Sutex Bank’s proud journey started with its establishment on 15th May,1972.
At the prime time of opening Sutex Bank its name was The Surat Textile Traders Co-Op. Bank Ltd. Banks registered office address is Surajram Bachkaniwala Bhavan, Nr.Navjivan Circle, Udhan Magdalla Rd.,Surat . In the year 1972 Bank’s Establisher Chairman Late Shri Surajram Bachkaniwala and Vice Chairman Late Shri Ashabhai Shankarbhai Patel having a prosperous vision to provide a golden & profitable market to Surat’s Textile Industry, registered the Bank at a cooperative level. Sutex Bank provided services with a view to help Surat Textile Market shop keepers with Banking facilities and help them start and manage their businesses.
Sutex Bank in the initial stage started with only 270 share holders and Rs. 1.10 lacs share capital. As on 31st March 2013 number of share holders crossed 30136 and share capital of Rs. 2767.44 lacs. As on 31st DEC 2013 Bank has crossed a total deposits of Rs. 1026 crores and total advances of Rs.629 crores.
Sutex Bank has in total 18 branches and a administrative office.
The Bank started with only four employees and as on today it has a big circle of 220 employees. Bank has been providing up to date training to all employees of different levels. All Sutex Bank branches are well organized and completely computerized and is one of the leading Bank’s across South Gujarat. Sutex Bank was the first Bank to provide ATM facilities through co-op. sector to its customers. In Surat City Bank provides complete Core Banking Facilities to its customers. It may be noted that the Core Banking Solution was completed in just 3 months period which included 14 branches and a admin office which showed a positive approach and proof of determination of Sutex Bank’s Staff. With CBS facilities Banks valued customers now can avail all kinds of Banking services and facilities from any branch.
The Bank considers its customers as a valued customer and provides top level Banking services which has made the Bank very popular among the customers. Due to this Bank’s deposits has always increased. Country’s economical changes, inflation, share market drips ,yield on High interest rates in mutual funds had very less effect on the Bank which can be seen viewing the numerical charts.
Bank leads not only in providing Banking facilities but also is very active in social services. As we know our Surat has been hit several times by natural calamities like floods where Bank has instantly helped its customers without a delay. During the Floods in Surat in the years 1994, 1998 and 2006 Bank provided Loans to those who took severe damages within 24 hours which was noteworthy.
Under technology up-gradation scheme of Indian Government’s textile industry, Sutex Bank has got approval to provide direct advances and loans. Sutex Bank was the first Bank to achieve such approval across the nation under Urban Co-op. Banks Category.
Under the TUF scheme Bank has advanced a total of Rs.400 crores and have helped receiving fast subsidy’s to its share holders which has resulted in strengthening our countries overall economy. For this achievement Bank has received a honorable certificate by the Ministry of textile.
Currently Bank provides all kinds of Banking facilities including CBS,E-statements, SMS alerts, RTGS/NEFT, E-payments,ATM's etc.