State Bank of India Staff Co-Operative Credit Society Limited

State Bank of India Staff Co-Operative Credit Society Ltd. No.X-342" was formed and duly registered on 5th July 1955. The area of operation of the Society was initially confined to the city limits of Madras only. Consequent to the efforts taken by our leaders, the area of operation was extended to cover the then entire Madras Circle of the Bank viz. Tamilnadu, Kerala, Karnataka, Union Territory of Pondicherry and Andhara Pradesh (excepting Guntur, Vijayawada and Coimbatore where the registered Societies were already functioning). Com

T.E.Balasubramanian was elected to Society as the President in the year 1964 and was in charge (President) of the Society for over 29 years till 1993 because of his untiring hard work for the upliftment of members.

The States of Tamilnadu, Kerala and Pondicherry are presently under the operative areas of the society. At present Com. M.R.Varadarajan Vice President of our Union, is heading the Society as its President

The maximum loan amount that can be availed by a member is Rs.1.50 lacs at present with a concessional rate of interest of 9% p.a. repayable in 150 monthly installments. In the last General Body meeting held on 3rd September 2011 the loan amount was proposed to be increased to Rs.2.00 lacs with the repayment period of 160 monthly installments and is awaiting the approval from Registrar of Co-Operative Societies, New Delhi.