RuPay Card.