TNSC Bank


The Tamil Nadu State Apex Co-operative Bank or TNSC Bank is an Indian co-operative banking company headquartered in Chennai. It was incorporated in 1905 as an urban co-operative bank. It has 46 branches in Chennai alone. At the apex level, the TNSC Bank is functioning at Chennai which co-ordinates the entire short- term co-operative credit structure.
TNSC Bank is the first ever State Coop. Bank having the credit of celebrating the centenary year. TNSC Bank has got the licence of Reserve Bank of India to carry on the banking business. TNSC Bank is a Scheduled Coop. Bank and has been listed under the Second Schedule of RBI Act. TNSC Bank is a member of the Deposit Insurance and Credit Guarantee Corporation and is an insured coop. bank as per DICGC Act. TNSC Bank has got the privilege of having its share capital by the Government of Tamil Nadu.

History

TNSC Bank was formed in the year in which the coop. movement of Tamil Nadu was formed. As such, the Bank has been serving the people of Tamil Nadu for a centenary for their economic development. As far as Indian coop. movement is concerned, the Bank has commenced its business from the very next year of the formation of coop. movement in India. The Tamil Nadu State Apex Co-operative Bank Ltd., commenced its business during November 1905 as an Urban Coop. Bank. It was subsequently changed into a District Central Coop. Bank during July 1920.
During 1930-1931, the Bank embarked on a scheme for rectification and consolidation of Primary Societies through the Central Coop. Banks, in view of the heavy overdues in the societies and the deterioration in the working of many of them. During the first 25 years of working, this Bank had lent to primary societies and Central Coop. Banks a sum over Rs.5.50 crores. The Government of Tamil Nadu became a shareholder of the Bank on 27.3.1957 and were represented on the Board of Management of the Bank, pursuant to the recommendations of the All India Rural Credit Survey Committee of the Reserve Bank of India. Consequent on the renaming of our State as Tamil Nadu in the year 1970, the name of our Bank was also changed as “The Tamil Nadu State Co-operative Bank Ltd.”
At the instance of NCDC, TNSC Bank has opened a Training Institute in a rental building at Adyar during the year 1989.

Equity participation

The Government of Tamil Nadu have invested a sum of Rs.20.26 crore in the ordinary share capital of the Tamil Nadu State Apex Cooperative Bank Ltd., Chennai. The dividend over and above 3% on this investment would be added to the Agricultural Credit Stabilisation Fund every year and thereby this Fund is being strengthened continuously.

Services

TNSC Bank offers Savings account, Current Account, deposits including fixed, recurrent, cash certificate, loans for individuals and corporate banking services and rural banking. It also offers electronic era services including net banking and e-payment of bills.

Alliance with Murugappa group

., a joint venture between Rs.15,646 crores Murugappa Group and Mitsui Sumitomo Insurance Group of Japan, announced bancassurance tie-up with Tamil Nadu State Cooperative Bank in October, 2009 for 2 of its District Co-operative Banks working in rural areas of Tamil Nadu. Through this alliance, Cholamandalam MS will tap the Deposit and Loan base of Dharmapuri District Central Co-operative Bank and Salem District Central Co-operative Bank covering four districts of Dharmapuri, Krishnagiri, Salem and Namakkal for a period of 3 years.

Financial status

Awards

The has been selecting and awarding prizes for overall best performance State Coop. Banks every year. TNSC Bank won "Overall Best Performance" award 6 times between 1985-2018, most recently being 2012-13. It has also won "All India Mutual Arrangement Scheme" eight times, most recently being 2011-12. It won the "Excellent Facilitation of Technology Adoption by the Cooperative Banking System in Tamil Nadu" award in 2017 from NABARD.