Suvarna Sahakari Bank facts for kids

Suvarna Sahakari Bank was a special kind of bank in India called a co-operative bank. It was started in 1969 by a person named Dnyaneshwar Agashe.

This bank was created to help people in Pune, especially the middle-class families who spoke the Marathi language. It aimed to provide banking services that met their everyday needs.

What is a Co-operative Bank?

A co-operative bank is different from a regular bank. It is owned by its members, who are also its customers. These banks focus on helping their members and the local community, rather than just making a profit. They often offer loans and savings accounts.

The Bank's Journey

Suvarna Sahakari Bank served its community for many years. However, it faced some big challenges later on. These challenges led to discussions about the bank joining with another bank.

In 2009, after facing difficulties, Suvarna Sahakari Bank was closed down. It then joined with a larger bank called Indian Overseas Bank. This meant that all the customers and their accounts were moved to the new bank.

Why Was This Important?

The closure and merger of Suvarna Sahakari Bank was a notable event in the Indian banking sector. It is often mentioned when people talk about the history and challenges of banks in India.